Rental property spreadsheet templates are something every home owner should have in their possession. It’s a good idea to keep track of the current value of your home, expenses, taxes, and any other figures that may be important to you. They can help you to avoid an expensive mistake if you make one.
We’ll start with the basic assumptions that can be made in an expense sheet. Keep in mind that they are simply guidelines that can be adjusted as necessary.
Rental Property Spreadsheet Template Free
The total expenses for the month are listed by category. “Personal” is for utilities, including cable, phone, and internet. “Expenses”, which is cash spent on housing, groceries, and entertainment expenses. Add up the totals.
For a mortgage payment, you can use the last scheduled date. Otherwise, use the mortgage amount. Use the interest rate to figure the monthly payment.
Rent is listed on the line for each apartment. A flat fee is listed, such as the utilities, internet, water, and garbage fees. Then add in rent. The other side of the sheet lists the rent for the entire month. The rent for one week is usually different from the rent for a month.
Once you’ve determined the total rent for the month, divide it up between the apartments. Write the rent amount for each unit on the same line for each. This way, you can see how much rent goes to each individual apartment.
Expenses are listed at the top of the sheet. These are the expenses that you’ll be paid for, with mortgage or rent payments for each. Include any fees for appliances, taxes, car maintenance, and so on. Then list the rent money received for each apartment. You should also count the monies you receive each month from the tenant or tenants.
After this, list your own expenses. The expenses for food, gas, and other things you use every day will probably be listed here. This should include perishable food items like meat and dairy, which are a lot more expensive than groceries. Include these too, if you have a grocery budget that’s separate from the rent.
Finally, there is the tax amount that goes to the city for each apartment. Write that down too. It should be combined with the expenses on the same line for each apartment.
Also include a line for your own tax bracket. This should be a tax bracket that you believe you fall into based on your income. In most cases, you’ll be in a higher tax bracket than the tax bracket of the apartments where you live.
So if you’re twenty-one and make ten thousand dollars per year, write it here, along with your own income bracket. That’ll allow you to figure out if you’ll be paying taxes on the amount you make. If you make too much, you won’t pay taxes.
If you don’t feel comfortable putting all of your data on a spreadsheet, then use a rental property spreadsheet template free. You should be able to get one through an online service. PLEASE READ : rental property spreadsheet template excel
