I have learned many things in a short amount of time. Every project is an opportunity for me to learn and grow, no matter how involved I am with it. Some of the things I have learned are working Quickbooks, the pros and cons of keeping a property as a rental, and making sure that every contractor you use has a W-9 filled out, so that you can claim the work on your taxes.
Quickbooks first. I had never even looked at Quickbooks before I came to work here. Now, I still have areas that need improvement, but I am navigating much easier. I am also learning how to document what bills have been paid when and am working on a two point check system to make sure these are done every month. I am certainly more settled with the way things flow than I was. I can give a close estimate as to which bills come in and when, a ballpark amount, who the vendor is, and which business is responsible for the payment. That helps greatly! I still make mistakes here and there, but in the mistakes I have an opportunity for growth. The mistakes give me a chance to figure out how to fix those mistakes in the future. We’re all human and we all make mistakes no matter how many times we do or have done things. It helps to have patience from your boss to make those mistakes and the realization that you are still learning and these mistakes are necessary to move forward.
One thing that Lee discussed with me last week was whether or not it would be more profitable to keep the Meadow Arbor 1 property as a rental, or to sell it outright, right now. In that discussion and through my own train of thought, I could see that it would be more profitable to keep it for now and make more money it, then sell it in a few years when we have made a decent amount on it. We also discussed what to do if all of the sudden the neighborhood depreciates for some reason. I learned the difference between cash flow and negative cash flow in those cases. Am I ready to start my own business and do what Lee does? Not hardly! But I have a unique opportunity with a teacher who would like me to have enough knowledge to have that option if I chose it.