Comprehensive Rental Property Expense Spreadsheet (Small Apartment Community)
Does anyone happen to have an expense spreadsheet they don't mind sharing.
I've been pulling some from the web but I'm just trying to make sure that I'm thinking of everything. Obviously SF expenses differ from apartment communities so if you have one thats geared more toward a small apartment community that would be great.
Your input is also welcome, thank you in advance.
Here's a couple of detailed expense breakdowns. One thing missing from here is any employee costs if you're going to have management or maintenance staff.
| OPERATING EXPENSES Repairs and Maintenance |
| ApplianceRepair |
| Electrical Repair |
| Credit Reports |
| Cleaning or Janitorial |
| Roof Repair |
| Painting |
| HVAC (Heat, Ventilation, Air) |
| ApplianceReplacement |
| Lawn Care |
| Lockwork |
| Carpet/Floor Coverings |
| Pest Control |
| Plumbing Repair |
| Eviction/DispossessoryExpense |
| Management |
| Electricity |
| Water & Sewer |
| OPERATING EXPENSEPainting Roofing Plumbing Ground Maintenance Lock & Key Dumpster Electrical Repair Heat/CoolRepair& Replacement Termite/Pest Control CarpetCleaning/Replacement Eviction Expense ApplianceRepair/Replacement Electricity Water/Sanitation Misc. Expense Garage Repair Cleaning& Maint. ManagementFees Repairs Taxes Insurance |
@Account Closed, I know this isn't what you are asking for, but we use Quickbooks Online for our tracking needs. We own 5 properties with 14 rental units. It allows me to easily turn things over to our accountant at the end of the tax year, run very customized reports to see where our money is going, and the program is available online so anywhere I have internet access, I can access the program. That means I can use any computer with any software on it, and don't have to worry about program updates!
They may offer a free trial.... Check it out! You'dd love it.
You want something to actually track expenses as you operate or to evaluate deals?
Here is what the IRS is looking for - check out the form.
http://www.irs.gov/pub/irs-pdf/f1040se.pdf
From there all you need to do is create additional sub accounts.
Let me know if you need free QBO Plus trial.
Gita
Originally posted by @Account Closed:
@Account Closed, I know this isn't what you are asking for, but we use Quickbooks Online for our tracking needs. We own 5 properties with 14 rental units. It allows me to easily turn things over to our accountant at the end of the tax year, run very customized reports to see where our money is going, and the program is available online so anywhere I have internet access, I can access the program. That means I can use any computer with any software on it, and don't have to worry about program updates!
They may offer a free trial.... Check it out! You'dd love it.
Are you using a third party management software as well? How do you track your lease expiration dates, work orders and other details that a manager should keep in QuickBooks Online?
@Account Closed I've heard of this but I've never tried it. I hear the online Quickbooks isn't as fully loaded as the one you buy for your computer. Do you know if that's true?
@Chris Simmons I was asking about evaluating deals but do you have any suggestion as far as tracking expenses go?
I use RentPost for my portfolio but they are single family type properties. I have my company set up as another unit so I can track expenses per property as well as for the entity as a whole. This is not capable of doing payroll and the sort.
Send me a private message with your email address and i can send you a property evaluation spread sheet I have used on multi family in the past.
Now that I am focusing on single family properties, I just use the analyzer tool on BP.
@Gita Faust Thank you, the IRS list is shorter than the amount of things @Jeff Kehl listed but I'm assuming the IRS classifies a lot of that stuff in the same category ie; Roofing, Plumbing, Ground Maintenance = Repairs to the IRS.
I'm really trying to get a grasp on the monthly numbers to see if this particular property I'm looking at is worth my while, but all this definitely helps.
Also does quickbooks online or the regular version have a property management software integrated, I currently use Appfolio at my PM job.
We use Quickbooks Online and it is fully functional. Not only that but we can produce invoices and take credit card payments from our phones or iPad and the payments go directly into Quickbooks.
@Gita Faust, Hi Gita, Yes, I use Rentec Direct to track rent payments and work orders and Quickbooks online for my accounting needs. Rentec Direct will handle the accounting part, but I like the features at QB Online better :)
@Account Closed
Hi Christian,
I have used both QB for Windows and Mac. The Mac version is more limited than the Windows version. I love Macs and use them exclusively, so we switched to QB Online. It takes a little getting used to, but I can do everything on the Online version that I did on the purchase version. My accountant is a Windows guy, but even he can run the reports he needs from my QB Online (I give him Accountant access). Good luck!
Is There a lot of setup needed with QBO or do they have a property manager template that lets you hit the ground running? Also looks like there are three different plan options with different pricing. Will the basic suffice or do I need to go a step up?
Thanks.
Ehab
@Gita Faust Thank you for posting that IRS form!
@Gita FaustWe have updated recently as we have grown. We are now using Buildium PM software. It is online so I can access it anywhere and has an iPhone (and probably Android) app. We use it for everything including our accounting and stopped using QB online on January 1st (which worked out perfect for our accountant!). So far we love it! Very flexible. We just had a couple apps submitted online through it today! If you try it and decide you like it, I think I can send you a referral fee and you get $50 off, I believe)
Good luck!