Real Estate Business Plan Template
If you want to start a real estate business or expand your existing real estate business, you need a business plan.
The following real estate business plan template and example give you the key elements to include in a winning real estate business plan or a real estate agent business plan. In addition, a business plan template for real estate businesses lays out your goals, challenges, and plans for meeting your goals.
Real Estate Business Plan Example
I. Executive Summary
Business Overview
[Company Name], located at [insert location here] is a new residential real estate brokerage firm specializing in home sales and rentals. The company will operate in a professional setting, conveniently located next to [notable bank] in the center of the shopping district. [Company Name] is headed by [Founder’s Name], an MBA Graduate from XYZ University with 20 years of experience working as a real estate broker.
Services
[Company Name] will focus on superior service for its clients. It has a full-time assistant who, among other things, will manage the company website and listings, advertise listings elsewhere, and answering basic client questions.
The founder, [Founder’s Name], will also focus on answering his clientele’s needs. In addition to keeping in touch with past clients after they have been successfully located or sold their home, [Founder’s Name] will hold webinars on real estate concerns for clients and the community.
[Company’s Name] services include listing rentals for landlords, assisting tenants in finding rentals, selling homes, and assisting buyers to find homes.By serving both renters and homeowners, [Company’s Name] hopes to become a long-term partner with each client rather than part of a one-time transaction.
Customer Focus
[Company Name] will primarily serve the buyers, sellers, landlords, and tenants interested in properties within a 5 mile radius of our location. The demographics of residents in this area are as follows:
- 27,827 residents
- Average income of $74,700
- 58.9% married
- 49.6% in Mgt./Professional occupations
- Median age: 38 years
These residents include 20% renters and 80% homeowners. Furthermore, [Company Name] will seek contacts with landlords of rental properties in order to develop long-term relationships.
Management Team
[Company Name]’s most valuable asset is the expertise and experience of its founder, [Founder’s Name]. [First name] has been a licensed real estate broker for the past 20 years. He has spent much of his career working at Cold well Banker. There he specialized in rentals for 5 years before moving to specialize in real estate sales for the next 10 years.He consistently was named a top broker for Cold well Banker and earned the firm’s platinum seller designation for seven years.
[Company Name] will also employ an experienced assistant to help with various administrative duties around the office. [Assistant’s name] has experience working with C-level executives and has spent significant time as an administrator.
Success Factors
[Company Name] is uniquely qualified to succeed due to the following reasons:
- [Company Name] will fill a specific market niche in the growing community we are entering. In addition, we have surveyed local landlords and residents and received extremely positive feedback saying that they would consider making use of our services when launched.
- Our location is in an economically vibrant area where new home sales are on the rise and turnover in homes and rentals occurs often due to the upward mobility of residents.
- The management team has a track record of success in the real estate brokerage business.
- The local area is currently under served and has few independent real estate brokers offering high customer service to renters, sellers and buyers.
Financial Highlights
[Company Name] is seeking a total funding of $78,000 of debt capital to open its office. The capital will be used for funding capital expenditures and location build-out, hiring initial employees, marketing expenses and working capital.
Specifically, these funds will be used as follows:
- Office design/build: $58,000
- Working capital: $20,000 to pay for marketing, salaries, and lease costs until [Company Name] reaches break-even
Top line projections over the next five years are as follows:
| Financial Summary | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 |
|---|---|---|---|---|---|
| Revenue | $965,742 | $1,878,611 | $2,718,300 | $3,477,900 | $4,285,228 |
| Total Expenses | $390,241 | $630,018 | $931,935 | $1,171,906 | $1,429,992 |
| EBITDA | $575,501 | $1,248,593 | $1,786,365 | $2,305,994 | $2,855,237 |
| Depreciation | $8,720 | $8,720 | $8,720 | $8,720 | $8,720 |
| EBIT | $566,781 | $1,239,873 | $1,777,645 | $2,297,274 | $2,846,517 |
| Interest | $5,077 | $4,442 | $3,807 | $3,173 | $2,538 |
| PreTax Income | $561,705 | $1,235,431 | $1,773,838 | $2,294,101 | $2,843,978 |
| Income Tax Expense | $196,597 | $432,401 | $620,843 | $802,935 | $995,392 |
| Net Income | $365,108 | $803,030 | $1,152,995 | $1,491,166 | $1,848,586 |
| Net Profit Margin | 38% | 43% | 42% | 43% | 43% |
II. Company Overview
Who is [Company Name]?
