Part 3 of 32 Hour Record Breaking Live
This is a YouTube live stream titled "Part 3 of 32 Hour Record Breaking Live" recorded in July 2025 featuring Mundo Sanchez and Kristen. The content captures a casual, extended live broadcast where Mundo Sanchez discusses his marathon streaming efforts, social media branding, and personal reflections while interacting with Kristen as they prepare a studio setup and manage household tasks. The stream includes informal conversation, behind-the-scenes moments, and audience engagement during a lengthy live event.
Welcome back. We are at part three of going live. So we have completed 16 hours. So I know that because my Facebook live stream ends after eight hours. So I think there's an eight hour cap. So I have to start a part three. So here I am, part three. We're on the back half of the 16 hour mark. Well, we're actually on the front half, but just started the 16 hour mark, so we're moving past that. And this will put us to the full 24 hours. So that's how we'll finish part three. We are broadcasting live on Facebook, LinkedIn and YouTube. So LinkedIn only covers four hours, unfortunately. So anyone on LinkedIn probably not going to see a ton, but we will be pushing forward on Facebook and YouTube goes hard. YouTube will stream the whole thing. I think there is a cap on YouTube, but I think the cap on YouTube, I think it said after 10 hours it'll make it to where you can re watch the live. So with the amount of time I'm going live today, I'm probably costing YouTube a lot of money on storage. So I'm about halfway home now and how do I pull that? Okay, cool. All right. So not halfway home. It's still light outside. I am so looking forward to getting some food. I am so hungry. You're gonna watch me. Wow. It's actually 8:40. It took a while for me to get wrapped up. We had a great meetup. Everyone was having a good time getting to know each other. A lot of new people, new faces. It was awesome. And I gotta get home, I gotta eat dinner and then I have to set up my studio. So It'll take me 10, 20 minutes to set up my studio. Probably more. 20 minutes and then we're gonna get started on the second part of our live. I'm a little sad that I didn't make it home in time for my kids. I think they're probably asleep by now or on their way to going to sleep. So that makes me a little sa. The sucky part is that I'll finish around 12:30 and then obviously I'm gonna be crashing and then I'm not gonna get to see them or. So, like, my Saturday is kind of shot, unfortunately. I'm probably gonna end up sleeping a lot, but I'm. I'm gonna hope to just get a few hours of sleep and not like I'll take like a power nap hopefully. So that's going to be my goal. We'll see. I'll finish around 12:30 tomorrow. If I could just take Like a little mini nap, like a three hour nap. Wake up around four, hang out with family from four to like nine and then get a good night's sleep. Hopefully maybe it won't be too disrupted from that. I don't know, we'll see. But I'm definitely getting warmed up, my head to head against pace whenever he will agree to it. But this is definitely going to be the longest call, record breaking call. 32 hours non stop streaming. And it's only stopping streams because of, you know, the limitations of eight hours on Facebook. So it is non stop stream. So don't, don't throw technicalities at me. It is non stop streaming all day, all morning, all day, all night, all morning and all day the following day. Oh. So probably got another 10 to 15 minutes until I'm home. So that's gonna put me there at like 9 o'. Clock. That's late eating dinner. That's really late. So let's talk about social media for a second. I have already been behind on work. Like I just have a lot of stuff I need to get done in a very short period of time. So I'm creating that time in my calendar. I'm forcing myself to put in the work, put in the extra time and go above and beyond to get this done, done. I've been kicking this can down the road for weeks, if not months now. And it's just time and time, time. You got to roll the sleeves and get it done. If I'm already doing the work, why do I not just film it and making content, think about the brand, the value that doing this creates. Now the reality is not a lot of people watch it, but a lot of people will hear about it and maybe they'll look at it and like, and here's what's going to happen, you know, no one, not a lot of people are going to sit here and watch. Obviously, for no one will watch 32 hours. The only one that will do that is me, because I'm, I'm living it, right? But I will tell you what that will do. And it's a great lesson for people trying to build a brand is people are going to scroll past my Facebook and my YouTube and be like, wow, this guy's a psychopath. He was live for 32 hours. Who is this? And this guy is absolutely insane. Guess what? I've accomplished the goal. No one has to watch any of this, not a single minute. Just from the perception that I'm creating of this guy being me is a lunatic. And the length that this guy will go to succeed is unprecedented. That's all you're looking to do when you're creating a brand so you don't have to create this mega following. You just want to create enough awareness so that way whenever someone looks up your information on social media, they can get within 10 seconds an idea of who you are. The reality is people aren't going to watch your stuff. Like, they're just not. People are selfish by nature. I'm selfish, everyone's selfish. We're all selfish. We all want to further. We're all need to further our own agenda, right. And help ourselves and our direct family to be better, live better, all that stuff. But there is a level of selfishness ingrained into our DNA as humans. So people don't care about what you're doing really. Like, they're looking at you to make a very quick decision about who you are. And you have to ask yourself a question of what do you want that decision to look like? Do you want it to be one where they look at your social media and be like, dang, this guy's like, this guy's doing, he's doing things, he's at properties, he's doing this, he's. Is that what you want them to think? Because I can tell you, I have conversations with agents all the time. My conversations are a lot easier than a lot of people's conversations because I know that they are doing their research and they're figuring out who I am, looking me up online, trying to figure out is this guy legit, yes or no. And so if you don't have a social media presence whatsoever and you're trying to buy real estate or buy businesses or buying anything, it's. Honestly, unless you're buying it from a boomer, it's kind of a, it's kind of a red flag these days. So you really have to have some sort of brand. And I talked about this in one of the Orbit training videos that I did, and I heard this from Pace. So I'm really just taking it from Pace. If you're, you're building a brand, whether you know it or not. So by not building a brand, that is a brand, it's a brand of someone who's, you know, to maybe, you know, there's lots of reasons why people don't want to be on social media. Right? But I guess the point of where I'm getting at is your brand is not a good one. If you're not doing anything to build it. Right. You can control the narrative of your Life. If you don't have a brand, you're leaving that narrative up to your audience. And that audience is going to think very poorly about your brand. Not because you are by any means of low standards. It's more of just like, that's the conclusion that they're gonna draw. Be like, oh, this guy's not on. He's not on social media. He's got three followers and one of them is his mom and two of them is cats. You don't want that to be your brand. If you're trying to win in real estate or business or anything else you're doing, you want your brand to be very, very strong because it's gonna help open doors. And we live in a society that's all about the optics, all about the followers and all that stuff. Like, I. I had an agent. This was funny. I had an agent tell me the other day, like, wow, you got a huge following. You got 15, 000 subscribers on YouTube. And then she said, but I went over to your Instagram and you only had like 300. I thought that was like, really weird. Like, it's just so funny how society perceives value and brand, right? And now, just letting you know, I'm kind of a big deal on Instagram. I got like 460 followers. I'm just, just letting you know I'm really making things happen, climbing up. But unfortunately, people see that as some level of significance or importance. And I don't really get caught up in that. I mean, it's really. I get caught up in it from the perspective of, like, I know what the optics mean to people. It's kind of like getting a degree. Getting a degree is like one of the most worthless piece of paper you could ever get. I mean, honestly. And I have a master's degree and a bachelor's degree and a bunch of other certificates. Holy cow. You want to talk about waste of money. And there's a few other choice words I have, but I want to keep this stream open and not take it down. So I won't use them. But, wow, that's what people care about. They care about optics, whether I know information or not. Because I have a master's degree in software development that car it aut party credibility that I have some sort of authority in social, in software. And so I'm almost home, so I'm going to stop here in a second and then it's going to become really boring. And I'm just going to be eating and getting my studio set up and fumbling around So I said I'd be back around 9pm to start training. That's probably going to be pushed back to like, probably closer to 929 30. So if you want to see me do real estate accounting, I'm going to be doing that for probably three to four hours. Yes, I'm that far behind. That'll start around 9:20 to 9:30, something like that. I'm pulling up to my house right now. I have to be quiet because kiddos are probably asleep. So I am so excited to get home so I can eat. I'm so hungry. Like, you have no idea. I'm like freaking starving.
