A real-estate holding company with negative equity and no clear view of what was driving it. Property-level performance was buried inside a consolidated set of books, which is what happens when bookkeeping treats a portfolio as one entity instead of several. The owner knew the portfolio was underwater. He did not know which asset was doing it, or whether the trend was improving.
A full-year dashboard that is honest about the negative equity rather than presenting around it, with commentary explaining the why behind each number rather than restating the what. Property-level P&L. Balance sheet with the equity position shown plainly. Cash flow forecasting layered on top, because a holding company with debt service lives and dies on timing, not on annual profit. Fractional CFO services are how a portfolio this size gets financial reporting a lender will actually accept.
A $186K swing to profitability across the year. More usefully, the owner could finally read his own balance sheet and see which properties were carrying the portfolio and which were bleeding it.
Debt service coverage week by week, not year by year. Annual profitability tells you nothing about whether you can make March.
| Line Item | 2024 | 2023 | Change $ | % Chg |
|---|---|---|---|---|
| Income | ||||
| Rental Income | $969,283 | $921,934 | +$47,349 | +5.1% |
| RUBS (Utility Billing) | $56,814 | $48,199 | +$8,614 | +17.9% |
| Damages Recovered | $9,654 | $11,515 | –$1,861 | –16.2% |
| Month to Month Fee | $4,136 | $605 | +$3,530 | +583% |
| Laundry Income | $4,840 | $4,541 | +$298 | +6.6% |
| Late Fee | $3,329 | $4,470 | –$1,141 | –25.5% |
| Pet Rent | $1,505 | $680 | +$824 | +121.3% |
| Application Fees | $2,522 | $2,913 | –$391 | –13.4% |
| NSF Fees | $759 | $520 | +$239 | +45.9% |
| Miscellaneous Income | $727 | $2,246 | –$1,519 | –67.6% |
| Concessions (contra) | –$18,575 | –$26,189 | +$7,614 | +29.1% |
| Total Income | $1,034,993 | $971,435 | +$63,558 | +6.5% |
| Operating Expenses | ||||
| Payroll – Manager | $68,679 | $57,679 | +$11,001 | +19.1% |
| Management Fees | $62,103 | $56,121 | +$5,982 | +10.7% |
| Water / Sewer | $66,649 | $59,929 | +$6,720 | +11.2% |
| Gardening / Landscaping | $24,515 | $21,248 | +$3,267 | +15.4% |
| Trash Service | $24,458 | $18,012 | +$6,446 | +35.8% |
| Repair Turns (Unit Turnover) | $24,789 | $49,163 | –$24,374 | –49.6% |
| Insurance | $20,451 | $10,079 | +$10,372 | +102.9% |
| HVAC Repairs | $15,111 | $5,765 | +$9,347 | +162.1% |
| Accounting Fee | $15,082 | $8,877 | +$6,205 | +69.9% |
| Electricity | $13,026 | $21,966 | –$8,940 | –40.7% |
| Pool Maintenance | $8,086 | $9,050 | –$964 | –10.7% |
| Payroll Taxes | $7,391 | $3,862 | +$3,529 | +91.4% |
| Office Supplies & Software | $9,290 | $17,215 | –$7,925 | –46.0% |
| Legal & Professional | $4,855 | $24,272 | –$19,417 | –80.0% |
| Meals & Entertainment | $4,826 | $5,569 | –$742 | –13.3% |
| Job Supplies | $4,006 | $4,132 | –$126 | –3.1% |
| Data Analytics | $3,384 | $2,073 | +$1,311 | +63.2% |
| Advertising & Marketing | $3,775 | $4,028 | –$252 | –6.3% |
| Auto / Fuel | $2,993 | $671 | +$2,322 | +345.9% |
| Internet / Telephone | $3,181 | $368 | +$2,813 | +765.4% |
| Repair & Maintenance | $11,724 | $9,215 | +$2,509 | +27.2% |
