Simply click here to download a sample income statement for an actual property. I had this statement in my files. I have removed the address, but otherwise these are actual figures for the property.
You will see two columns. The left is actual information, from the financial statements for the property. The right column is called a “proforma”, or an estimate made by whoever made up the statement. In this particular case, the creator of this statement decided to start charging rent for the managers apartment. This will result in a very unhappy manager. They also cut the vacancy rate in HALF. Again, why is the vacancy rate 27% - that seems high to me - is there a reason for this? What magically happened that the vacancy rate can be cut in half? Or have things changed and now these units are rented out more?
So you have to ask, is the proforma realistic? Sure, the proforma makes this property look much better, but is it like putting lipstick on a pig? Is this going to be a good investment, or is it going to still be a pig?
Finally, you can use this statement to practice using my rental investment calculator. You will then be more prepared when you have an actual investment to run through my calculator.
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