All right, stuff in one at a time. First, where is the heat? Okay, got that open. And if you think you're not going to watch me eat my dinner, you are mistaken. You will be watching me eat my dinner. Okay. Yeah. This is way too much for one trip. So we're gonna put all this stuff down, take it through the maze of the house. Oh, thank you. Are the kids asleep? Beckham's awake. Did you just put him to bed? Okay, let me go in there. I need to say good night to this.
All right, we are.
I got stuff hanging off my arms. All the leftovers are in the basement, right?
Yeah.
Okay. So I can go in there. I love you. Good night. Why? I was at work.
Yeah.
I know. I love you. Good night. Oh, cool. I missed a lot of comments. Yes. Well, okay. So she just said. My wife just said that you're Taylor specifically. Apparently you're not a real person because she said they're my friends. But you just said they weren't real people.
Taylor, I love you.
You know what I mean? I don't. I don't think anyone knows.
Hey, because of me, you have some.
Fan club right now.
Thank you.
I appreciate it. All right. So hungry. I probably shouldn't have streamed to my LinkedIn. Now that I think about it, the audience is. I can't handle what's about to happen tonight. They're too proper for this stream. Hold on one second. I mean, I haven't eaten all night, so the. The food itself is going to give me some energy. Hey, I have Kristen. I have friends. Someone said he's got his own people. Look. What do you think about that?
Good.
Yeah. Face. Thanks, Steve. Got my back. All right, we're gonna make this sandwich here in the air fryer. They don't need to see all that.
Why? It's better to see the ceiling.
What if they want to see the texture of the ceiling? They want to See me scoop peanut butter out of this? What? Don't eat. Sorry.
Why didn't you eat your lunch?
I did. I learned 10 hours ago. Your lunch is right here. I didn't finish it. I forgot. No wonder you're hungry.
Beckham. Lately I've been telling him he needs to tell me the truth. He was asking me a question and I didn't know the answer. And he goes, tell me the truth. And I go, I am telling you the truth. I don't know the answer.
Do you have a coffee mug or something? Oh, can I use that?
This?
Yeah. For water?
Yeah, this and this.
All right, we're about to go get set up here in a second. Okay. I'm gonna eat and then I'll put the phone down and then I'll go shower and. I'm just kidding.
I'm not gonna do that. I'm not.
But we are getting delirious tonight. We are going hard.
People said they're gonna have to make sure you're not saying anything crazy about deals.
Who said that? Remember?
I think you were talking on.
Oh, yeah. This morning. Yeah. Yeah, that's true. Okay, I need my headphones. I need my phone charger. Food's heating up. I need. Do you need. In the basement? Yeah, probably going to do that. I do need to change into some shorts cuz I really don't want to be. Okay. My clothes are downstairs. I am putting the phone down for that for a second. Okay, good enough. Be right back.
What? That's funny.
I need at least a fresh shirt. All right, I'm back. At least got some fresh clothes. Where's my bag? Is that probably still. Let me start taking stuff downstairs. Got my studio in the basement. Probably need three trips. I really regret taking down my light this morning. That was so dumb. I should not have done that. Be right back on that. I'm gonna go get set up. Still cooking here. What in the world's going on? Oh, it's pretty hot. Okay, thanks.
You did feed the cats.
Okay, cool. Okay. All right. Now I'm going to take my food downstairs. My drinks. Drink. Oh, I need to bring my caffeine. I'll get it. I gotta make it.
All right.
That'S set up. I'll just set up a little piece at a time here. Whoops. I'm gonna have to go get search protector. Thank you. Appreciate it. Isabella. Oh, I didn't. Taylor. Sorry, I didn't see what you were talking. At what point were you saying Simber Freddy is both of them.
Probably.
All right, so I'M gonna get my caffeine ready. I'm going to ration this out.
And I have some sort of authority in social, in software. And so I'm almost home, so I'm going to stop here in a second, and then it's going to become really boring. And I'm just going to be eating and getting my studio set up and fumbling around. So I said I'd be back around 9pm to start training. That's probably going to be pushed back to, like, probably closer to 9, 29 30. So if you want to see me do real estate accounting, I'm going to be doing that for probably three to four hours. Yes. I'm that far behind. That'll start around 9:20 to 9:30, something like that. I'm pulling up to my house right now. Mac is quiet.
We're doing 4 ounces, half my normal dose, half a scoop of spark, which is, like, basically nothing. That's funny. Yeah, I missed it because you're not a real person. I think you're like John Cena. Are you related to John Cena? I think I'm gonna have to make actually two more trips. All right, so we got this. A little caffeine dose, a little sweet nectar from heaven. I don't know who Riley Green is.
That caffeine is good because kiddos are probably asleep. So I am so excited to get.
Oh, yeah, we're gonna be tearing it up tonight. Tearing it up. I was, like, trying to figure, okay, maybe I'm more delirious than I thought. I thought someone was following me, but it was my extension cord being dragged on the stairs. All right, let's get this bad boy plugged in. All right, let's see how long it takes me to set this up. That would be a cool race. Hold on. I need to film this. We're gonna make content out of this. We're gonna see how long it takes to set up my studio home so I can eat.
I'm so hungry. Like, you have no idea. I'm, like, freaking starving.
All right, stuff in one at a time. We're gonna race. This will be. This will be fun to watch. I promise that. Give me a second, though. Flip my camera on. Let's get.
Get Mike up here.
Whoa, whoa, whoa, whoa.
You can't be eating my food.
Trying to eat my food.
Not cool.
Okay, Miked up first. Okay. Do I have everything I need? Actually, let me go look upstairs. I feel like I needed to make one more trip. I kind of do have to go to the restroom. But, oh, where is the key? Okay, Everything upstairs is good. Oh, my computer. Yeah, that's important. Okay. Okay. Got that. Open my computer. And if you think we're gonna give you high quality production today. Okay, so you're gonna get this camera angle. Hold on. You're not gonna watch me eat my dinner? You are mistaken.
