Recently, I talked to my boyfriend, Mike, about his experience when it came to buying his first investment property.
One of the important takeaways from the experience was not only to take action (because reading can only do so much), but to make sure the numbers make sense.
Whether you’re house hacking or you’re buying an investment property purely as a rental, it’s a big purchase. Making sure the numbers make sense from the start will save you tons of heartache in the end. Having an experienced lender to help guide you will also be important.
But what if you wanted to do some light number-crunching yourself?
Mike surprised me with this rental property calculator he created so that we can do some quick analysis ourselves as we’re looking, and I wanted to share it here for anyone along their journey.
Lord knows I’m not a numbers person, but this calculator is super easy to use, and can be an empowering exercise through an otherwise stressful process. Created in excel, you can analyze as many deals as you want. Download it below!
How to Use the Calculator
Once you’ve downloaded your free rental property calculator, follow along as Mike takes you through how to use it. Feel like a real estate pro in no time!
Note from Mike: “Forgot to include the water expense, but in this scenario, this is something the tenant would be responsible for.”
We’d love to hear how your experience went with using the calculator, so let us know in the comments. Happy analyzing!