Fellas, Can one of you point me to a good resource for excel templates to manage rents/late rent, etc?. I’m building my own spreadsheets but am likely reinventing the wheel here. Anyone feel like disclosing how they run their system? For example, how do you organize information for reach tenant? Do you use a folder with a spreadsheet per? Do you use a master spreadsheet per park with rent roll information?
Here is what I set up with a whole 6 months of MHP ownership under my belt (I have been a landlord of all kinds of properties for the last 20 year though.) Keep in mind this is my big picture reports (if I need detail I can put my finger on it pretty quickly.) I have the below accounts set up in a spread sheet with the months going across with totals in the last column. Each park has its own spreadsheet. Then I have a similar spread sheet for all my parks combined, except I don’t break down “all other” but add them up into one “all other” account. The thinking on that is that breaking them down is just more noise then useful information – it makes it harder for me to wrap my brain around what is going on, and the amounts of the small accounts is too small to make a meaningful difference. Of course I have more detailed data, so if for example, I see that utilities is unusually high I can bring it up and see if the problem is in city utilities, electrical or whatever. I use and old copy of Quicken as a check writing program and have thing broken down in it, but only rarely use its report function. Like I said I have columns for each of the 12 months. At the end of the year I save the file and then do a save as with the new year in the file name. Then I replace last year’s data with the current year’s data as I work through the year. That way I always have 12 months of data and every month I know how much I’ve made in the last year. I’ve use similar systems for many different properties and different business ventures over the years and it seems to work pretty well for me. What I am after in this is to make sense out of the mass of daily transactions and put it into a form that I can understand and hold in my head all at once with just a few minutes of study. Also I have a spread sheet for all my POHs with the tenant’s name, the date they moved in the deposit, the rent, with everything being totaled up for each park and all the parks in aggregate. I want to put together a folder for all my POHs with a information page on each POH with a photo of the home, the square footage, rent/sq ft, age, tenant, estimated transfer date (when the tenants becomes the owner) a memo section and everything else that has to do with the home. I paid a lot for them; it seems like it is worth have a data sheet with a photo on each of them.One more thing – I have a page I print out with just the monthly Total Income, Total Expense, NOI, Owners Draw and Capital for each park and all parks together; along with the Income/Expense ratios, vacancy rates and POH Income/Total Income ratio. I put this sheet on the wall next to my desk where I can see it at all times. I find it helps having all the main numbers right there – current and clear, so I am dealing with facts–not impressions, or miss remembered figures.