Note that expenses which do not occur monthly should be estimated on a monthly basis to get an accurate estimate of each property’s profitability.
At this point, you should have a good idea of the estimated total cost and estimated net profit of each property and should be able to make an informed decision regarding which property to purchase.
After you purchase a rental property, you need to manage the day-to-day rent collection, bill payment, and upkeep.
You could hire a property management company, but doing so could swallow a significant portion of your rental income.
When tax filing season rolls around, you can easily generate a Profit and Loss report to give to your tax professional.
Tiller also has a reminder spreadsheet that will automatically send you email reminders when you have an upcoming bill due.
Maintenance is one of the most costly aspects of owning property, and maintenance requests are not created equal.
A roof repair is a high priority, but it is expensive and could take a few weeks for the work to be completed; on the other hand, a leaky faucet is inexpensive to repair and can usually be fixed in less than an hour.
Through the magic of Google Sheets, you can create a link to your tenants’ leases for easy access should you ever need to reference it.
Unfortunately, you can’t link to local drives on your computer, so any document you wish to add to your spreadsheet has to be saved to your Google Drive.