You will be.
Okay, cool. Now we're back. You're gonna get this camera angle, and then you're gonna get that camera angle, and we're gonna Watching me eat my dinner. Okay. Yeah. This is way too much for one trip. So we're gonna put all this stuff down, start filming. Content recording. Okay. We're gonna see how long does it take to set up my studio. This is unfair. Get that out of the way. We gotta set stuff up for success here.
Okay.
Where's the timer? I can't use my phone. Okay. I don't have a timer. I can't use the timer. But we're gonna get started. It is. Oh, we're gonna do it at. Starting at 32. So I'll know exactly what it's about. 10 seconds. We're not counting my light because that's going to take a while. Ready, set. Let's do this. So we got the Rodecaster. We got these cables. I actually don't need this for my main camera. Not only if I'm going to do two cameras, I'm going to do this. Actually, I'm kind of cheating because I only did that today. I need the road caster. Make it through the maze of the house. Oh, thank you. Are the kids asleep? I'm, like, sweating already. Beckham's awake. Did you just put him to bed? Okay. Set that up. We got a mic. Yes. Oh, heck, yeah. Thank you. Let me go in there. Say good night, enjoy your bed, and sleep.
Soccer.
What time?
Okay, I'll be awake.
I am a little bit this actually now. Could I set this up faster? Yeah, probably. But I want. I also want to set this up the right way. I don't want to just have this crap laying around because I don't want to do this again. Move as fast as I reason.
All right, we are.
I got stuff hanging up.
Okay.
Camera down off my arms. Okay.
Okay.
I feel like I'm missing a lot of power sources. All the leftovers are in the basement. Right. To be honest.
Computer.
Plugging this in. Turn this on. Good to go. So I can go in there. This is going to be the biggest mess. I honestly don't even know if I want to deal with this tonight. I probably don't, to be honest. I love you. Good night. All right, so what was that? Four minutes minus the light. That's pretty good. What? I was at work. Yeah, I know.
It.
All right, we got. I love you. The camera is not working. That's not good. Oh, wait, hold on. The HDMI port. What the heck?
Okay.
This could be the wrong one. I may have connected the wrong one. Still not working. Okay, here we go. We are back in business. We're back in business. That was fun. Oh, cool. I missed a lot of comments. Yes. Well. Okay, so she just said. My wife just said that you're Taylor. Okay, we're ending off the phone. Love it. Appreciate it. So we're gonna get off the phone for now. Typically, apparently you're not a real person. Because she said. And we are back professional studio back at it again. But you just said they weren't real people.
Taylor, I love you.
I got my charger set up ready to rock and roll all night long. I do need to eat dinner, just FYI, you know what I mean? I don't. I don't think anyone knows.
Hey. Because.
If Simba. Stop it. Let me start streaming to my tv.
You have some fan club right now. Thank you.
I appreciate it. All right, so hungry Streamyard on TV and then we'll start getting after it. Okay? All right. So if anyone has any questions, now would be a good time to ask those questions in a way where I can. I probably shouldn't have streamed to my LinkedIn now that I think about it. Eat my dinner and maybe answer some questions while I'm doing that. Or if anyone wants to jump on and talk, you know, feel free to jump on and talk. Whatever you want to do. If not, you're gonna awkwardly watch me eat because I am starving. The audience is and can't handle what's about to happen tonight. They're love the setup. I need to convince you. Eat fast anyway. That is true. Proper for this stream. Thank you. It was not cheap, but well worth it. Hold on one second. I needed that food so bad. Someone randomly going across the stream right now is like, what is this guy doing? He's just eating on live. I mean, I haven't eaten all night, so the. The food itself is going to give me some energy. And eating the messiest food too. Chris and I didn't get to talk to you about if you're still here. Hey, I have Kristen about Simba. What are we doing? I have friends. Someone said he's got his own people, but what do you think about that?
Good.
Yeah. What is mukbangs? I don't know. You must be into some weird stuff because I don't know what that is. I don't know what kind of stuff you're into watching. That doesn't sound PG13 face. Thanks, Steve. Got my back. Simba, you gotta get down. Thank you. All right, we're gonna make this sandwich here in the air fryer. You just said it's watching people eat. How is mukbangs watching people eat? That doesn't sound like watching people eat. It sounds like watching people do something else. What if they want to see the texture of the ceiling? I'm almost done. I know, right? Wait, in the time I've been live. Have you changed your YouTube? They want to see me scoop peanut butter out of this.
What?
Don't eat. Sorry. Profile picture. Or am I imagining that? I feel like you changed it.
Taylor, why didn't you eat lunch?
I did. Oh, like 10 hours ago. Did you hop on my live and you're like, oh, wait, I didn't. I don't like that picture. And changed it? Is that what happened? Look at that. I didn't finish it. I forgot. No wonder you're hungry.
Beckham had. Lately, I've been telling him he the truth.
Gangster, that is. Thank you. 3 minutes and 38 seconds. To be fair, I didn't set up my second camera, so that saved the tripod asking me a question and I.
Didn'T know the answer. And he goes, tell me the truth.
Extra cable, the power cord. So I saved a lot of time by not doing that because I already had my main camera set up. Depending how the night goes, I may set up my second camera. You think this is cool to watch? You have no idea. You're about to be.
Telling you the truth. I don't know the answer.
Do you have a coffee? Bored to sleep after watching me do real estate accounting for five hours. Like, you have no idea. Watching me, you're going to be like, can you go back to eating, please? This is so boring. Mug or. Oh, can I use that?
This?
Yeah. For water?
Yeah, this.
And the real mvp. No, my light isn't. All right, we're about to go get set up here in a second. Set up? I said I was. I'm not doing it. I think that. Oh, my gosh. They're shadows, aren't they? That's gonna bother. I'm gonna have to set this light up. There's. There's freaking shadows behind me. I wish you wouldn't have Said that. Now I'm gonna have to set this. Bother me literally all night long. Do I have all my light. Yeah, all my lights are turned on. That is literally going to bother me all night long. So I'm gonna have to set it up. We're gonna need to get that 338 clock back out. About to get extended. Okay, I'm gonna go put up this. The stuff. Put this back in the fridge. Let me get my cam. I'll get back on my. Okay, I'm gonna eat and then I'll put the phone down and then I'll go shout and. I'm just kidding.
I'm not gonna do that. I'm not doing that.
But we are getting delirious. My iPhone here. And then you can watch me. Do I have another chair? I'll just do it from here. Take my audio off. Okay. This is where my light's going. I'll be right back. We are going hard. Crazy about deals. Who said that? Remember?
I think you're talking on.
Oh. Oh, yeah. This morning. Yeah. Yeah, that's true. Okay, I need my headphones. I need my phone. Charlotte, Food's heating up. I need. Yeah, probably gonna do that. I do need to change this and some shorts because I really don't want to be. Okay. My clothes are downstairs. I am putting the phone down for that for a second. Okay, Good enough. Be right back. Oh, this chair doesn't seem very sturdy.
