The Best One Sheet Financial Overview Spreadsheet Ever Made!

The Best One Sheet Financial Overview Spreadsheet Ever Made!

Rental Property Investor · Mine Hill, NJ · Member since 2014 · 229 posts · 396 votes

So we just finished step 3 of the BRRR method on our first real estate purchase. Never could've done it without biggerpockets as you can read from the post where we got a lot of advice and support here.

But long story short, we bought our first property one year ago, yesterday. A four family for $430k, we put 10% down and put $25k into it. We just closed on our Cash-Out refinance and the property appraised fro $550k($120k over what we bought it for) and we were able to pull out $67k in a cash-out refinance. And now we are ready for the "Repeat" part :)

Anyway during the refinance process, I created a spreadsheet to help my banker better understand our financial status. I wanted to share it with the biggerpockets community, because this is such a great community, and I think this simple format can help people really organize their finances, and help get them a mortgage.

So in the title I say "Best spreadsheet ever made", really its the best spreadsheet I've ever made... hope people find it helpful, let me know if you have any questions about it. I create a binder of all the bank statements, investments and numbered it using Adobe Acrobat.

Spreadsheet can be found on Google Sheets Here.

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Chris MasonPro Member
Moderator
Lender · CA · Member since 2015 · 9k+ posts · 10k+ votes
9y

Hi @Sunny Burns,

That is pretty handy. Certainly enough there for a lender to tell your purchasing power, and if after you provide the paperwork there is a discrepancy it would be super easy/quick to identify it. If a client came to me with that, the first thing I would do is import it into my own google sheets mortgage worksheet that I use, and integrate them. 

Hell, I might just do that anyways moving forward. It really is well done.

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  • Chris MasonPro Member
    Moderator
    Lender · CA · Member since 2015 · 9k+ posts · 10k+ votes
    9y

    Hi @Sunny Burns,

    That is pretty handy. Certainly enough there for a lender to tell your purchasing power, and if after you provide the paperwork there is a discrepancy it would be super easy/quick to identify it. If a client came to me with that, the first thing I would do is import it into my own google sheets mortgage worksheet that I use, and integrate them. 

    Hell, I might just do that anyways moving forward. It really is well done.

  • Rental Property Investor · Orlando, FL · Member since 2016 · 463 posts · 220 votes
    9y

    Wow, FANTASTIC tool, @Sunny Burns!! I am going to link this with my personal finance spreadsheet to keep track of my finances, and come loan application time, it will be ready to go!! Thanks for sharing!

  • Rental Property Investor · Mine Hill, NJ · Member since 2014 · 229 posts · 396 votes
    9y

    Thanks for the great feedback @Chris Mason and @Account Closed . Anything you would like to see added or taken away, I want to upload it as a resource on the BiggerPockets FilePlace, but thought it could still use some refining. 

    I was wondering if you had any comments on how I did the expenses, would you be able to view your expenses in a similar way?

  • Chris MasonPro Member
    Moderator
    Lender · CA · Member since 2015 · 9k+ posts · 10k+ votes
    9y

    Hi @Sunny Burns,

    The only expenses we actually consider are housing expenses (Principle, interest, prop taxes, homeowner's insurance, and HOA dues... rent, if applicable), things appearing on a credit report, and court orders (alimony, etc). So while there isn't anything "wrong" with gym membership, tithing, PG&E, and dental insurance being on there, I'd just be going through and deleting those items early in the process.

    If curious, I believe the thinking is that while someone in general isn't going to be worse off for paying off a credit card to qualify, we can't have people cancelling or downgrading their health insurance to qualify, or failing to uphold their religious obligations. That wouldn't be prudent. So we just ignore those things.

  • Member since 2016 · 161 posts · 31 votes
    9y
    Thanks for sharing Sunny. Good job putting it together.
  • Investor · Carnegie, PA · Member since 2014 · 259 posts · 144 votes
    9y

    Great spreadsheet @Sunny Burns! Thanks for sharing

  • Oklahoma City, OK · Member since 2016 · 13 posts · 6 votes
    9y

    @Sunny Burns How did you get a 4plex and only put down 10%?

    I like the spreadsheet too. It really breaks things down, and is simple to read.

  • Rental Property Investor · Mine Hill, NJ · Member since 2014 · 229 posts · 396 votes
    9y

    @Kaz M., @Matt Faix, Thanks for awesome feedbac, I appreciate it.

    @Blaine Bacon it took a while, but eventually a guy from biggerpockets pointed us to a smaller bank - Trustco Bank, that allows owner occupants to put down as low as 10% on up to a 4-family. And you know what the best part of it is... no PMI!

    If you want to learn more about our story I have a super detailed post on my website. And also more details on this biggerpockets post: https://www.biggerpockets.com/forums/522/topics/212557-garfield-nj---12bdrm-quadplex---1st-home-purchase---biting-more-than-we-can-chew

  • Rental Property Investor · Mine Hill, NJ · Member since 2014 · 229 posts · 396 votes
    7y

    For those who have been using it. I’ve made a few updates since this original post...

    https://docs.google.com/spreadsheets/d/1FLJJ7KcFspcXRg0zxW1lTmAmmzb7ud8Td5OrEVZzpx4/edit?usp=sharing

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