- What do you think Rent Roll is?
- What should be included in a Rent Roll report? Does a bank ask for a rent roll statement?
I have seen so many different definition and puzzled on how everybody uses it in their accounting software specially when it comes to QuickBooks.
I'm not sure if my answer will be one you're looking for, but as a resident manager of a 26 unit building, my rent roll report was just done in Excel. It included only info on tenants every month for the owner (he handled all other costs and bills and payments, etc.) : apartment number, name of tenant, money collected (check number and purpose of payment), any money owed, amount of their security deposit, date of move-in, date of move-out for any upcoming moves, and any notes (had to call the cops again, I think we need to discuss giving notice to move - that kind of thing).
Once a year I'd do the above, but include what market rate would be for each apartment, and show the total income he was taking in vs. how much he "could" be taking in (he was weirdly stubborn about not wanting to raise rents much, to the point of being ridiculous). But, at least that way his loss was on him, ha ha. I'll never understand why someone would resist letting you make money for them! I got no commission, either.
Once a year, I'd also do one that showed total income broken down by each month and total for the year.
He owns several properties, mostly multi-family. I just managed one of his buildings.
List of properties/units with addresses, the rent for each unit, the tenant names, their payment history, and if on a lease, the expiration date of each tenants' lease. Also, when purchasing a property it is important to do a lease/ tenant file review to make sure the rent roll matches what is in the leases and that there is nothing in the leases that will encumber you.
@Nancy Neville would be able to provide some insight about how to track this in QuickBooks and print the necessary reports.
Marcia Maynard, Fischer Properties | Podcast Guest on Show #83
Thanks, perfect timing! I was just thinking this morning that I needed to post a question on BP on "exactly" what a rent roll consisted of and what they typically look like.
I've heard the phrase a few time on here...especially when someone is talking about buying an apartment building...and while I could surmise that the gist of them is to give a prospective buyer an idea of what rents are being collected, perhaps which tenants are problem payers, I wasn't quite sure exactly what they included.
If I remember right...
Rent Roll is the anticipated amount of rent to be received on a monthly basis.
Do not we give that to the banks?
My lender uses copies of my signed leases for verification.
Is that legal to share all the tenant's contact, signature and other details with the lender?
or do they require you to give it to them the lease or do you just choose to?
I would love to see how QuickBooks would work in this capacity! I've been using it for several years to do the books and payroll for a small business, and can't see any obvious way it would save me time / effort. I'm just getting into the landlord business and will have only 2 tenants. So far, I'm planning on just using one of the web based landlord sites (True Rent).
total number of tenants that should be paying, total rent before any expenses.
in short... what you should be depositing in the bank each month.
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