Before you get down to business, it helps to have a rental property worksheet handy. A worksheet is a document that is filled out with information to help you keep track of things on your property. It lists out everything from how much money you have to pay your utilities and water, the amount of money you owe to your landlord, how much extra funds you have like your personal funds and if you have other rentals to pay. All properties should have a worksheet that has all of this information on it. It is an essential document. It will save you time and stress in the long run.
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You need a worksheet to make sure everyone has enough to live on your property. It can be a real drag when you have to walk a few tenants over to their units to check on them just to make sure they have enough. If you are short on time, it can be especially annoying to have to go to so many different tenants and request their information. With a worksheet you can have everything that you need and not have to worry about going over to a dozen different units.
The property worksheet will also be a great reference when you are letting out your property. It will be easier for you to see if you have any vacancies. This is a great way to let your tenants know in advance that you will not be having a large number of vacancies until a specific date. This lets them know that there will be more people coming in than moving out on a specific date. This is a good thing as it keeps your property from being fully occupied. It is still important to have appropriate amounts of vacancy though.
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A property worksheet will come in handy if you need to show a potential buyer how much money you have to offer for a rental unit. Having everything organized will make it easier to write the figures down. As the seller you will want to make sure that you have the figures correctly. A worksheet can help you do this.
Having multiple worksheets for various figures is also helpful. You may need one for taxes, another for expenses, and another for profit. It will help to have them all together in one set of data so that you can look at them as you need. If you have only one expense or tax item then you will only be able to look at it in a particular time frame.
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When you are using a property worksheet to track tenant payments you need to make sure that you do this as often as possible. A great way to keep track of your payments is to use an electronic transfer system. These systems allow you to email the payment to the tenant, which will get it directly to their bank account.
You will find that a property worksheet can really come in handy when you have a tenant that is late on rent. You will be able to input the information online and have it appear right away in the spreadsheet. You can use different methods for calculating what the monthly payment is. You may want to use the number of days it has been since the payment was made or some other standard formula. When you have the payment added up and compared to the amount that is due you will know where the problem is.
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A worksheet can really come in handy when you are dealing with several different transactions. It is easy to get lost in the numbers when you are trying to calculate something like this. If you make it easy to read and understand you will have no problems with it. Always make sure that you make copies of everything you do. This will help you remember things and make sure that everything is correct.
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