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Joined: Jan 2006
Posts: 101,552
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From: Leesburg, VA
I'll try to keep this short and sweet but it is just so amazing I have to share...
My boss is an investor in an office building down in Virginia Beach. He only has a 15% stake but we have been getting some pretty big capital calls from these guys recently. They lost a tenant so they need money. This is all well and good but we asked them to give us some sort of expense sheet to justify the continued investment.
What they sent us is the biggest load of
I have ever seen. I thought my boss was the king of creative accounting but this takes the cake... They are showing the fees they collect as property managers as income (not the rent they collect from the tenants). Most of the expenses are shown as "operating" costs when they should be shown as triple-net expenses charged back to the tenants.
Something seriously fishy is going on here.
My boss is an investor in an office building down in Virginia Beach. He only has a 15% stake but we have been getting some pretty big capital calls from these guys recently. They lost a tenant so they need money. This is all well and good but we asked them to give us some sort of expense sheet to justify the continued investment.
What they sent us is the biggest load of
I have ever seen. I thought my boss was the king of creative accounting but this takes the cake... They are showing the fees they collect as property managers as income (not the rent they collect from the tenants). Most of the expenses are shown as "operating" costs when they should be shown as triple-net expenses charged back to the tenants. Something seriously fishy is going on here.
Community Organizer
Joined: Jan 2006
Posts: 101,552
Likes: 4,900
From: Leesburg, VA
Originally Posted by Gigdy,Mar 8 2010, 12:13 PM
It was so nice sat i dug my car out.
I finally took down my Christmas lights. Well... MOST of my Christmas lights. Some of them are still frozen to the gutters.
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From: Charleston, SC. \>
Originally Posted by WhrDLMI,Mar 8 2010, 12:17 PM
I'll try to keep this short and sweet but it is just so amazing I have to share...
My boss is an investor in an office building down in Virginia Beach. He only has a 15% stake but we have been getting some pretty big capital calls from these guys recently. They lost a tenant so they need money. This is all well and good but we asked them to give us some sort of expense sheet to justify the continued investment.
What they sent us is the biggest load of I have ever seen. I thought my boss was the king of creative accounting but this takes the cake... They are showing the fees they collect as property managers as income (not the rent they collect from the tenants). Most of the expenses are shown as "operating" costs when they should be shown as triple-net expenses charged back to the tenants.
Something seriously fishy is going on here.
My boss is an investor in an office building down in Virginia Beach. He only has a 15% stake but we have been getting some pretty big capital calls from these guys recently. They lost a tenant so they need money. This is all well and good but we asked them to give us some sort of expense sheet to justify the continued investment.
What they sent us is the biggest load of
I have ever seen. I thought my boss was the king of creative accounting but this takes the cake... They are showing the fees they collect as property managers as income (not the rent they collect from the tenants). Most of the expenses are shown as "operating" costs when they should be shown as triple-net expenses charged back to the tenants. Something seriously fishy is going on here.
Community Organizer
Joined: Jan 2006
Posts: 101,552
Likes: 4,900
From: Leesburg, VA
Originally Posted by 3AFL S2K,Mar 8 2010, 12:16 PM
who's Willie Gee?
Just another long standing, semi-old fart member. He is a dragon regular... You will usually find him
'ing up threads in there. IIRC, he lives in Florida. 