Tracking Your Project Income
RUN TIME 1:52
Learn how to Track your House Flipping Income when you sell your house flip or if you choose to hold your property long term and collect rental income.
Publish Date: 1/30/2019
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Tracking Income Transcript
The Income Tracker is used to track actual Income on your rehab projects.
For the most part, on rehabs projects the only income you have is the resale income from reselling the property after you rehab the property. Otherwise, if you choose to hold the property as a rental you may also have rental income as well.
To add Income to the Income Tracker, click the Add Item button which will drop in a new Income line into the Income Tracker.
The first column is the Date column where you can add the date the Income was received.
Next, you can add a description or memo of income that was received. On this project we rehabbed and resold the property as a flip, so we are just going to put ‘Resale sales price’ as the description.
Next, you need to select the Income Type which will typically be Resale Income or Rental Income, Since this project was a flip, we are going to select Resale Income.
And finally, we need to input the Income Amount that was received from Selling the property.
Once we input our Income into the Income Tracker, the Actual Income will feed over to the Income ‘To Date’ column at the top of the Project Budgeter as well as the Final Profit Statement report.
If you don’t see the value initially, refresh your browser page which should load the Income to the Budgeter.