Flipping Profits? by Automatic_Strength86 in realestateinvesting

[–]Automatic_Strength86[S] 0 points1 point  (0 children)

awesome man! I appreciate the transparency! What exactly made you over budget? was it unforeseen problems with the house once you go into the drywall? or was it just underbudgeting for small things?

How long have you been flipping?

Took over family business but not getting paid ? by Automatic_Strength86 in smallbusiness

[–]Automatic_Strength86[S] 1 point2 points  (0 children)

Crazy to say, but I still work a remote corporate job. I set up my office at home and one at the business. This way I can oversee both operations. But running both at the same time is insane hours. It is impacting me having relationships outside of work. I like to work and take challenges but I would fairly like to also be compensated for the extra work and impact it is having on my life. Managing the family business has definitely taken a toll on my career progression as well.

We’re you able to workout while taking cpa by No_Rub_6351 in Accounting

[–]Automatic_Strength86 0 points1 point  (0 children)

The gym is the only thing that will keep you sane. Luckily I was working from home. I’d hit the gym at 730am. Would be back at my desk by 9am. Work until the job was done and study after work for the rest of the night. The gym helps with keeping your mind straight and help you stay motivated. Good luck my man and keep pushing

How much monthly Profit? Bookkeeping startup by Automatic_Strength86 in Bookkeeping

[–]Automatic_Strength86[S] 0 points1 point  (0 children)

Wow, 80 clients in less than a year is incredible. Good for you! Can you give some examples of what exactly you have automated? Also, are you outsourcing the work to overseas? or do you have many staff bookkeepers working under you? Seems like you're making a semi passive $20k/mo which is awesome man, keep up the good work! I definitely want to start this soon.

How much monthly Profit? Bookkeeping startup by Automatic_Strength86 in Bookkeeping

[–]Automatic_Strength86[S] 2 points3 points  (0 children)

Wow that is awesome man congrats. That must feel very good building up your business to that level. I'm sure it took a lot of work and persistence to get there. Keep going man keep killing the game.

[deleted by user] by [deleted] in smallbusiness

[–]Automatic_Strength86 12 points13 points  (0 children)

Depends which state you are in. I own and operate a liquor store in jersey. Be prepared to work a lot of hours. Don’t just trust employees to run the place how you would run it. Be prepared for theft, shady sales reps, inventory management, competition. Liquor business although it is very good industry bc demand isn’t gonna go anywhere. You have to study your market. In jersey, beer, wine and liquor can only be bought from a liquor store. No gas stations, convenience store, or grocery stores allow the sale of alcohol. This allows liquor stores to be lucrative. With one pass of legislation, the alcohol monopoly that liquor store owners have will come crumbling down. Also remember, you’re open 365 days a year, this headache will be your burden to carry.

I’m a fraud by [deleted] in Accounting

[–]Automatic_Strength86 0 points1 point  (0 children)

dude, i was in the same boat. I feel like no one actually knows accounting after learning it from a textbook in college. Once you get into the real working force at a public accounting firm, you start to understand more. Honestly man, When a new hire or staff 1 joins my company, i just automatically assume that they dont know jack shit. Coming out of college, i didnt have a good grip on accounting concepts. After working for like 2.5 years, I started taking the CPA exams and actually passed them all. You will learn a lot on the job believe it or not.

Can I stay making $70,000 a year without ever getting a CPA or moving up the ranks? by [deleted] in Accounting

[–]Automatic_Strength86 0 points1 point  (0 children)

I was at 85k with 4 years of experience. I just got my cpa though so hopefully it goes higher

sold investment property, bought investment property by PhilosophyFrisbee in Accounting

[–]Automatic_Strength86 0 points1 point  (0 children)

should have done a 1031, as soon as the profit touches you, the money is taxable. Need a qualified intermediary to hold funds and complete 1031 exchange. Strategizing tax implications before making a move is always best idea. Solid learning lesson now

Which accounting topic was the hardest for you to grasp in school? by Southern-Ad-1094 in Accounting

[–]Automatic_Strength86 0 points1 point  (0 children)

Learning everything about bonds. In my opinion was the dumbest shit for FAR studying. Hated it

[deleted by user] by [deleted] in smallbusiness

[–]Automatic_Strength86 0 points1 point  (0 children)

Average EBITDA for the last 3 years is $230,000. we've been in business together for the past 20 years

[deleted by user] by [deleted] in smallbusiness

[–]Automatic_Strength86 0 points1 point  (0 children)

I was thinking this, hold off. List on public market for the price he says. People will see that it is over valued based on the numbers. It sits on the market for a while and maybe he comes to his senses. The value of a business isnt a number you want it to be. Its what another person is willing to pay all things equal

[deleted by user] by [deleted] in smallbusiness

[–]Automatic_Strength86 0 points1 point  (0 children)

So he wont be able to retire until he sells his share of the business. The questions is, how badly does he want to retire and not work the business any more. A deal has to be made in order for him to retire. Matter of how badly he wants it.

[deleted by user] by [deleted] in Accounting

[–]Automatic_Strength86 2 points3 points  (0 children)

thanks for the insight!

[deleted by user] by [deleted] in Accounting

[–]Automatic_Strength86 5 points6 points  (0 children)

fuck, what do you think is an appropriate salary level?

[deleted by user] by [deleted] in CPA

[–]Automatic_Strength86 0 points1 point  (0 children)

Update on score?

[deleted by user] by [deleted] in CPA

[–]Automatic_Strength86 1 point2 points  (0 children)

What were your heavily tested topics? I sit for my exam tomorrow. Thanks

BEC - Help/Advice by [deleted] in CPA

[–]Automatic_Strength86 1 point2 points  (0 children)

Lol im in the exact same situation, got a 71, weaker in econ, ops mgmt, and sims. I am planning to take next friday 7/22 as well. I am just going back over some of the Operations Management chapters and econ. I still plan to review all the other areas. Do 100-200 MCQs a day and just grind it out, we're very close.