How necessary is a history of personal financial statements for a lender?

[Matthew Sarro]

Hey everyone. I am reading through the "Real Estate by the Numbers" book now, and am still in the beginning where it discusses personal financial statements.

For the past two decades I have been using financial aggregators to monitor my finances. Originally I used Mint, then Personal Capital, followed by Mint again. In both cases, the product has more or less folded or become inaccessible. Most recently I am using Fidelity's full view product as they are the broker I primarily deal with.

I have some historical spreadsheets on Google drive but they mostly just show monthly pay/bills rather than providing any comprehensive statement of our finances. And I had stopped working on those about a year ago when I made the transition over to Full View.

I/we have no mortgages, no car loans, no student loans, and a credit card we pay off monthly.

I'm just looking to figure out how big of an issue it is that I am not keeping a monthly personal financial statement should I seek a loan? Is it necessary to create one or is the existing information in my credit report, full view, and tax return enough?

[Nicholas L.]

@Matthew Sarro

i know this wasn't your original question but just reacting to something you posted.

there likely won't be "cash flow" in turnkey right now unless it's some advanced ninja move with a new build and a rate buy down. but you'll likely pay a ton in closing costs, plus that huge down payment.  so you're actually starting down quite a bit.

now - i'm not saying turn key isn't a good investment.  maybe it is.  depends on your goals and financial situation.  but 'cash flow' is very, very difficult right now and there typically isn't any in the first few years of owning a property, turnkey or otherwise.