Excel template for financial analysis of LTRs

[Daniel Alvarez]

I've been ruminating over the low rate environment recently and whether to refi one or more of my long-term rentals, but I just struggled visualizing the full gamut of financial impacts, e.g. loan cost inefficiency, 30yrs vs 15yrs mortgages, maximizing cash flows vs cash-outs, tax positions, etc. Personally a cash-out refi could help me get more quickly into all-cash BRRRs or a REI venture in Spain, however I don't know to what extent this is at the expense of rental cash flows, and what is the wiser decision long term.

I've combed through posts online and looked for Excel templates to run some calcs and get a sense, but nothing really filled the void... 

So having some financial modeling background I could not resist any longer. This past week I've invested some hours after my 9 to 5 (between putting the babies to bed and my own bedtime) into a tool that would help me understand the impact of refinancing, depreciating or selling my LTRs. Of course it quickly snowballed so the result so far is a comprehensive, detailed model that captures quite a wide gamut of financial variables. Not shy to admit perhaps too detailed. Next I intend to cross check the calculations (esp. taxes) and simplify the layout. Also currently it just caters for LTRs.

If you can go past the level of detail I would love to hear any feedback from anyone interested, and especially from any Excel gurus, accountants, investors or tax experts out there with a keen eye. I'd love your suggestions, criticisms and comments and I'm happy to address questions as well. I'm an avid reader of BP but I'm also a self-taught investor like many of us here, barely 3 yrs deep into REI, so I'm certain blunders abound. In the least I hope the model is helpful to others, as a start if anything - just like I was searching for before this week.

Reader beware : model is not for the fainthearted. I've seen some simple templates circulating the internet and this is nothing alike.

Link below, there is no pwd on the file but the structure is protected :

https://drive.google.com/open?id=15ehUtK-JkK0px-S5IUxSaLwZSUrwNjSN

PS :  a key standout for me using the model has been the power of cash-out refis. Simply switching the right refis on or off you can see NOLs accumulate or deplete and the impact on returns. As with any model the motto "garbage-in, garbage-out" stands, so more detail often means harder to use and less accurate. Always question what you see and don't take anything for granted. Also the customary caveat, I'm not an expert or adviser of any kind so use at your own risk (and peril).