All Forum Posts by: Blake Wimsey

@Rami Dababneh I did not end up creating a template, sorry. I found it to be very difficult to create exactly what I wanted it to look like.

@Blaine Alger I had never heard of this until now, thanks for sharing that. 

Thanks @Henry Clark, those are definitely unique ideas. I'm looking for ideas a little outside the box, just like those. 

I'm looking for creative ways to create a small passive income off of 50+ acres, but nothing that hinders my ability to hunt and enjoy the same land. A cattle lease, for example, might be too invasive. Thanks in advance! 

@Amy Kendall Thank you, I think I'll set out to create my own soon. 

@Simon W. We use QB for our accounting in business and real estate properties, we’re just really after a good template that we can give to banks and lenders. Not as much about accounting as it is a one or two page PFS overview.

Thank you for your input!

@Simon W. Thanks for responding. In no particular order, I’ve noticed that they don’t have options for multiple properties with multiple loans. I’d like to separate cash in different bank accounts. We also own a business that produces income, but it also has value itself, where we could sell the business on the open market. So I’d like a section related to this.

If it were on excel, it would be great if it had auto-calcs that could be updated every month or quarter as cash accumulated and debt was paid down.

Does anyone have a good template for a personal financial statement? I’ve gotten several from banks, friends and on the internet but they all seem to be lacking in one way or another.

I’m thinking of creating my own on excel but wanted to check here before I committed time to it. Thanks!

Hi Blair, 

I am a real estate investor and insurance broker in central OK. Many investors of SFH's in Oklahoma choose an Actual Cash Value policy (ACV)  for their rental, opposed to a Replacement Cost policy (RCV). The benefit to using an ACV policy basically boils down to price, and you try not to sacrifice any coverage that could come back to bite you later. The benefits to using an RCV policy are that it would pay to fully rebuild your property in the event of a total loss. There are also a lot of other bells an whistles, like loss of rents, which pays for your loss rental income in the event the house became uninhabitable for a time. This would come in handy since your mortgage and taxes are still due. 

There are lots of great companies to pick from in Oklahoma for each of these options. Some of my favorites are Foremost, Safeco & American Modern. 

Best advice I can give you is work with an insurance broker that has a working knowledge of real estate investing alongside his/her insurance knowledge. Once you find that person, just tell them your goals and stick with them. It isn't worth saving a couple hundred dollars a year to jump around every year. There is risk involved with that and there's an opportunity cost trade-off by spending all your time quoting, when a good independent agent would be willing to do that on your behalf for no extra money. 

Good luck! 

Investment Info:

Office Space commercial investment investment.

Purchase price: $72,500
Cash invested: $4,500

Small commercial space currently rented to a massage therapist.

What made you interested in investing in this type of deal?

We've had success with our other commercial building and found another off-market opportunity.

How did you find this deal and how did you negotiate it?

The same seller we bought our first property from offered to sell us the last one he owned.

How did you finance this deal?

Mix between seller-financing and bank-financing.

How did you add value to the deal?

It was vacant when we bought it, rented it immediately on a 2 year lease at $800/month.

What was the outcome?

We elected to place this property on a 15 year note instead of a 20 and it still cash flows $100/month.

Lessons learned? Challenges?

Use a good closing company! Ours delayed us due to some of their own errors, and then made another error at closing because they didn't read our seller financing paperwork properly.