I re-made the BiggerPockets rental property analysis calculator for completely free using an excel spreadsheet. It took me about 10 hours straight to have the whole thing up and functional and to get the calculator to a point that a felt was easy enough to understand by the general public, and now I want to give that calculator to you, free of charge.
If you read this entire article.
What is the BiggerPockets Rental Calculator?
If you have been interested in investing in real estate in some form or another, and have actually taken the time to do a little bit of research, then I am sure that you have come across BiggerPockets at least once or twice.
BiggerPockets is a network of real estate investors who come together to share best tips, practices, and ideas all in one platform.
There YouTube about page says, “BiggerPockets.com is the complete resource for anyone looking to succeed in real estate investing. Our channel offers content that covers every aspect of real estate investing from analyzing deals, how to find & finance properties, tips & advice, and so much more. Subscribe to our channel for weekly videos geared to help you succed in real estate, build wealth, and achieve financial freedom!”
This is how I came across the calculator at first.
When you sign up for a free account over at BiggerPockets.com, you have the option to use an array of different tools. I found the YouTube video above, where Brandon Turner was using their rental calculator to analyze a potential investment property. I thought that this was a REALLY cool idea for someone to have this tool to be able to do a quick and dirty analysis of a potential investment.
But there was just one problem.
The calculator was not completely FREE.
Basically, you have a trial of 5 calculations before you have to sign up for a “Pro” membership on the website that starts at $19 per month and goes all the way up to $99 per month. Also, with the free plan, you couldn’t even export your calculations in a PDF format for printing.
I thought that there had to be a better way.
So I made my own.
By making my own calculator, I was essentially saving at least $240 a year.
In this article, I’m going to go into how the calculator works and do a quick analysis of a property to show how you can use it effectively.
But first, I’m going to show you what the finished product looks like.
The calculator is an excel spreadsheet. So it works by combining different formulas and functions to spit out a well-polished analytical report as the end result.
You will have the ability to analyze countless properties at the tips of your fingers, without ever having to worry about paying a monthly membership.
I won’t go into exactly how I created the calculator in this article, however, if you are interested, leave a comment below and I will do another article covering the process!
An Analysis of a Multi-Family Property
Now let’s go into a real analysis of a property that is listed on Realtor.com to see how the calculator works.
For this test, we will be using the property below.
DISCLAIMER: Do not use my analysis as professional advice. If you are considering purchasing the property that I analyze below, consult a professional financial adviser and do your own due diligence.
Here are some quick facts about the property:
- 824 and 826 Mockingbird Ln, Gentry, AR 72734
- Asking Price: $249,900
- 2 Units with 3 bedrooms each unit
- Annual Property Tax: $1,800
Now, let’s see what that looks like in the calculator I made.
I copy and pasted the input from the Realtor listing to the description box.
Next, we have to put in some information about the purchase of the property.
Here is how that looks:
Pretty straightforward right?
Lastly, we have the find some information about the rental market, since this is a rental property analysis calculator.
This will end up looking like this:
Lastly, you will go to the final report page and export it as a PDF and VOILA, you have a easy to read rental property analysis that you can use to make informed decisions.
If you want to download your own copy of the calculator, click here:
If you are wondering what formulas I used when I re-made the BiggerPockets rental calculator for free, here is a list of the formulas that are included on the spreadsheet, but are hidden to prevent anyone from tampering.
This list is not all-inclusive, as some of the formulas are embedded into the report page.
If you enjoyed this article, check out some of my other articles about investing and entrepreneurship on The Centennial Investor, and join our free Facebook group where I share my best investing practices with a team dedicated to learning more about being financially free.
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