New investor seeking excel BRRR tool amongst others + Mentorship

New investor seeking excel BRRR tool amongst others + Mentorship

Member since 2023 · 2 posts · 0 votes

This community sure seems welcoming and helpful, thanks on behalf of all the other newbies posts I have ready with others weighing in. 

I am a looking to dive into acquiring medium to long term rentals OOS in the GA,SC,NC, and FL areas as I have family there. I have read many articles, watched videos, podcasts, etc and without over the shoulder style help and mentorship - I am unsure how to move ahead. 

One of the tools I feel is critical that makes or breaks an investment property is a spreadsheet looking at the entirety of the financials. I have downloaded some templates online but they seem incomplete to me. Anyone with 15+ rentals have a seasoned excel file I can nab?

Another tool I believe is invaluable to how to compare markets/neighborhoods for evaluation to invest as a first time buyer. My flow may be completely off here in terms of the order of operations, yet I feel like these two steps should be the first. Tell me there is a better way!

A mentor. Mentors that have seen success with systems over multiple years and many properties are in demand. I would love to connect.

I hope to learn as much as I can about BRR method and pull the trigger on 2-4 entry properties this year in the SFH or Duplex to Quad, thanks again for your help and consideration.

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  • New to Real Estate · Sunnyvale CA and Maplewood, NJ · Member since 2022 · 257 posts · 161 votes
    3y
    Quote from @Thomas Riendeau:
    One of the tools I feel is critical that makes or breaks an investment property is a spreadsheet looking at the entirety of the financials. I have downloaded some templates online but they seem incomplete to me. Anyone with 15+ rentals have a seasoned excel file I can nab?

    If you know your way around Excel, I would actually encourage you to develop your own. The process of creating it will deepen your knowledge of how the math works. Cross-check the results with the BP BRRRR calculator and the other resources you've downloaded until you're certain yours is giving you accurate output. Then you'll have an analysis tool you fully understand that you know how to customize for your own needs.

  • Member since 2023 · 2 posts · 0 votes
    3y

    Thanks for the response. The process has to start somewhere and learning by others mistakes and successes drastically shortens my time to success. I am sure once I have more knowledge under my belt, I will improve upon my systems. The Calculators with BP are amazing too, I am just nowhere near developing my own.

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