What? What?
It freaking broke. This screw thing broke. Well, this is fun. I was turning it the opposite direction. Wow. What a pain in the ass. Is it? I just turned it the wrong way for a second time. We are going left, not right. I need at least a fresh shirt. I am sweating. This is the reason why I didn't want to. All right, I'm back. At least got some fresh clothes. All right. That wasn't as bad as I thought. I kind of expected a lot of that. Where's my bag? Is that. Probably still start taking stuff downstairs. All right. Got my studio in the basement. Let's do this thing. I love it. She kept track of that. That's amazing. Thank you. Probably need three trips. I needed that one. All right. We wear this hat when we do gangster stuff. So we're doing gangster stuff tonight. Actually. Hold on. We're fixing gangster stuff time. Cheers. I really regret taking down my light this morning. That was so dumb. I should not have done that.
Okay.
We'Re gonna have to get out the clock again. I didn't set up my extra monitor. I. I don't think this, you know, let's just call it, you know, 20 seconds. This won't take that long. I do need my action monitor. All right, that's not too bad. It was only six minutes or so, but it honestly felt like an eternity. Let's see. I always get this confused which way to do this. Be right back on that. I'm gonna go get set up. Rock and roll. Power. Power. Time to party. Still exit of a lot of these browsers. Okay, so we do have cooking. Which baseball players behind me. Let's see. All right, final time, seven minutes. Oh, it's pretty hot. Okay, that's pretty good. The baseball player behind me is Nolan Ryan. I like gangster stuff. So this is Nolan Ryan with his. Thanks. Famous blood on his jersey. And he basically beat a guy multiple times. And then he continued pitching afterwards with blood all over him, dripping down his mouth and his jersey. And just like the epitome of a gangster, it's one of my favorite baseball moments. All right, so there's going to be a hybrid of like some sensitive stuff and some stuff I can share. So I'm going to do kind of like just you're going to be hearing what I'm doing and then some of it's going to be screen share. So you'll just have to bear with me. I'm going to get that set up. So I'm going to log into the bank account right now and I have a property. So it was a Texas Rangers. Which game was that? That was the Texas Rangers against. That's a good question. I don't know if you just type in Nolan Ryan orange. Not orange. That's the cats are orange Nolan Ryan blood jersey. I mean, it's. It's like a very famous. Like you just like I just type in Nolan Ryan blood jersey and it's like. Yeah, I'm sure you can find. Let me find some videos. Yeah, check this out. I'm not going to get too far off track, but check this out real quick. Let me share my screen. Entire screen. Screen 2. Take the audio out. So he hits him on purpose and then the guy charges the mound. And then Nolan Ryan is like 45 in this video and Robin Ventura is like 25. And he just proceeds to just beat the living. Whatever word after that out of him. And I don't know if it'll show him just continuously, he's just beating him. Boom. Shot after shot. I don't know where the footage. This is the footage of him. Oh, you know what, was this a different game? Nolan Ryan is so gangster, it may have even been an entirely different game, which left him with a butt. Okay, let's see what happened. My story was wrong. So he got hit in the face of the baseball, then he throws the ball. I feel like that figurine isn't as cool anymore because I thought it was the other clip. That's a little disappointing. But it was pretty scary watching him pitch, like, with that bloody lip the whole time. Like, imagine a guy staring at you with just blood all over his face and he just keeps pitching like that's crazy. Okay, anyways, let's get back on topic. Let me get bank account set up here. All right, so I have some accounting I have to transition from QuickBooks over to this new software, Turbo Tenant, which is backed by REI Hub. REI Hub was bought by Turbo Tenant recently. So Turbo Tenant is my property management software. Let me write this down. Actually, this is good Orbit Program training. So we are. This is Orbit Program training. This is part three live. Starting at minute, we'll just say 60 or 59, 30. Accounting deep dive, start to finish, how to build financial statements. Okay. We can clean up the wording later. Okay. All right. Welcome to the Orbit program training, where I'm going to be doing a deep dive on how to build a profit and loss statement and balance sheet for real estate accounting. So I am taking a company where I transitioned or I am transitioning from QuickBooks to the orbit program training where I'm going to be doing a deep dive on how to build a profit and loss statement and balance sheet for real estate accounting. So I am taking a company where I transitioned or I am transitioning from QuickBooks to a new software that I'm using called Turbo Tenant, which is actually the accounting portion of it, REI Hub. So what I'm going to be doing today is building the P L from scratch. Like this is literally something anyone can do. So I cannot do some like, weird. A new software that I'm using called Turbo Tenant, which is actually the accounting portion of it. Timing issues I don't really have time to get into. I can't really sync all the transactions the way I would want it to. It's going to be a bigger headache if I sync all the transactions than just building it manually myself. So I'm going to be going month by month and building the financial statements for last year because I need to finish last year's accounting in this new software. And then I also need to produce the K1, which is the tax statement that investors get to let them know what money they made for the year. So that is what I'm going to be working on tonight. And I already have the bank feed connected, but let's see, I think if the furthest it goes back is from May of this year. Well, I need last year. And the technical reason why I can't sync is because if I try to resync again from everything I've seen in REI Hub, if I resync again, it's going to pull in all those transactions that are still in my books again and there's going to be duplicates. I don't want to mess with it. I would much rather take my time and I'd rather it take an hour or maybe two hours longer doing it than the way I know it can be done correctly versus guessing. And then that two hours that it may take me to do longer may ended up costing me seven hours if I do it incorrectly. So I'm not willing to gamble with that on my time tonight. That's why I'm gonna go through and I'm gonna recreate the P L one by one. We're not going to be able to get a hundred percent, I don't think, because I think I'm probably missing mortgage statements. What I'm probably going to have to do. I'm going to show you what you should do and then I'm going to show you what I'm going to do because I may be missing some information. And this is going to be a challenge. Normally I would just log into the bank and get the mortgage statement right. Well, it's not so easy. This is a sub 2 loan. I don't want to say who the lender is because this is a lender that commonly calls notes and we don't want to touch anything. And the access to the bank account is so, like, sensitive, like it's only linked to one person. And if we change that, it's just, I don't want to risk raising another red flag. So I don't even have access to the bank statement my partner does as. I'm sorry, the mortgage statement my partner does. So I just ask him periodically. We should be doing this monthly. But I just, I've been so behind on this. I just been like, hey, send it to me every other month or whenever you get to it. It's not that big of a deal. Once I get all this cleaned up, we're going to get this squared away and we're going to start doing this. And this is one of those things I've been talking about doing for a couple months and I just have never done it because honestly, I hate it. I would rather be doing anything else right now than this, but. But this is the time to do it. So we're getting after it. So I'm going back to August of 2024, which is when we took over this property via sub 2. So I'm going to download this bank statement and ooh, the really cool part is that this, this account