9 Essential Templates for Managing Rental Properties

Real estate investors rely on efficient record keeping to manage the various aspects of their rental properties. From analyzing property performance to tracking tenant leases, these templates are essential for successful property management. In this...

Real estate investors rely on efficient record keeping to manage the various aspects of their rental properties. From analyzing property performance to tracking tenant leases, these templates are essential for successful property management. In this article, we will explore nine crucial record keeping templates that investors use throughout the entire investment cycle.

How to Set Up a Rental Property Template

Setting up a rental property template correctly from the start can save investors a significant amount of time and effort in the long run. By staying organized from the beginning, you can keep track of each property and ensure smooth transactions. Here's what every rental property template should include:

  • The name of the rental property or LLC the property is held under
  • Date, such as quarter and year or fiscal period
  • Name or title of the rental property template, such as cash flow report
  • A note section for additional comments or pending tasks

9 Rental Property Record Keeping Templates

Each of these nine rental property record keeping templates provides valuable insights into the property, from acquisition to sale. They are easy to create on popular spreadsheet software or can be automatically generated using rental property financial management software.

1. Cost of Ownership

The cost of ownership template takes into account various expenses beyond just the purchase price and down payment. It covers factors like immediate repairs, property taxes, insurance, and mortgage terms. This template helps investors evaluate the true cost of investing in a rental property.

2. Screening Prospective Tenants

A tenant screening template allows landlords to track prospective tenants and ensure fair treatment during the selection process. It includes essential information such as tenant name, current address, income details, credit score, and background checks. Online tenant screening services can further streamline this process.

3. Tenant Rent Roll

Once a lease is signed, the tenant rent roll template helps landlords keep track of key tenant information. It includes details like the property being leased, lease dates, tenant contact information, and rent amounts. Storing an electronic copy of the lease in the cloud adds convenience and accessibility.

4. Property Management and Maintenance

For landlords who self-manage their rental properties, a property management and maintenance template provides essential oversight. This template captures rent payment status, maintenance requests, payments due to vendors, and upcoming property inspections.

5. Rental Property Chart of Accounts

A rental property chart of accounts serves as the foundation for tracking financial transactions related to the property. It categorizes revenues, expenses, assets, liabilities, and owner's equity. This template is essential for generating various financial reports.

6. Cash Flow Report

A cash flow report summarizes the inflows and outflows of cash for each rental property during a specific period. It helps landlords monitor the availability of funds for mortgage payments, capital expenses, and other financial obligations.

7. Income Statement

The income statement, also known as a profit and loss report (P&L), tracks the income and expenses of a rental property over a specific period. It provides valuable insights into the property's financial performance and simplifies the process of filing taxes.

8. Capital Expense Report

A capital expense report tracks costs related to property improvements beyond regular maintenance. This template helps investors accurately track the useful life of capital expenses, considering different depreciation schedules.

9. Real Estate Balance Sheet

A real estate balance sheet provides a comprehensive overview of the property's financial health. It includes information about assets, liabilities, and owner's equity. Regularly updating the property's value ensures accurate calculations and informed financial decisions.

By utilizing these record keeping templates, real estate investors can manage their rental properties effectively and make informed decisions. Whether using spreadsheet software or rental property management software, these templates are essential for successful property management.

1