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Welcome to this choice lending corp tutorial for the rental income worksheet you will complete this worksheet in order to calculate the rental income when you have borrowers with the rental properties that are listed on their schedule ii in their 1040 taxes this worksheet will help you determine what income can be used for qualifying purposes so let's begin you will start by putting your name the borrower's name and the loan number if you have it below is the property address and here is the part of the worksheet where you will begin to put in the figures from the schedule ii and as you can see I've provided a sample Schedule II for this demonstration so here is gross rent received it's very easy you can see it says go to line three when we do it's 20,000 188 you input the figure in this area total expenses line 20 just follow over expenses 24 572 you'll notice as we enter in figures that the worksheet begins to calculate the total adjusted gross and your net cash flow amortization casually lost one-time expense HOA you won't see these too often and when you do if we generally be on another statement sheet sometimes listed here on line 19 insurance line 9 come here 645 mortgage interest line 12 4957 taxes line 16 3461 and finally depreciation line 18 10,500 as when we entered the last figure you can see that our total adjusted gross is here and the number of months the rental income expenses being reviewed as 12 months in this case because we're just doing one year and so our monthly gross rental income or loss is 1260 492 per month however we do need to put in the full pit payment in this case it's 976 32 and now your net cash flow for this property is two hundred and eighty-eight dollars and sixty cents which will be used for income qualifications so let's add another year quickly and will lower the gross of just a little and then leave everything else the same which you can see now is that here the total adjusted gross income has been changed to reflect the total of twenty twelve and twenty eleven the monthly gross rental income or loss has changed as well however because we are now doing two years 2012 and 2011 we will change this from twelve months to 24 months when we do our net cash flow changes to reflect all the figures for both years and to 4693 is now your new figure for income calculations on this property be aware that if you have declining income in this case we will add we will take it up a thousand you will notice here that this total adjusted gross for 2011 is more than 2012 therefore for calculation purposes you have to use the worst year which is 2012 and so you'll be using the 15 179 it does not add in the prior year however instead of using 24 months as your review period you would be 12 months, and now you can see that your new net cash flow is the tool 8860 this worksheet will accommodate two properties so if you have more properties use another sheet this property's worksheet arm will need to be submitted with your loan...
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