here has three different bank statements. So not only did we need to recreate the P and L based off the bank statements from August, September, Octo, November, December, which is five, we need to do that times three. So we have 15 different statements. We're going to have to reconcile tonight. Strap yourself in for a amazing, extremely entertaining night. It's going to be a long one, so let me close out of a lot of my browsers that I don't need so I don't get distracted. Okay, so I downloaded and I will share my screen here in a second. Just bear with me. I share or I downloaded the transactions. I just want to get all this stuff set up. Okay, so I downloaded the transactions. All right, so let me close out of this. I'm about to share my screen in a second. Okay, let's see. Simba is the man. Okay, so Streamyard does this really, really annoying thing where I'll be sharing my screen and then it'll just stop. So if you see that, just know that's what's happening. It will just literally randomly stop sharing. No logic to it. It just stops sharing. So I've downloaded these bank statements and now we're going to get to work. Okay, I know I'm not that delirious, but I don't know how it's possible. The date modified could be tomorrow at 1:39am I've never seen that before. That's crazy. And just so you know, REI Hub, it's still a new software for me, so I'm still trying to figure it out, like how to navigate it. I'm very familiar with QuickBooks, like the back of my hand, not so much familiar with REI Hub. So you're going to see me like, fumble around just trying to figure out stuff. So once I get past, probably, I'd say about 30, 40 minutes into this, I'll start, you know, running pretty smooth. But for the first part, it's going to be a little bumpy. Yeah, the date and time. See, like right there, my screen just stopped sharing. I didn't do anything. So I really hope I don't have to deal with this all night because I'm. I'm definitely not going to sit here and do this all night. Okay, so let's see how long that lasts. All right, so we got this open, and what we're going to do is we're going to go into. Let's see at. Are you serious? It just did it again. Okay, we got to figure this out. What would cause that. I'm going to disconnect my second monitor temporarily and see if this is what's causing it. All right, let's share my screen. Okay, my screen's being shared. All right, so we need to add transactions. I really hope I don't have to add journal entries for this because I will gouge my eyes out if I have to do journal entries. There's got to be a better way. I know QuickBooks has a way where you can upload transactions. Here we go. Okay. I don't want to use this. I don't trust this, to be honest. Let's see. Download template. So we. We may have some promising stuff to work with here. Okay, so we have withdrawals and date. And we want to make sure this is the template they're giving us. So we want to make sure that we are following this template exactly. Because I don't want this to cause any issues. So what I'm going to do is I'm going to go find that bank statement. Here we go. I'm going to copy all of this into this template. I'm going to leave some space here because I want to see what the template looks like to make sure I can structure it correctly. So. Okay, so I feel good about that. So I feel good about that. Interesting. They don't have the payee anywhere in this template. It's like a really basic template. Okay. So I'm gonna format just the way they have it formatted because again, I don't want to do anything different than this template. This is hopefully going to save us a lot of time. It's still going to be several hours because this is what I have to do. I'm going to have to go through and work all these transactions and figure out what we spent money on which. This was a long time ago. We did renovations on this property, too. So it's going to be. It's going to suck. So, description. So withdrawal. I would say all of these negative numbers would be a withdrawal. Let me think. How would I spend. How would I clean this up? I. There's. There's probably faster way to do it. I don't want to mess with that right now. So I'm just going to do it manually. And I want to make sure I'm not picking a negative number. So I'm going to clear out all this stuff. Let's. That's receive. So I want to make sure I'm not pasting over anything that's like receive. I'm not sure how it's going to treat a transfer. Okay, so the rest of this stuff should be deposits. This is the template. So let's get rid of that. So that's clean. And then we should just be able to copy this over. I told you this was not going to be sexy. And this is not going to be fun. Taylor's probably like, I'm out. Like, bro, I'm already asleep. Okay. What is this amount? This must be the running balance. I don't know if this template really cares about that. This has somewhat of a description. I see. So this is not even the description here. This is the vendors. This would probably be our best bet as far as a description. So we're going to ride with that as our description. There's not even a vendor section. Let's see what Turbo Tenant calls this. Do they call this a. They call it a vendor. Okay. It's probably not going to pick it up. And if this gets rejected, I'll know why. So I need to get rid of all this stuff. Oh, we also need to get rid of these negative numbers because that's probably going to cause an error. So here's a little trick I'll teach you. I'm going to multiply all these numbers times negative one. Whoops. Shoot. Forgot. How do I do that? It's been a while since I've done this formula. I'm going to multiply all These numbers times negative 1. What am I doing? Why? Why am I having a brain fart right now? I know this is, like, pretty easy. One step to do. Okay, whatever. I'm just gonna do it the lazy way. Problem solved. Let's get rid of those zeros. Leave that blank. I don't recall this being formatted as dollars, so I'm going to leave this. I know that sounds weird, but sometimes these templates can be really finicky. So I'm going to leave it like that. So it's 9,51. I. I'm actually tired. That's not good. Okay. I don't know what bank statement. This is Bank Statement 1. Let me go to Now. We need a folder called August. Okay. Oh, shoot. That was Excel. Click below to download the template. You'll move the transaction data from the file. Okay, I already have the template. Like, I don't. Okay, cool. Upload your transactions. Let's pray and see if this works. This is not good. Okay, that's what happened. Oh, I think we made a mistake. That might be unfortunate. Okay, hold on one second. Oh, I'm supposed to have an interview at 10pm tonight, so we're gonna pause. Once we get to 10pm we'll have the interview. Okay. I may have uploaded that to the wrong bank account. I. I think by some miracle this might actually be right. Hold on. Look at my phone in this screen share that I'm doing. It actually looks pretty good. I think it was this extra monitor that was causing the issue. I'm going to scroll back to last year and see if this bank account is the right bank account. I think it is. Still scrolling. Still scrolling. I'm just looking to confirm that this in the month of August took me all the way to the top. I'm pretty sure this is it. Okay. Actually, let me double check. Interesting. It says I'm not sharing, but I am. Okay. Okay, so where to start? That was a transfer of $15,000. So now I got to go find the second bank statement that had. That must have not been where the source of the money came from. This is. We're about to walk into, like a monumental mess. Like, this is like accounting disaster.
One on one.
Never do this. But it's okay. We're gonna figure it out. All right, so that's where it originated at. I need to know where this money came from. So the wire went into. Yeah, I gotta stop sharing and find this in my bank. Real. And then I assume I want to move my cat. He looks so peaceful. We're about to walk into, like a monumental mess. Like, this is like accounting disaster.
One on one.
Never do this. But it's okay. We're gonna figure it out. All right, so that's where it originated at. I need to know where this money came from. So the wire went into. Okay, let's take some notes. 6876. 6. Maybe it's the last four digits and I can figure it out that way. Let me look at the checking account. The numbers.
It.