[Company Name], located at [insert location here] is a new residential real estate brokerage firm specializing in home sales and rentals. The company will operate in a professional setting, conveniently located next to [notable bank] in the center of the shopping district. [Company Name] is headed by [Founder’s Name], an MBA Graduate from XYZ University with 20 years of experience working as an real estate broker.
While [Founder’s Name] has been in the real estate brokerage business for some time, it was in [month, year] that he decided to launch [Company Name]. Specifically, during this time, [Founder] met with a former friend and fellow independent real estate broker in Fort Lauderdale, FL who has had tremendous success. After discussing the business at length, [Founder’s Name] clearly understood that a similar business would enjoy significant success in his hometown.
Specifically, the customer demographics and competitive situations in the Fort Lauderdale location and in his hometown were so similar that he knew the business would work. After surveying the local population, [Founder’s name] went ahead and founded [Company Name].
[Company Name]’s History
Upon returning from Fort Lauderdale, surveying the local customer base, and finding a potential retail office, [Founder’s Name] incorporated [Company Name] as an S-Corporation on [date of incorporation].
The business is currently being run out of [Founder’s Name] home office, but once the lease on [Company Name]’s office location is finalized, all operations will be run from there.
Since incorporation, the Company has achieved the following milestones:
- Found office space and signed Letter of Intent to lease it
- Developed the company’s name, logo and website located at [website]
- Hired an interior designer for the decor and furniture layout
- Determined equipment and fixture requirements
- Began recruiting key employees
[Company Name]’s Products & Services
[Founder’s Name] will be able to provide clients with the following services:
- Website: By listing rental and for sale condominiums, apartments, and homes on its own website – including both its own clients and those of other , [Company Name] will develop a resource which is known in the local area as a go-to site for the most comprehensive real estate listings.
- Listing Services: [Company Name] will promote its client’s properties in local newspapers, magazines, and even television when appropriate, offering great visibility for the properties it lists.
- Finding Rentals: For a standard one-month broker’s fee, [Company Name] will match clients seeking rental apartments with apartments meeting their specifications as closely as possibly, choosing from listings by [Company’s Name], by other brokers, and by landlords.
- Selling Homes: For the standard 3% commission, [Company’s Name] will find buyers, negotiate on behalf of the seller, and process the seller’s paperwork related to the sale.
- Buying Homes: For the standard 3% commission, [Company’s Name] will find appropriate homes to buy, submit offers for the buyer, negotiate on behalf of the buyer, and process the buyer’s paperwork related to the purchase.
- Homeowner Information Sessions: Seminars at the real estate office or at larger venues when appropriate will be offered to present topics such as preparing one’s home for sale, how to look for undervalued properties, what type of improvements have the greatest effect on a home’s value, etc
As [Founder’s Name] understands, the key to a successful real estate brokerage business is building referrals and a long-term reputation as a trustworthy agent in the community. [Founder’s Name] will continue to reach out to past clients in future years to answer questions and to continue to develop a relationship.
III. Industry Analysis
Last year, according to IBISworld.com, U.S. real estate sale and brokerage agencies brought in revenues of $137 billion and employed 1,085,000 people. There were 859,000 businesses in this market, for an average of $160,000 per business. Many agents work part-time, leading to an average wage per employee in the industry of only $13,000. This wage per employee is further lowered by the market situation at the time of this report.
As the American real estate industry and its health is considered a driver for the American economy as a whole, key statistics such as new home sales, homes on the market, and average home prices are tracked constantly by news and reporting agencies.
Major revenue streams of the industry include: Brokerage fees and commissions on residential property sales and rentals, brokerage fees and commissions on nonresidential property sales and rentals, brokerage fees and commissions on land sales, fees charged to real estate agents for the use of office space and firm services, property management fees, and real estate consulting fees, property appraisal fees.
