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If you’re looking to save money on your real estate expenses, you’ll likely need to use a spreadsheet to keep track of the different expenditures. For example, if you’re planning to invest in a home or property, you might want to pay close attention to details like repairs and maintenance costs. It might seem complicated at first, but there are plenty of ways that you can make the most of spreadsheet software to reduce your expenses.
Basic Rental Agreement Letter Template 50 Beautiful Lease from real estate expenses spreadsheet , source:imperialtattoopdx.com
The first thing that you need to do is open up a spreadsheet that is specifically designed for your real estate Expense Tracking System. Excel, a spreadsheet program that was first designed in 1976, is one of the most popular and widely used spreadsheet programs. If you’re a beginner, I highly recommend that you go with a spreadsheet that was specifically created for an Expense Tracking System.
Once you have a good spreadsheet on your computer, you will want to add additional data sources. Typically, you’ll want to create fields for the following types of expenses: home and property taxes, insurance premiums, utilities, postage, title fees, and repairs and maintenance. To make things easier, I’ve included a couple of examples below.
Rental Property Calculator Spreadsheet from real estate expenses spreadsheet , source:duboismuseumassociation.org
“Mailings” will usually be a field for bills like postage and water bills. This will include both the actual mailing list and invoices for mailings that you send out. It may also include letters and packages that are sent out, so make sure that you include these types of expenses here as well.
“Rent/mortgage payments” will probably be a field for mortgage payments that are received. Usually, the mortgage company will be listed here, along with any possible financing fees that might be due. Make sure that you check all these expenses on your spreadsheet regularly.
Expense Tracking Sheet from real estate expenses spreadsheet , source:duboismuseumassociation.org
“Office Supplies” might be another field for mailings that include the costs of paper, ink, and other supplies. Again, this will include all of these things. This will include the real estate license that is purchased and then used by the real estate agent to do business. If you want to make things even more complicated, you can also add rental deposits, lottery payments, and other similar expenses.
As you can see, there are many ways that you can use spreadsheets to get more accurate information on your real estate expenses. While a spreadsheet can be very easy to use, it can be even easier to create a spreadsheet that tracks your real estate expenses in an organized manner.
Real Estate Deal Worksheet Unique Real Estate Agent Expenses from real estate expenses spreadsheet , source:incharlottesville.com
By adding up all of the fields that correspond to your property maintenance costs, you can easily determine the total cost of repairing your property. Also, adding in your attorney’s fees and brokerage fees can help you figure out your profits or losses from real estate investing. Not only will this allow you to save money, but it will also give you a general idea of how much money you’re making on your investments.