Rent roll,,,, yes, this is one of the most important documents you as a landlord to prepare for potential buyers and lenders. I highly recommend you to study and prepare an effective rent roll before downloading this template.
Here is a part of the file in image :
You can use Beaver to automatically and easily manage your rent collection but if you want to try it manually first in excel, please download from the below.
Other useful topics for real estate owners
- What do you need for a first time investor?
- Basics for real estate accounting
- Depreciation expense
- Tax return
What do you need for a first time investor?
Every time you do something, you have to study. Real estate investment is not the exception. Let’s say you have experiences in different investment such as stocks or bonds. I would not say the experiences would not help but real estate investment is very different from Stock and Bond investment.
Setting up your investment structure such as setting an LLC to own the actual property, how to collect rent, and property management. You can study basics for the first time real estate investor.
Basics for real estate accounting
Another thing you should study is accounting. You will not have to take expensive courses or you try to be a CPA but I highly recommend you to have a good understanding for basics of real estate accounting.
I call it real estate accounting but basically this is a basics for bookkeeping. I just explain things that you, as a landlord, need to know to bookkeep your books in case you are thinking if you should hire account or DIY.
Depreciation expense for your properties
This is one of the biggest reasons why you invest in real estate, depreciation. You may think this is a difficult stuff but how to calculate depreciation for your property is not so difficult. Just basic understanding will significantly help you.
You can try our free depreciation expense calculator if you want. You can record your depreciation every month but at the end of day, you will just need when you submit the tax return. If you like to monitor the PL movement, monthly record makes sense.
Tax return for your property
You just can’t miss it. Most of the cases, if you record depreciation expense, you will not pay income tax on at your tax return. You still have to pay property tax. You can’t get away with it.
If you are filing for Schedule E along with your individual tax return, you may study basics for what is Schedule E and how to file it.