A recent study in the Journal of Real Estate Finance and Economics found that:
Except for very large firms, modest economies of scale persist throughout almost the entire range of output… while average firm size is increasing, many real estate firms are too small to take full advantage of the cost reductions possible with a larger scale of operation. Equally important, large firms do not command a competitive advantage over smaller firms, as far as unit costs are concerned.
This bodes well for a small firm starting out with experienced leadership.
Key players in the American residential real estate industry include Realogy (parent ofBetter Homes and Gardens Real Estate, CENTURY 21, Cold well Banker, the Corcoran Group, Sotheby’s International Realty, and more), Equity Residential (which focuses on apartment living), AIMCO (owner of 160,00 apartment units in the US), HomeServices, and RE/MAX. Both Realogy and RE/MAX work primarily through a franchise network of independently owned brokerages.
IV. Customer Analysis
Demographic Profile of Target Market
[Company Name] will serve the residents and businesses operating in [company location].
The area we serve is affluent and has the disposable income/profits required to demand off-premises catering services.
The precise demographics of the town in which our business is based are as follows:
| Wilmette | Winnetka | |
|---|---|---|
| Total Population | 26,097 | 10,725 |
| Square Miles | 6.89 | 3.96 |
| Population Density | 3,789.20 | 2,710.80 |
| Population Male | 48.04% | 48.84% |
| Population Female | 51.96% | 51.16% |
| Target Population by Age Group | ||
| Age 18-24 | 3.68% | 3.52% |
| Age 25-34 | 5.22% | 4.50% |
| Age 35-44 | 13.80% | 13.91% |
| Age 45-54 | 18.09% | 18.22% |
| Target Population by Income | ||
| Income $50,000 to $74,999 | 11.16% | 6.00% |
| Income $75,000 to $99,999 | 10.91% | 4.41% |
| Income $100,000 to $124,999 | 9.07% | 6.40% |
| Income $125,000 to $149,999 | 9.95% | 8.02% |
| Income $150,000 to $199,999 | 12.20% | 11.11% |
| Income $200,000 and Over | 32.48% | 54.99% |
Customer Segmentation
The Company will primarily target the following four customer segments:
- Renters and Potential Renters: Renters in this community are either in a temporary situation where it makes more financial sense to rent than to purchase, or are attempting to save towards a purchase in the area. A small portion of this group is made up of life-long renters who never purchase a home. The renter group tends to be younger than the average home buyer, with an average age of 25. Renters change apartments at a faster rate than owners, causing a higher number of new rental closings per year even in communities with more homeowners.
- Home Buyers: Home buyers, with an average age of 33 in this community, include a portion of those who used to be renters, and some who are previous homeowners in the community, but are mostly made up out of individuals who are moving into the community. Therefore, this group tends to be visiting the town from a distance, and located anywhere from 5 miles away to on the other side of the country. Home buyers value a real estate broker who is knowledgeable not just about the homes he is listing, but about the area’s real estate market in general, and shows the intention of truly negotiating well on their behalf.
- Home Sellers: Home sellers, with an average age of 45 in this community, tend to be moving out of the region, with a smaller percentage intending to move to a smaller or larger home or apartment in the community. Those who are selling and buying within the community are highly sought out as they can provide more business per relationship for a broker. Sellers value a real estate broker who is able to price appropriately, is knowledgeable about the best steps to prepare and stage a home for sale, and who will negotiate well on their behalf.
- Landlords: Owners of apartment buildings, multi-unit homes, condominium complexes, and small homes are included in this group when they seek to rent out a portion or all of their space. This group includes both professional landlords who earn their primary income from real estate rentals and landlords who are capitalizing on excess space to earn extra money. Landlords value a real estate broker who can comment on the proper pricing of a rental, who finds tenants quickly and efficiently, and who can take over much of the work of showing apartments and answering tenant questions before rentals are finalized.
V. Competitive Analysis
Direct & Indirect Competitors
The following residential real estate brokerage firms are located within a 20 mile radius of [Company Name], thus providing either direct or indirect competition for customers:
RE/MAX
RE/MAX, located in [location] is a franchise of a nationwide real estate chain. The branch currently employs fifteen brokers, although at least ten of them work only part-time. RE/MAX offers a nationwide database of rentals and sale properties and high brand recognition.
