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Property Score/Rate Sheet - Posted by Lovely
Posted by Lovely on July 05, 2004 at 11:32:02:
Hi,
Does anyone know where I can find a good score sheet, rate sheet or formula to determine whether a property is worth investing in? Although I’ve had success in the past with driving by and doing research, I’ve found that I’m spending way too much time on that. I’m looking for something “quick and dirty” that I can use as an initial assessment and take it from there. Any help would be GREATLY appreciated. Thanks!
Re: Property Score/Rate Sheet - Posted by DaveD (WI)
Posted by DaveD (WI) on July 07, 2004 at 11:24:59:
Bob Allen had a clever score sheet in his classic book Creating Wealth (I think). It was designed to help you determine if property was worth making an offer, or if it was a speculative or poor deal. As I remember, it was for buy and hold strategy. It was biased towards seller financing and biased against fixers. In other words, the fixer has to have a lot of other things going for it to rate high enough to buy. You can score the property during a simple phone call with the seller. Check it out.
Re: Property Score/Rate Sheet - Posted by Jonathan Rexford
Posted by Jonathan Rexford on July 05, 2004 at 12:36:41:
Lovely,
Score sheets and rate sheets and formulas to me are a waste. Nothing beats the FACTS which you still need to know to determine if its a deal or not. Maybe a good idea is to find out how to stream line RESEARCH?
Just a thought.
Re: Property Score/Rate Sheet - Posted by Lovely
Posted by Lovely on July 05, 2004 at 12:50:50:
Good point. I would love to figure out how to do just that (streamline research). The problem is that there are so many properties to research. I get so many leads sometimes (mostly rehabs in decent neighborhoods) that I hardly find time to research them all. Any suggestions?
Re: Property Score/Rate Sheet - Posted by ecb
Posted by ecb on July 06, 2004 at 05:16:52:
Lovely:
Try this - at least it works for me.
-
Know before you do anything what it is your looking for. For me, that is a SFR, one-story, alum. or vinyl siding, that is as square as possible, that needs cosmetics (note - this is if I intend to rent it out, not rehab, etc.). Obviously, a price range is needed here as well and, depending on how your trying to do it, some idea on how flexible the seller is.
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Communicate the above to your lead source(s).
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DO NOT physically look at anything until you’ve screened them on the phone.
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Finally, figure out how much you believe you can rent it for (if it is not currently vacant). Take that number annually times .94 (this is accomodates a 6% vacancy rate). Subtract out your expenses (mainly insurance, taxes, utilities - if you pay them -). That gives you a NOI. From that, subtract out your P&I payments. The difference - not accounting for any CAPX - is your free cash flow.
An Excel spreadsheet can be set up to do that all in about 30 seconds - while your on the phone sizing up the deal.
Finally, you’ll want to tweak the formula a bit for your own preferences; however, this should be a decent start.
Hope that helps.
ecb
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