| Pest Control | $1,897 | $1,448 | +$449 | +31.0% |
| Plumbing | $1,459 | $2,429 | –$969 | –39.9% |
| Bank Charges & Fees | $1,179 | –$286 | +$1,465 | +512% |
| Miscellaneous & Other | $6,186 | $5,455 | +$731 | +13.4% |
| Total Operating Expenses | $544,659 | $581,120 | –$36,461 | –6.3% |
| Taxes & Licenses | ||||
| Property Tax | $100,991 | $97,766 | +$3,225 | +3.3% |
| Supplemental Tax (one-time) | $64,880 | $110 | +$64,769 | +58739% |
| State Tax | $1,365 | $9,482 | –$8,117 | –85.6% |
| Taxes & Other Licenses | $5,908 | $2,587 | +$3,321 | +128.4% |
| Total Taxes & Licenses | $173,143 | $109,944 | +$63,199 | +57.5% |
| Total Expenses | $809,072 | $776,329 | +$32,744 | +4.2% |
| Net Operating Income | $225,920 | $195,106 | +$30,814 | +15.8% |
| Below the Line | ||||
| Other Income (Interest etc.) | $5,585 | –$746 | +$6,332 | — |
| Asset Management Fee | –$21,193 | –$20,149 | –$1,044 | +5.2% |
| Depreciation | –$161,094 | –$311,639 | +$150,546 | –48.3% |
| Net Income | $49,219 | –$137,428 | +$186,648 | +135.8% |
| Account | 2024 | 2023 | % Chg |
|---|---|---|---|
| Bank Accounts | |||
| Business Checking (Main) | $1,546,474 | $355,411 | +335% |
| FRB Operating Cash | $32,010 | $36,985 | –13.5% |
| FRB Savings / Capex | $34,537 | $89,112 | –61.2% |
| FRB Security Deposit | $61,858 | $1,759 | +3417% |
| ABC Credit Card | –$206 | $— | — |
| Total Bank | $1,674,673 | $483,268 | +247% |
| Other Current Assets | |||
| Tax & Insurance Impound Deposit | $8,334 | $8,334 | 0% |
| Escrow with CBRE (New) | $8,513 | $8,513 | 0% |
| Money with Asset Preservation | $1,321 | $1,321 | 0% |
| Loan to C (repaid) | $— | $6,500 | –100% |
| Total Current Assets | $1,692,840 | $507,935 | +233% |
| Fixed Assets | |||
| X Property (71% interest) | $6,116,052 | $6,116,052 | 0% |
| Accumulated Depreciation | –$1,540,437 | –$1,510,329 | –2.0% |
| Investment – Charles Schwab | $305,521 | $— | New |
| Total Fixed Assets | $4,881,135 | $4,605,723 | +6.0% |
| Other Assets | |||
| Prepaid Interest | $2,204 | $2,204 | 0% |
| Property Tax Escrow | $21,665 | $21,665 | 0% |
| Total Other Assets | $23,869 | $23,869 | 0% |
| TOTAL ASSETS | $6,597,844 | $5,137,527 | +28.4% |
| Account | 2024 | 2023 | % Chg |
|---|---|---|---|
| Current Liabilities | |||
| CBRE Mortgage (New Loan) | $5,333,452 | $5,431,672 | –1.8% |
| Loan from E (Partner Loan) | $1,500,000 | $— | New |
| SBA Loan (SBAD) | $202,047 | $205,200 | –1.5% |
| Mgt Held Security Deposits | $62,954 | $9,242 | +581% |
| Prepaid Rent | $17,265 | $31,364 | –45.0% |
| Additional Deposit | $2,111 | $— | New |
| Mgmt Held Pet Deposits | $2,738 | $— | New |
| Loan from D | $150 | $— | New |
| Loan from F (repaid) | $— | $6,825 | –100% |
| Clearing Account | –$3,671 | –$2,302 | –59.5% |
| TOTAL LIABILITIES | $7,117,046 | $5,682,001 | +25.3% |
| Equity | |||
| Partner Capital (combined) | $1,878,308 | $1,878,308 | 0% |
| Owner's Draw – Partner 1 | –$228,750 | –$138,750 | –65.0% |
| Owner's Draw – Partner 2 | –$228,750 | –$138,750 | –65.0% |
| Retained Earnings | –$1,989,229 | –$2,007,854 | +0.9% |
| Net Income | $49,219 | –$137,428 | +135.8% |
| TOTAL EQUITY | –$519,202 | –$544,474 | +4.6% |
| TOTAL LIAB. & EQUITY | $6,597,844 | $5,137,527 | +28.4% |
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