However, RE/MAX agents experience high turnover, resulting in little concern for maintaining ongoing relationships with clients. Also, the agents themselves are mixed in quality, ranging from part-time brokers with little experience or sales records to full-time brokers with long-term experience. There is no systematic company method for passing on knowledge from experienced to inexperienced brokers as all are competing with each other, to a certain extent, for commissions.
John Doe Real Estate
John Doe Real Estate is an independently-owned and operated firm which, founded by John Doe ten years ago. John Doe Real Estate employs five full-time brokers and focuses on luxury sales of residential real estate. They feature many exclusive listings and offer deep services for buyers and sellers for luxury homes.
Unlike [Company Name], John Does Real Estate operates with a smaller number of transactions each year due to the higher commissions they earn on each. They refuse to negotiate on their broker’s fees, and sometimes lose potential clients because of this. However, for the premium end of the local market, they are the local leader.
Apartment Living
Apartment Living is a regional firm with 100 active brokers in the region. Apartment Living has grown quickly since its founding fifteen years ago by focusing only on apartment rentals and sales. It is increasingly well-known among renters as a low-fee rental resource to find quality apartments.
Some reviews of Apartment Living point out the low quality service offered by brokers, who operate much as independent agents with little training in customer service. Furthermore, Apartment Living does not offer sales of houses and therefore does not attempt to maintain long-term relationships with renters who are moving up to purchasing homes.
Competitive Advantage
[Company Name] enjoys several advantages over its competitors. These advantages include:
- Location: [Company Name]’s location is near the center of town, in the shopping district of the city. It is visible from the street where many residents shop for both day-to-day and luxury items.
- Client-oriented service: [Company Name] will have a full-time assistant to keep in contact with clients and answer their everyday questions. [Founder’s Name] realizes the importance of accessibility to his clients, and will further keep in touch with his clients through monthly seminars on topics of interest.
- Management: [Founder’s Name] has been extremely successful working in the real estate brokerage sector and will be able to use his previous experience to grant his clients detailed insight into the real estate world. His unique qualifications will serve customers in much more sophisticated a manner than many of [Company Name’s] competitors.
- Relationships: Having lived in the community for 25 years, [Founder’s Name] knows many of the local leaders, newspapers and other influences.
VI. Marketing Plan
[Company name] will use several strategies to promote its name and develop its brand. By using an integrated marketing strategy, [Company Name] will win clients and develop consistent revenue streams.
The [Company name] Brand
The [Company name] brand will focus on the Company’s unique value proposition:
- Client-focused residential real estate brokerage services, where the Company’s interests are aligned with the customer
- Service built on long-term relationships and personal attention
- Big-firm expertise in a small-firm environment
Promotions Strategy
Targeted Cold Calls
[Company name] will initially invest significant time and energy into contacting potential clients via telephone. In order to improve the effectiveness of this phase of the marketing strategy, a highly-focused call list will be used, targeting landlords and sellers who have listed by themselves and are having difficulty finding a buyer. As this is a very time-consuming process, it will primarily be used during the startup phase to build an initial client base.
Referrals
[Company name] understands that the best promotion comes from satisfied customers. The Company will encourage its clients to refer other businesses by providing economic or financial incentives for every new client produced. This strategy will increase in effectiveness after the business has already been established.
Additionally, [company name] will aggressively network with useful sources such as home contractors, real estate development companies, and businesses which import employees from other areas of the country and nations. This network will generate qualified referral leads.
Internet
[Company name] will invest resources in two forms of geographically-focused internet promotion—organic search engine optimization and pay-per-click advertising. The Company will develop its website in such a manner as to direct as much traffic from search engines as possible. Additionally, it will use highly-focused, specific keywords to draw traffic to its website, where potential clients will find a content-rich site that presents [Company name] as the trustworthy, well-qualified real estate brokerage firm that it is.
Publications
[Company name] will list its properties for rent and sale in key local publications, including newspapers, area magazines, and its own newsletter. Additionally, the Company will print brochures and place them in specific locations frequented by target individuals, such as small business development centers and accountants.
Seminars
By offering seminars on topics of interest in the office or other locations, [Founder’s Name] will encourage residents in the community to become comfortable with the expertise and character of [Company Name]. These seminars will generally be offered free of charge as general promotion and for direct networking.
