here is an old post, written in 08, I own 91 units at the time, numbers are somewhat changed since then, but only in the better way,,
| I don't know if 小石头has 10mil or XXX重魔力 since he | 2008-07-17 19:24:21 |  |
would not show me his bank account, but I can tell you what I know about me..
1. I hold a 7.4mil rental portfolio, total of 91 units, in the middle of nowhere in the state of Indiana, we Hoosiers got really excited lately since we never had any presidential candidates campaigning in our state, thanks to Hillary and Obama, but I am not voting for either one of them.
2. I grossed about 600k in rental income with positive cash flow a bit under 100k.
3. I paid over 250k in interest payment in varies kind, some bank notes, some contracts.
4. I paid over 120k in property taxes each year.
5. I wrote off over 150k in depreciation last year, of which 29k of it went against other business income from other things.
6. I file every year but had not pay federal a dime for last 5 years, actually uncle sam pays me each year for having 2 wonderful kids, but too bad I still have to pay in for state tax maybe about 4k or so.
7. I did not use a big accounting firm but I been with my CPA for 19 years, I bet I pay more than most people pay an accountant in 10 years, my bill for this year just for yearend was $9800, now if anyone questioning this bill, I will glad to show you but you have to chip in to help pay for it.
