Property Checklist Form

Discussion in 'Information Resources' started by Sunstone, 30th Sep, 2002.

  1. Sunstone

    Sunstone Member

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    Dear guys,

    Here is a checklist that I use to evaluate properties.

    The numbers I use in the top right hand corner are a useful calculator for working out the 12 month gross rental based on the weekly rate.

    From this I use it as my own ready reckoner on evaluating a price I am happy paying based on the yield.

    Every state in Australia is happy with different yields so feel free to put in your own figures.

    Thought you might find it useful.

    Cheers,

    Sunstone.
     

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  2. Jerry Maguire

    Jerry Maguire Member

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    thanks SS for sharing with everyone
     
  3. prunster

    prunster Member

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    Thanks Sunstone. That checklist looks like something we could use.
     
  4. jasminlei

    jasminlei Member

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    Thanks

    I was unable to open the spreadsheet
    Is there a program I can download for free??
    I have XP home program

    jasminlei


    Wisdom is meaningless until you experience it !
    "When Good isnt Good Enough' forgot the author sorry
     
  5. Sunstone

    Sunstone Member

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  6. geoffw

    geoffw Untitled

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    Just to get a rough (very) version of this, here's an jpg version- which should be readable.

    (the original attachment was zip. Maybe you can read Excel but not zip compressed files. But try this one).

    I tried saving it as rtf or Word but the forum would not allow me to upload these. From Excel 2000, saving it as HTML gives me a huge file which is heavily customised to Internet exploere. But I can try that if it helps.

    /forums/photopost/data/506/21checklist.jpg

    [ EDIT: moved image to photo gallery and replaced with image link - Sim' ]
     
    Last edited by a moderator: 26th May, 2003
  7. Nicholas H

    Nicholas H Member

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    here it is as a pdf, you get acrobat reader free off the net.
     

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  8. Sunstone

    Sunstone Member

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    Update to Checklist V1.31

    Dear guys,

    Have done a couple of updates to my checklist.

    Please find it attached.

    Cheers,

    Sunstone.
     

    Attached Files:

  9. Jacque

    Jacque Buyers Agent and Bookworm

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    You spoil us Sunstone. Really, you do. Thankyou :) for being so generous.
     
  10. tammyl

    tammyl Member

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    Thank you for the download it will be very handy to sort out different properties.
     
  11. Kevmeister

    Kevmeister Member

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    Thanks Sunstone. Duly saved.

    I think one of the Anita Bell property investment books has a good checklist in it.

    *Personally* I think I would like (but remembering that ultimately the proof is in the pudding) a score-based appraisal.

    In theory if my scoring technique is appropriate (and simple enough) two similar properties are compared absolutely on the scores they receive.

    Don't know if I'm dreaming, however.
     
  12. Sunstone

    Sunstone Member

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    Dear Jacques and Tammy,

    Thankyou for your kind words.

    Kev,

    Best not to mention Anita Bell as you know my opinions of her in the Anita Bell thread.

    With modifying the checklist for yourself feel free as certain parts may be more important for your area and your strategy. Eg. Insulation and central heating may be more important for certain Melbourne properties.

    I use this list on a weekly basis and this is a practical, working document, not just theory. A points system I believe is not practical and would bog the investor down in too much red-tape.

    Cheers,

    Sunstone.

    P.S. Appreciate your thanks but the real proof in the pudding is when you use it to get your first IP. Keep us updated.
     
  13. Kevmeister

    Kevmeister Member

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    Hi Sunstone,

    Point taken :) and there was no criticism intended...

    I too disliked the Anita Bell books sufficiently that I didn't actually read through the whole thing, but I still think her check-list was a good starting point. Practical? No idea yet.

    As for my "points-based scoring system", the idea was hypothetical.
     
  14. hrichmond

    hrichmond Member

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    Dear Sunstone,

    Please could you enlighten me on the numbers on the top right hand side of your calulator and what they mean and how I use them.

    Sorry still learning this investment game.

    Thanks
    H:) :confused:
     
  15. Sunstone

    Sunstone Member

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    Dear Hayden,

    When you are looking at properties you may have a specific rental yield as one of the criteria for purchasing. The figure on the left could be the weekly rental amount with the figure on the right the yearly gross rental yield.

    Working out a percentage is often quicker with a reckoner than having the multiply it out every time especially when you are out on the road looking at properties.

    Eg.

    Rentals:

    (For a 10% gross yield or multiple thereof.)

    Rent/week; Yearly Amount; Property Price;

    150 7,800 78,000
    160 8,320 83,200
    170 8,840 88,400
    180 9,360 93,600
    190 9,880 98,800
    200 10,400 104,000
    210 10,920 109,200
    220 11,440 114,400
    230 11,960 119,600
    240 12,480 124,800
    250 13,000 130,000

    (So just add a zero onto the yearly rental amount for the value.)


    (For a 5% gross yield or multiple thereof.)

    Rent/week; Yearly Amount; Property Price;

    150 7,800 156,000
    160 8,320 166,400
    170 8,840 176,800
    180 9,360 187,200
    190 9,880 197,600
    200 10,400 208,000
    210 10,920 218,400
    220 11,440 228,800
    230 11,960 239,200
    240 12,480 249,600
    250 13,000 260,000

    (So just add a zero and double the yearly amount for the value.)


    As I said you need to fine tune this to your prices, what your own rental yield criteria is and what can actually fit onto the page. However the concept is the same.

    Let us know how you go.

    Cheers,

    Sunstone.
     
  16. Sunstone

    Sunstone Member

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    Dear guys,

    Have done a couple of updates to my checklist for 2004.

    File is attached.

    Cheers,

    Sunstone.
     

    Attached Files:

  17. Jakk

    Jakk Slum Lord Extraordinaire

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    Dear Sunstone,

    Thanks Mate, Great checklist, just added one section:

    Smoke Detectors Y/N Battery/Wired In

    as these are mandatory in Victoria and I would have thought possibly other states as well.

    and better yet, I intend to fax to agents to fill in and get it faxed back prior to inspection, that way I can sit at my desk and ascertain what work might need to be undertaken so that I can be prepared at inspection time.

    Hopefully they will also fill in the sections, what vendor will take and time on market.

    Thanks again Sunstone

    Regards
     
  18. Peter Parker

    Peter Parker Member

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    Sunstone - you did well to get yours down to one page!

    Mine took two pages. I mostly adapted it from Anita Bell's book and put in a rough valuation calculator based on rentals and a yield near 10%. And as Jakk said, I should also mention the smoke alarm!

    It's attached. Hope it comes out OK.

    Regards, Peter
     

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  19. Sunstone

    Sunstone Member

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    Dear Jakk,

    Thanks for the compliments and the constructive input. Recently a lot of discussion about smoke detectors in QLD has focussed on boarding houses.

    http://www.dlgp.qld.gov.au/docs/building_codes/building_fire_safety/residential_leg/edition_2_v1.pdf

    http://www.dlgp.qld.gov.au/Default.aspx?id=36

    Again something that I have overlooked to date and even if it is not a legal requirement for existing detached dwellings in QLD I think it is certainly something to look into.

    Have incorporated this into a minor update as attached.



    Dear Spiderman,

    Regarding Anita Bell I have met her and hence have strong views. She is more interested in being a romance novelist than a serious property investor.

    http://www.somersoft.com/forums/showthread.php?postid=31208#post31208

    With your checklist the most important thing is that it is a tool that you are practically using to buy properties. Ensure that and your document will continue to improve.

    Cheers,

    Sunstone.
     

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  20. TomL

    TomL Member

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    I use something similar.
     

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