Home Buying Spreadsheet Template
Home Buying Spreadsheet Template – This article is a tutorial that will teach you how to use our free rental property analysis sheet. Many real estate investors are involved in condo and rental investments (single family homes up to four plexes) and have requested a functional template that can handle residential properties.
A powerful analysis spreadsheet that allows you to analyze 1-4 unit properties in just 15-20 minutes. Enter your details below to gain access.
Home Buying Spreadsheet Template
This template is simple and emphasizes cash flow as a key investment measure and will serve as a quick cash flow analysis spreadsheet that will project your breakeven cash flow and annual return. It is intended to provide an operational overview where you can change your purchase price, capital expenditure (CAPEX) assumptions, financing terms, revenue and expense assumptions and see how it affects your cash-on-cash return.
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This first section is where you will enter your main property information. It should be pretty clear.
The most important assumption is the price you are willing to pay. If you’re looking at an MLS listing, this is where you’ll enter the agent’s asking price. It’s highlighted in blue, so it stands out.
Type: Bank, Conventional, VA, all are sufficient. These assumptions do not affect any numbers, they are for informational purposes only.
LTV/LTC: You will find that you can choose either the LTV (loan to value) or LTC (loan to cost) option. Your choice will have a significant impact on the equity you will need to bring to the table if the property needs significant restoration. The CAPEX part is the next part we will talk about. LTC financing will cover a portion of the capital budget, while LTV financing will not.
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Interest rate/amortization/loan cost: You will enter into any mortgage terms you discuss with the financial institution. If you want to consider inclusive costs, you can do so in the loan cost cell. I currently have the cost of borrowing set at 3% of the loan amount. If there are other closing costs you want to account for, you can adjust this cell to 4% or 5%. The gross cost of credit is calculated directly below.
Loan Amount: The loan amount will be calculated differently depending on whether you select LTV or LTC in cell “B8”.
Monthly PITI: Monthly principal, interest, property taxes and insurance will be calculated here. I’ll show you shortly where you make insurance and property tax assumptions in this financial template.
Amount of Capital Required: This is what you need to bring to the closing table as a down payment.
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You can submit a question to StackSource to learn about the funding options available for your project.
The CAPEX section is where you can record all of your major capital expenditures. This is usually where you will account for deferred principal. Things like:
If no major capital projects are planned, it may be wise to consider a working capital budget, which may be a reserve for something that comes up after ownership is taken.
The operations section is where you will enter all of your monthly assumptions. You’ll find that you can include rental income for up to four units. If you don’t need all four, you can enter $0, as I did in this duplex scenario. Monthly rent and all other monthly assumptions are annualized to the right.
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You should be able to get a good idea of potential rentals on the market by looking at similar properties on Zillow, Craigslist, or even apartments.com. Don’t forget to research whether there are opportunities to collect side income for things like laundry, parking and storage. You also need to enter the vacancy rate. You can see I used 5%.
For operating expenses, you may be able to obtain historical utility bills from the seller. You will be able to get an insurance estimate before you bid. Administrative costs are items such as rental licenses, permits and other other expenses. Most investors I know don’t have to pay anything for marketing thanks to free aggregator sites.
Repairs are the easiest expense to underestimate. Older homes usually require more work. If you’re not smart, expect to pay a premium to fix things, because you have to fix everything. If you plan to use a property manager, they should be able to help you adjust your spending budget and will also tell you about property management fees (usually as a percentage of your total income). In my example, I manage myself.
The only expense line you don’t touch in this section is for property taxes, which come from somewhere else.
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Whenever you’re investing in any type of property, it’s a good idea to do your due diligence and check county websites to find:
Once you enter this information, the template will calculate the monthly tax payable and the tax rate (tax payable / property assessment).
The last assumption you need to make is the revaluation as a percentage of the sales price. If you paid more than the appraiser’s property value, do you expect the appraiser to adjust the appraised value once he reviews the sale? If so, 100% would be a conservative estimate for the revaluation percentage. When I bought my duplex in 2015, the county assessment was more than I paid for the property in just two years!
This revaluation percentage will determine the future property taxes payable. The template will take today’s tax rate (1.34%) and multiply it by the projected future assessment.
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The final part will make you feel comfortable enough to make an investment decision. First, the total cost base of rental property investment is summarized. I’ve never believed in using cap rates for small rentals (I’m hesitant to rely on them as well for large apartment buildings), so the first metric to consider is yield on cost (YOC). YOC is also commonly referred to as return on cost (ROC). This calculation is:
YOC does not take into account any leverage; shows you what your annual return would look like with a cash-only purchase (including paying cash for any modifications).
If this is the case, it means leverage is cumulative and will increase your annual return. Using debt will give you a more profitable return than if you just bought the project with cash.
This tool is a great template to use if you are looking for a turnkey rental property. For veteran investors, there are some downsides when it comes to the following business plans.
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This template will not be suitable for condo redevelopment efforts that require financing and bridge financing once the property is stabilized. Paid redevelopment models are ideal for messy rebranding efforts.
This template lacks creative ways to underwrite capital expenditure, sensitivity analysis and an investment overview dashboard that highlights all important aspects of an investment.
If you are interested in the inner workings of this tool to maximize its usefulness with advanced knowledge of Excel, we recommend you visit this article:
We plan to publish more posts about commonly used Excel functions and key analysis components in the Tactica workbook.
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This concludes the rental property investment spreadsheet analysis tutorial. This tool should be very helpful in quickly and accurately evaluating potential lease purchase opportunities. As long as you have an annual return target you want to achieve, the template will immediately check whether your goal is met at various price thresholds.
I’m Ike, owner of Tactica RES™. If you’re looking to improve your multifamily analytics process, you’ve come to the right place.
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House hunting is an exciting, scary, frustrating, but rewarding experience! Having been house hunting myself, I know how easy it is to forget the important things.
This scorecard allows you to figure out which items you need and which items are good to have. Just list all the items you need (up to 15) and like (up to 15). You will be able to evaluate each home based on these criteria and determine the home that best suits your needs.
After rating a home, you’ll get a ranked list of the highest rated homes in terms of must haves and likes.
You can use this file in Google Sheets, but some functions (eg, flagging duplicate values) may not be compatible in Google Sheets
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2) Demo version with data already filled. Please take a look at this demo to see what the data spreadsheet looks like
Feel free to change the color of anything in this overlay. You can apply a new color scheme to the chart or use any font you like.
Cosmetic spreadsheet changes are fine as long as you don’t delete or add any rows/columns
As this is a digital download product it cannot be returned/reimbursed but please message me if you have any
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