Here is the banking information. Yeah, I gotta stop sharing and find this in my bank real quick. 576-576 is the checking. And then I assume move my cat. He looks so peaceful. Okay, let's take some notes. So this is 876687. Okay, so this is the reserves. That is what it is. So it's the last four digits. And 6578 is probably the savings account. Okay, now we have our guiding light here for account numbers, so that's helpful. So when I'm looking at a statement that's 6876, I know it came into the reserves first. So to rec 8, 7, 6, 6 8, maybe it's the last four digits and I can figure it out that way. Let me look at the checking account. The numbers. I can't even process this first transaction until I go in. Let's see. This was the 6, 8, 7 6. The reserves. I need to handle this template first. Oh, this is. This makes me want to throw up doing this. This is brutal. This is gonna put me to sleep faster than anything. Withdrawal deposit. Here is the banking information. August 576576 is the checking. So this is 876-2024 reserve. And that's what that is. I'm pretty sure 6876 reserves. Okay, so now we're going to go into the reserves account and we're going to upload that file. I hate that it keeps makes me download the stupid template each time. Going to upload that file that we just were working. Six, eight, seven. Okay, so this is the reserves. That is what it is. And on the reserves. And we're going to map that to the reserves. Refresh the page. Okay, so it's the last four digits and 6578 is probably the savings account. Okay, now we have our guiding. Cool. So this is starting point one, the very first transaction that came in, that's a very weird dollar amount. Light here for account numbers. So that's helpful. So when I'm looking at a statement that's 6876, I know something doesn't feel right about that dollar amount. Okay, give me a second. I'm going to remove that. I need to go find the. So we borrowed capital. So we raised private money capital for this deal. I need to go find the promissory note to tell me how much the borrowed capital was. So that way we can put that on the balance sheet and confirm. Oh, it came into the reserves first. So to re. I can't even process this first transaction until I go in because that's a really weird dollar amount. I wouldn't think that that would be the exact dollar amount, but honestly I can't remember. So we need to go back. Problem is I don't know Where I put that stuff. Yeah, it's going to take me fiddling around. I know I have it saved somewhere. Let's see. This was the 6876. The reserves. I need to h this template first. Put my other screen back on, see if I can find this stuff quicker. Oh, this is. This makes me want to throw up doing this. This is brutal. All right, so inflow advisors, we're gonna have to do some editing to this. So we borrowed 35,000. Where the. This is gonna put me to sleep faster than anything. Withdrawal, deposit. Heck is the rest of it. Where. Where did that go? That's a good question. Let me pull the third bank. Okay. So before we process any transactions, we need to get a good baseline of what happened in the very beginning. Because it all starts with the very beginning. So if we mess up the very beginning, it's all going to be messed up the whole time. So we really need to make sure we get that structured properly. So this is 6578. This is the savings account. Let me open up the bank account on my end and help me recreate this. Here it August. Okay, we got the. We're going back to the beginning. I feel like it's going to be easier for me to look at 20, 24 reserves. And that's what that is. I'm pretty sure. 6,876 reserves. Okay. So now on a PDF, as weird as that sounds. Okay, we need to be tracing. We need to be sourcing funds and figuring out where it came from. So this account at 15. Now we're going to go into the reserves account and we're going to upload that in grand transferred from an internal account. A file. I hate that it keeps makes me download the stupid template each time. We're going to upload that file that we just were working on, the reserves, and we're going to map that to the reserves. So we need to figure out. Let's pull up all three. Let's piece this together. So the first Transaction was on August 2nd. Refresh the page. Okay, cool. So this is starting point one, the very first transaction that. I think I know what this is. I know what this is. This is going to create a accounting shit show that came in. That's a very weird. Hold on one second. This dollar amount. Something doesn't feel right about that dollar amount. Okay. Is going to get messy. Okay. I feel like this is important for your people to watch, especially for the training. So we're gonna pop this bad boy open all Right, let's look at the closing statement. So that's two grand. I know where that is. So we've closed the gap. Now we're missing about three grand. Oh, what's to pay for closing costs? Yeah, all of it's to pay for closing costs. Okay, let's. This is going to be a gangster training. This one's gonna really make you appreciate your accountant. Okay, let me write this down. I need. I definitely need a pen and paper.
I need to get in here.
Just give me a few minutes. You get my journal. Orbit program training, part three, one hour, 36 minutes. Okay, just wait 15 seconds and. All right, so in this training video, we are going to cover how to source funds and how to build your profit and loss statement. What happens when you close a transaction? So what we have here is we have a wire that was sent to the bank account for 30,617 50. However, the promissory note, we borrowed 35,000. So there's a discrepancy. Right. We received 30,617 50. We are missing some money. Right? We're missing $4,400. Right. So where did that $4,400 go? This is how we're going to figure that out. So I have the settlement statement right here. And this is a sub 2 transaction. So I am going to export this to Excel. I'm going to label this Orbit program settlement statement sample. This is converting to a Excel document right now. So it won't be perfect, but it should be clean enough. So there we go. We're exporting this into Excel. Looks pretty good to me. Okay, so we borrowed $35,000. We raised that from private money lender. And where did it go? Right, we got $30,000 as cash sent to us that we held for renovations and reserves, all that stuff. Right. So we need to figure out how are we going to record this on our balance sheet and profit and loss statement. So one thing I do know we need to record is the initial loan. So we're starting from the ground zero. So if we go to. Let me open up this in a new tab. Actually, we're going to run a balance sheet for. Dang it. I didn't want to show some of this stuff. Yeah, this is a freaking mess. Needs to be cleaned up. We don't have any liability here for the amount that we borrowed. So we need to add this on here. Let's just focus on one property at a time. Okay, so we don't have this recorded anywhere. So we need to put that in so the first thing I'm going to do is I'm going to record this as a loan. And let's see, I gotta figure out how do I. I don't know if this is gonna let me select the right account. There are some things that I really hate about Turbo Tenant and this is one of them. So we're going to go to chart of accounts. Wait, what? Okay, so we're going to record that as a. We're creating the loan account and I want to send this to that loan account, but I don't think it's going to let me. Yeah, there is no option for me to. Okay. I might be able to utilize this transfer that. Oh, bro, it's 10 o' clock and I'm already so tired. That is wild. Like this is not even making it to like crunch time and I'm already tired. That's pretty sad. I can't believe I'm this tired. Okay, so I'm going to run that through. I'm going to go to the balance sheet. Okay. That's exactly what I wanted to happen. So I like that. This may very well take me till 10 hours. Like legit. I may be spending the rest of the night doing this. Holy cow. This is gonna be so much work. Oh, all right. Well, I'm here for it. So this is what we've booked to the loan currently. Give me a second. I'm going to remove that. I need to go find the. But really, at the end of the day, once we're done, this needs to.
Be.
