Bought First Property...now What??
I just purchased my first rental property today .Yes, I am excited!!!!
Anyway,
I want to be able to track all numbers with this property and keep figures on it. I guess what I am asking is:
- What numbers should I be keeping track of on a regular basis (ROI,Expenses,etc.)
- Is there an all in one tool out there that will help me do this or does anyway one have a good spreadsheet they use?
I just need a little advice cause I want to stay on top of things and I need to know whats acceptable.
Thanks again!!
Chris G
I don't have any super spreadsheets, just basic ones. Some things that I have found helpful are:
Dedicate a separate file cabinet drawer to your property. have folders for maintenance, insurance, each separate tenant, major repairs, etc...
I have dedicated one of my credit cards solely to charging expenses of my properties. I file all of my receipts in said cabinet, but having all of your purchases in a single statement each month helps dramatically.
As for my spreadsheets, I keep two. One details all of my expenses including date, amount, details, etc... The other is for tracking tenant rent payments, sec deposits, etc... You can then use this spreadsheet to look for patterns of lateness or to back up your statements quickly if there is ever a dispute.
Good luck!
Hey,
Thanks for the advice. That is more along the lines of what I am looking for.
I had the file cabinet idea before, but the spreadsheet stuff is golden too.
Any other suggestions are appreciated as well!!
Chris G