The dashboard is where most of your assumptions should be entered to run your house flip / rehab analysis. Once filled out, this tab then feeds all the other tabs of the spreadsheet.
Reminder: User’s data must be entered in the blue or red cells (with blue or red font). Those cells are unlocked and can filled out as needed. All other cells (mostly calculated fields) are locked and do not need to be modified to use the spreadsheet as intended.
The dashboard is divided in 5 main sections:
Tip: These sections can easily be grouped by clicking on the [-] group button available on the left side of each area.
The first step of filing out the spreadsheet is to provide details regarding the property. Although those details are not mandatory to run the analysis, they appear on multiple reports and will help you identify and differentiate the properties you are looking at. Note that the Property Purchase Date must be entered in the mm/dd/yy format (i.e. US date format) and can either be a past or future date depending on the type of analysis you are running (i.e. assessing a project’s viability before purchase or running numbers on an ongoing rehab).
The General Comment field is available for users to add any additional details you may need regarding the project. Note that this field is only displayed in the dashboard and does not feed other reports or tabs.
Key assumptions regarding the acquisition process are entered here, including the property’s purchase price and the estimated After-Repair Value as well as acquisition, holding and selling costs.
If you don’t know the property purchase price or if you’re trying to estimate it based on your profitability target, please still enter an estimate in that cell for the spreadsheet to run properly. You can then use the Maximum Purchase Price Tool available at the bottom of the Dashboard to run such analysis.
Holding Costs: As the name implies, holding costs relate to costs associated with holding the property while renovating it. These usually include costs like taxes, utilities, insurance, etc. You can adjust and customize these categories by simply renaming them based on your needs. These costs need to be entered on a monthly basis. You can then adjust the expected holding period by changing both the unit (days, weeks, months) and the duration. As a general estimate, it usually takes anywhere from six weeks to six months to rehab a property. This figure may however significantly vary depending on specific factors such as the size and current condition of the property, the amount of work to be performed, the experience of the rehabber, etc.
Selling Costs: Expected selling costs should also be entered in that section. Customary costs include brokerage fee, commission, title insurance, appraisal, etc.
Select one of the 4 repair estimate methods currently available in the spreadsheet:
Enter here how you will finance your rehab project. Under the Financing Plan sub-section, you can select whether the purchase price, repair costs, acquisition costs and holding costs are financed with your own cash, a first loan, a second loan or with equity from other investors. For more flexibility, you can also enter a custom amount (“Other Amount”) for each financing option if needed.
For instance, your first loan may cover both the property’s purchase price and some additional expenses. In that case, in addition to selecting the “Purchase Price” amount under the “First Loan” column, you should also enter a custom amount in the “Other Amount” of such column.
Based on the size of the first & second loans as well as the contributions from external investors, the spreadsheet will automatically calculate the remaining amount of cash necessary to complete the project (displayed in the “Cash Needed” column of this sub-section, as well as in the Sources & Uses table).
The next two sub-sections relate to the loan details. Enter here the loans information (% down payment, type of loan, maturity, interest rate, fees, etc.). The number of payments should reflect your holding period.
The Equity Investment Allocation table allows you to list all investors participating in this project and define their respective contribution as well as the associated profit share. By default, the spreadsheet will consider than any external equity is provided by Investor 1 unless you add additional investors in that table. Any profit not allocated to investors is automatically assigned to the rehabber.
Note that you don’t need to enter any detail in the Second Loan Assumptions nor the Equity Investment Allocation sub-sections if not applicable to your project.
The Summary Results section is divided in 4 different blocks:
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