Reflected as 35,000. Let me ask yes, my AI some questions here. Let's get some accounting feedback here. If I brought a property and I raised private capital for $35,000, 30 of it went towards excess or 30 of it was cash. $2,000. I paid an assignment fee and the rest was in closing costs. How would I reflect that $35,000 between P and L and balance sheet. So let's see how good it is. Breakdown of the $35,000, the assignment fee. Okay, so the P and L, it's going to reflect directly to the assignment fee, the closing cost. Also the P and L, I feel like the closing cost should definitely be capitalized towards the asset. I don't feel like that is right already expense. So it's not reflected. If these are capitalized, tied to the properties acquisition, then they'll be added to the asset value. So like this was. Yeah, this is what I was thinking it should be, but this was like conflicting. You said in balance sheet number Three, it should be capitalized. But then you said it should be expensed in P and L closing costs. The assignment fee is directly tied to acquisition cost of assets. So why did you show this as expensed? Okay, that's what I bought. Okay. Okay, this should tie out to the $35,000. Okay, we're off by a hundred dollars. Where's $100? Is there like a hundred dollar credit somewhere? There is the earnest money. Okay, that makes sense. Okay, so gosh, why can't people bring me good news? Why do I always have to get bad news? All right, well, we're gonna put on some tunes. We're starting jamming. First we need to turn our Bluetooth on. Putting on a master class on how to put on headphones 101. Wait, my Bluetooth one's. What's going on here? Welcome to the Orbit program. Today we're going to learn how to turn on your Bluetooth headset. Oh, it's because it's connected to my computer. That makes sense. Okay, technology. Okay, whatever. I'm just going to do this on my computer. No, I need that to not work. Whatever. Share my screen here. Okay, so we got borrowed 35k and we need to work ourselves back into that balance. Where is it? So we transfer that to the. Pull the bank statements. Okay, so 30,000 came in August 15th or August 5th. We sent 15k not to the reserves, but to the checking. Okay, let's build that one back out. We sent 15 to the checking account. This is the transfer. Transfer from. Okay, we sent from the reserves transfer to. On August 5th. Reserve transfer from reserves. Okay, so we're transferring that from the checking account to enter from the reserves to the check account. So that should be. I don't want to let this automatically do that. I want to check it one by one. So if I go check the reserves. We transferred it from the reserves over to the checking and that transaction is now processed. Same thing with the checking last year. So that's good. Okay, so on August 9th, we transfer from reserves 5k over to transfer to EST checking. Let's just double check. There should be five grand here. Yep. Okay. Reserves to checking. Five grand. Yeah, we're math and hard over here, so I am transferring. Well, I'm basically rebuilding the full P and L in this new software, which is Turbo tenant, REI Hub. So it's a huge pain transferring over from QuickBooks. I'm kind of rebuilding all of this from scratch and I want to do it the right way. So it's going to take me A long time to do it, but it's going to be right once I'm done. Okay, so then we have this 10,617 50 transfer to checking on August 14change. No, it went to savings. Okay, let's make sure that's there these rules automatically processing to this. That's annoying. Wait, what? Hold on. What bank account is this? Oh my gosh. I'm not even on the right company. Okay, I didn't upload this one. It so tired. How in the world can anyone go 32, 31 hours straight like that is nuts. How is that possible? I am indeed crazy right now. I'm more of a than crazy because I'm ready to sleep right now. It okay, so that should clear. That should clear that. So reserves savings. Where'd that $2,000 transfer come from? So I transferred 28th checking. August28, $2,000 checking. Okay, it transferred from savings to checking for $2,000. This is an absolute nightmare. Like I want to throw up in my mouth doing this. Boom, done. August is done for that. Now we need to do that was transferred. Okay, now we need to figure out this. This fridge that I bought got stolen. So that was fun. That's a freaking write off. Could you capitalize a fridge technically or would that be expected? This is definitely gone now. I wouldn't consider that material. I mean I would expense that because it's, you know, below what I would consider a material threshold and it's physically gone. So it was stolen? I think. Yeah. I think I have been expensive. Oh my gosh. That's hilarious.
It.
What? I call that plumbing. Okay, what was this? 135. Well, I think I know what that. 5 grams. What is this? 1 hour, 36 minutes when we started this. Okay, so we got the mortgage statement. What up, Steve? The real side of business ownership, self employment, investment. Tell them about the long hours. This is exactly right. Doing the thing, the unsexy thing. Speaking of that, I need to find the mortgage statements, but I'm going to put that off for a second because we're going to have to book that. We'll worry about that a little bit. Okay, so we did a big remodel job. Trying to think of the full scope of work. What would I call that? It? Oh, this definitely should be capitalized. Should I capitalize this? What should I call it? Definitely capitalize. We're just going to call this building improvements. Yeah, that's fair enough. I'm good at that. All right, so we're going to allocate all of this to. I thought I already. I did this fridge thing. This more expensive already. Maybe I didn't. Let me look at this right. I feel like I did. Well, I don't want that. Well, I don't see any fridge on there, so I guess I didn't. Must be hallucinating already. What kind of properties are you underwriting? Oh, I don't even have this as an asset. How do I not have a Zenas? Add purchase information, a property. And this is where I get really confused with Turbotan. It does some really weird things. I don't quite understand what they're asking me to do. Residential property date, place and Service closed on August 2nd. I don't quite trust what this is. I don't get what all this is doing here. I feel like I'm not ready to make this entry. But we'll see. Oh, my gosh. Dude, we don't have anything booked here. We are really starting from ground zero. Okay, no problem. Let's do it. All right, so let's go build the asset basis or the cost basis for this asset. So we got the settlement statement here. Oh, this would be a good training. Okay, scratch that last part. So we're at minute two, 20. Part three or two hours? Two hours. 20 minutes. 2:20. Bro, I am really tired. Actually, like, so tired. I'm probably gonna. Let's see. Okay, let's take a second to ration out the caffeine. I just took some caffeine. What time did I get home? I think I started around 9:30. So I can afford another four. Four ounces. That would be two scoops of Spark. Two and a half. Three scoops. So I got three more doses. If I spread that out over. Let's see. Let's work my way backwards. I want to be able to fall asleep right at 32 hours. So I'll probably need one. At 30 hours. Who am I kidding? I'm probably gonna need to do. We may even go full. Let's be realistic. We're anywhere 25 hours, 48 hours. Wait. Okay, so where are we at? We're at 8:16. Yeah. We're at 18 and a half hours currently. And I've taken one and a half scoops so far. Okay, so if I can make it to 20 hours, I could spread this out. We're at 18 and a half hours now. I don't think I'm gonna make it to 20 hours. Say if I make it to 19 hours, 21 hours, 23 hours. We do every two hours. That's cutting Too tight. We're gonna have. We're gonna have to do every three hours. I don't see a way around not doing that. Okay, so what does that look like? Let's work our way back. Forget about the ounces. I want to need to save this. Two scoops. Okay, I'm too tired to type out scoops. All right, two. I've already taken one and a half. That would be two. Two and a half. Three. Three and a half, man. Four scoops of caffeine. That'd be. That'd be a lot, man. That'd be a lot. I don't know. We'll play it by ear. Okay, we're going to build the cost basis now. So we got the sale price, the property, 362, 500. And then we got to build in all this closing cost. So let's just add all this up. I'm just going to throw that in the closing cost. And there's so many different things we got to do here. So many things. 366, 982. Cool. So this is our cost basis, the property. We're adding up the purchase price plus. Actually, hold on. How did they get to this purchase price? Okay, now that makes sense. 362500. That's what that is. Okay, that makes sense. I don't know if I'm going to do a cost segregation on this property because I don't know what the exit's going to be. We may. We may have to exit out of this property. I don't know. It's not really going to how I would like, but we're going to play it by ear. What do you. What do you mean? On what thing am I plotting? I'm doing real estate accounting. I'm not plotting anything. The only thing I'm doing is trying to recreate my financials, but I would say it is hilarious right now.
