Anybody have a nice profit and loss template set up on excel that lets you plug in your numbers each month? Looking for it to be geared toward rentals. Appreciate anyone willing to share. Thanks!
@Jeff Goedeker are you looking for something like Quickbooks?
@Jeff Goedeker A rental P&L statement would be pretty simple to create. I'd suggest just creating one on your own - with excel when you create the template it's both the way you want it, and then also you fully understand it. I've seen a lot of bad excel templates online...
Here's an example:
I like to do mine in total and by property.
I know I'll get questions about the debt categories. Specific is how I classify loans toed to a specific property, and generic is how I classify our family loan that is not tied to any specific property, so I have to allocate it myself.
I'm with Michele, I like a longer list on the left (rows) and monthly/annual moving to the right. Mine has grown over the years to accommodate more properties and analysis, but I've divided into basic sections:
Revenue (by unit)
COGS (I know, but old habits. I use this for tax and insurance which all properties have)
Expenses (general business like admin/legal and by unit for repairs, trash, utilities...)
EBITDA (earnings before interest/taxes/depreciation/amortization. Interest is mort only, and taxes are income, not property taxes which are in COGS)
Then I do depreciation, loan principle and interest, etc to get reportable income.
I'd be happy to share, but would have to email the file.
I'm new to property renting.
Would it be possible to get a copy of the excel sheet you created?
I'd really appreciate it.
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