Bank asked for an Expense Report??

[Steven Foster Wilson]

I’m currently in contract with a duplex for an investment property.

My lender asked for leases and expense reports. The sellers are old school though and have no expense reports, let alone leases!

So I said I could create a proposed expense report to give the bank a PROPOSED idea of expenses.....they said ok.

But one problem, what is an expense report? And what goes on it? Do I count insurance as an expense? Is it just stuff like roof repair etc??

Thanks anyone for your help!

[Brandon Roof]

They want a snapshot of everything.  Insurance and repairs, as you mentioned, as well as any funds spent on and for the property, so think of any utilities you may cover, garbage, lawn care, snow removal, mortgage, property taxes, property management, etc.  Any money going out as a result of the property should be included.