All Forum Posts by: Kelton Johnson

Hi all, 

I know there are probably a MILLION of these out there right now, but I figure, why not throw mine out there too.  If it helps just one person, then I'm happy!  Just so it's clear, I'm relatively new to Real Estate investing, but I've taken some time to build this google sheet to analyze potential rental properties thus far.  I'd love to get as much feedback as possible, both positive and constructive, as well as, hopefully provide you guys with a great new tool for your future analysis. 

The first tab is where most of the core information is gathered and analyzed, starting with basic property info and then projected (or actual) rent prices per room.  The second section allows the user to break down the expenses (taxes, insurance, repairs, etc.).  Finally, the third section is where the financing is calculated and can quickly be manipulated for several different loan types.  With this information inputted, the rest of the sheet will calculate a number of different performance metrics, Cash flow, Cash-on-cash, etc. 

There is also a section to adjust for appreciation, along with several other tabs to take a look at several different 'Rule of Thumbs', DTI, & Amortization of a loan. These are all things I was interested in as I was going through and analyzing my own potential properties. I certainly made some assumptions along the way while building this, so feel free to let me know how accurate they are.

Thanks for everything you guys have done for me so far, hope this gives back in some small way!

Rental Property Spreadsheet

@Dustin N.

Hey, I just moved to Dallas recently too and am also looking for a good real estate agent for investors.  Let me know if you find one and I'll be sure to do the same. 

Have a good one! 

@Rod Hanks 

Thanks for the input, I've PM'ed you with a few new details I found on the house.  

Rod, I've taken a look at the report and it appears that most of the major stuff is alright. The bank doesn't have the utilities on, however, they were tested with a generator and seem to be in working order. The biggest thing is the walls have tons of marks and scuffs on them, and the cabinets/countertops are busted up. The bones seem decent on this place, but still needs a lot of cosmetic work.

The property is in the Garland area. I'm not sure I would do premium finishes since it's a pretty middle class area, but it at least has nice hardwood floors. The cabinets and countertops in general are just dated, I think that and replacing the appliances would be the biggest things.

Hi guys, 

I'm new to real estate investing (only 24), but I've been reading non-stop for the last year and listening to the biggerpockets podcasts religiously. I was originally looking to buy a Duplex in Dallas and house hack, but I've found the options for duplex's to be slim around these parts. So I've started to look into cashflowing SFH's that I could buy and move into with my current two roommates for a year, then move and rent out fully. I recently stumbled upon a 3 bed 2 bath HUD foreclosure that had very interesting numbers.

Asking Price: $93000 (Mortgage would be ~$350 @ 3.88 interest)

Rent/Mo: $1350 ($1215 w/10% vacancy) or $900 ($810 w/10% vacancy) when I'm living there and renting to my roommates 

Taxes: ~$190

Insurance: ~$100  

Avg. Capex/ Year: $183 (Should cover regular maintenance and large capex costs over time)

This house definitely needs some repairs, but I think I can use this as an opportunity to employ the BRRR strategy! Comps in that area are going for between $130-$140K. Unfortunately, I have little to no knowledge on the cost to renovate a place like this. I can tell you the kitchen and the bathrooms need remodeling though (simply old and outdated). However, if I can do these renovations for a reasonable price and possibly even use a 203k loan for them, I think I could refinance and make a decent chunk of change before I move in and begin renting to my roommates.

I know the renovation costs are a big piece to this puzzle, so if anyone has any advice on how I can get good ballpark figures I would definitely appreciate it.  Other than that, please let me know your thoughts on the deal, good, bad or indifferent. 

Thanks so much!