It.
So this is going to be our actual. See, I don't know how this is going to get recorded. We may have to adjust this entry, but this is going to be my cost basis. I have a feeling REI Hub is going to do this incorrectly, but we're going to. We're going to just see how it goes. Oh, I see what you're saying. I came back and saw you talking about scoops. I thought you were playing how many scoops of ice cream you would reward yourself after each. I love that. Now I'm planning. I'm planning out my caffeine intake to see what I need to realistically be able to consume to keep going. I don't usually like to take more than three scoops of Spark because that would be 300. Three scoops of Spark is 330 milligrams of caffeine. I just feel like jittery and it just gets too much beyond that. But if I don't take enough caffeine, I may just quite pass out. So it's going to be a balance we're at. So this is part three. So we've done part one is eight hours, we've done 16 hours, part two and then we're two and a half hours into this one. So there are 18 and a half hours officially. See, I think this cost basis thing here, this fixed asset purchase, I think it's wrong. I don't think it's going to do what I want because it's asking me to select this account and I don't want it to go to one account, I want it split. So I need to go and create the account because there is no account here. So I'm going to create that account first. There's some things about rei Hub, man, I'm just like, what were you guys thinking when you're building the software? But overall there's a lot of, a lot of good stuff. So this is an asset and we're going to make this a sub account of buildings. So when I go and check out buildings, you can see I have these buildings under here and I probably have land. Yep, we're going to do a land account here or make that sub account. Okay, so we have our sub account. We have that. So we're going to go to our Marion county. Oh wait, two hours and or 23 minutes cost basis accounting for sub two deals. That's the name of this training at the 2 hour 20ish minute mark. Okay, so we're going to go see what we're doing here. So we have our cost basis here. We have the purchase price of the property at 362, 500. Then we have all the closing cost. I added all that up. That's what this closing cost is. So that's our total cost basis. But you see what we need to do is we need to split this between building and land because you can't depreciate land. So we need to split this out on our balance sheet to separate the land from the building value. And how you do that, I'll show you how to do that right now. So we're going to go to Marion county property taxes every county is different. I actually want the property card, so I probably want the parcel number. I don't really want the tax bill search. Okay, this is where I want. That's. This is the site I was trying to get to. I want the property record card. And this is what I'm going to use to justify my calculation. So if I was ever audited, I would justify my calculation through the property record card that's going to outline what the land value of this property is right here. This is the document I'm going to say. Here's what I use. Property record card. Okay, so you can see right here, if I crank this up, the land value is 42,900. So 42,900 and make sure that's right. Okay, 42,900. This is related to the purchase. Purchase price allocation basically is what I'm calling this closing cost allocation. I'll show you what that looks like in a second. So we're just backing this number out from the land value and that's what our building value is going to be when we make this recording on our balance sheet. So that's the total, obviously. And what I'm going to do to get this, you just want to have some defendable logic, right? So the logic I'm going to use is I'm going to take the percentage of the allocation relative to the overall value of the property. Because if I add these two together, it's going to be 100%. Right? Because we've just done the math. So this is 88%, that's 12%. So I'm going to take the closing cost and allocate the closing cost pro rata to each. So I'm going to take the closing cost times 12%. So again, now we look here, closing cost, that's the total, right? And so the overall cost basis is going to be this plus that and it's going to be this total right here. This is the cost basis that we're trying to get to. But we wanted to know the allocation between building and land. So this is how we get our overall building and land cost allocation. So now I need to go back to. This is turning into an important document too. So now this needs to be in the property management. I don't trust whatever this screen is trying to get me to do here. I'm thinking maybe opening. Yeah, this is probably what I want. So we're going to do August 2, 2024. That's a property. It's already got it separated for us. So that's I don't want that. So I just want this. This might work. So that's the building. Oh, perfect. It did exactly what I wanted. That's awesome. Oh, sorry. I guess that'd be helpful if I was doing a screen share. Sometimes you're gonna have to slap me. My bad. I'm over here creating all this magic and you can't even see it. What a great orbit training program. Okay, cool. All right, so I created this entry here. I added this transaction. This isn't really that important unless you specifically are using REI Hub. But I went into this opening balance and I created this journal entry. Let me do a quick recap. Okay, so here's my purchase price. Here's my closing cost. I know what my cost basis is, but I want to get the allocation between building and the land. So I. This is 239. I want to get my allocation between building and land value. And so I downloaded the property record card from the Marion County's website. By going in here, I put in the address, and from searching the address, I got the parcel number. And then by going into the parcel number search. Every county is different, so it's going to be different. I'm pulling this property record card. Actually, excuse me, go back here. I'm going to the assessor's property records here. I'm putting in the parcel number and I'm pulling the property record card. And that property record card is telling me what the land value is. So if we look here at the land value, I zoomed in way too much. What is going on? The land value here is 42,900. So that's what we did is we put in the 42,900. The rest of it of the. The 362, 500 is our building value. But we still have closing costs that we need to allocate. So I just took a pro rata share. 3:19, 600 over the 362, 500. And then the closing cost, I allocated that based upon the percentages, right? And then I'm adding it up to get my overall cost basis. So now I know my overall. I mean, I knew it was this number, but I needed to know the split between building and land because I can't depreciate land. So now I have my split and I'm able to record that in the software. And I already made that entry. And that entry was right here. I allocated this for the building, this for the land. So that is what our cost basis is in the property. We also have Some additional things to add to our cost basis of the property. We have some building improvements that were made as we did rehab to this property. Let's just double check our AI and I'm able to record that in the software. So these building improvements will add to our cost basis of the property. Question mark. It should tell me. Yes, you'll. And then I'll be able to depreciate that over 27 and a half years. So we need to consider that in our cost basis for depreciation as well. I don't even think I have a building improvements. No, I don't. Wait. Capitalize capital improvements. They tricked me. I don't really like the term capital improvements. It won't let me change the name. You suckers. Oh, I didn't even realize there's a capital closing cost. Capitalized closing cost. I'm not. I'm not messing with that right now. We're leaving that there. Capital improvements. I'm going to make this a sub account. Okay. So now I'm going to go to the transactions. This is when I started the rehab. So I'm just going to dump all this in the capital improvements. The bone Forbes. Because I'm just c. I'm capitalizing all this. This was all the rehab money that I spent. Technically I'm not going to get into the units, but technically there were some per unit spend because we did some common area space. I don't think it's worth tracking it at that level, to be honest. So we're just going to throw that in there. This was rehab. Where did we put this? I don't know if that should be a purchase. Hold on. If I make it a purchase, I feel like I should have made that a purchase. Let's check this out. So we're doing the capital improvements. I have a feeling we're going to want to make this that other transaction. Let's go look at the fixed asset balance here.