Pricing Strategy
[Company Name]’s pricing will rely on the standard industry rates in order to neither be perceived as a luxury nor a discount broker. 3% is the commission on sales and 3% on purchases. Apartments and other rentals will have fees paid only by the tenants at the standard rate of one month’s rent. By seeking quality clients and maintaining long-term relationships with them, [Company Name] will fend off pressure to discount their rates, even in down markets.
VII. Operations
[Company Name] will carry out its day-to-day operations primarily on an appointment basis. Buying and renting clients will make appointments to view available properties and to discuss their needs. Selling clients and landlords will make appointments to discuss the needs of their sales and properties when needed. These will primarily occur on-site at the properties, although some discussions may be held in the office’s meeting room. When necessary, discussions can be conducted over the telephone.
[Founder’s Name] will work on an as-needed basis, including weekends which are a prime showing time, and will generally take days off on weekdays. The company will also employ an administrative assistant who will also support marketing and client relationship development efforts and will be present on weekdays on a regular 9 AM – 5 PM schedule.
Milestones
Company name]’s long term goal is to become the number-one name in residential real estate brokerage in terms of the right balance of price and customer service quality. We seek to do this by ensuring customer satisfaction and developing a loyal and trusting clientele.
The following are a series of steps that will lead to this long-term success. [Company Name] expects to achieve the following milestones in the following [xyz] months:
| Date | Milestone |
|---|---|
| [Date 1] | Finalize lease agreement |
| [Date 2] | Design and build out [Company Name] office |
| [Date 3] | Hire and train initial staff |
| [Date 4] | Kickoff of promotional campaign |
| [Date 5] | Reach break-even |
| [Date 6] | Reach XXX ongoing clients |
VIII. Management Team
[Company Name]’s most valuable asset is the expertise and experience of its founder, [Founder’s Name]. [First name] has been a licensed real estate broker for the past 20 years. He has spent much of his career working at Coldwell Banker. There he specialized in rentals for 5 years before moving to specialize in real estate sales for the next 10 years, He consistently was named a top broker for Cold well Banker and earned the firm’s platinum seller designation for seven years.
[Founder’s Name] maintains his real estate broker license in the state of [state] as well as the states of [other states]. He is a member of the National Association of Realtors. [First name] has spoken at regional conferences and taken part in residential real estate panel discussions at the Chamber of Commerce and local schools and universities.
[Company Name] will also employ an experienced assistant to help with various administrative duties around the office. [Assistant’s name] has experience working with C-level executives and has spent significant time as an administrator.
Hiring Plan
[Founder’s Name] will serve as the company CEO and president. In order to launch the business we do not need additional personnel beyond the assistant who has already been recruited, but will hire the following in the future:
- Real Estate Brokers: Hire one additional broker every other year starting with year 2, assuming demand exists in the market
- Administrative Assistant: Hire a second assistant in year 3
IX. Financial Plan
Revenue &Cost Drivers
[Company Name]’s revenues will come primarily from the commissions earned from client real estate sales, purchases, and rentals fees. Half of the deals each quarter are expected to be rentals, one quarter sales and one quarter purchases.
As with most services, labor expenses will be key cost drivers. [Founder’s Name] and future brokers will earn a competitive base salary.Furthermore, the costs of transactions are projected to be roughly 40% of regular commission revenue and cover the advertising of listings, travel and supply costs for clients, and other direct costs for each deal.
Moreover, ongoing marketing expenditures are also notable cost drivers for [Company Name].
Capital Requirements and Use of Funds
[Company Name] is seeking a total funding of $78,000 of debt capital to open its office. The capital will be used for funding capital expenditures and location build-out, hiring initial employees, marketing expenses and working capital.
Specifically, these funds will be used as follows:
- Store design/build: $58,000
- Working capital: $20,000 to pay for marketing, salaries, and lease costs until [Company Name] reaches break-even
Key Assumptions & Forecasts
The following table reflects the key revenue and cost assumptions made in the financial model.
| Clients per Quarter | Average |
|---|---|
| FY 1 | 15 |
| FY 2 | 21 |
| FY 3 | 30 |
| FY 4 | 36 |
| FY 5 | 45 |
| Annual Lease/rent ( per location) | $50,000 |
5 Year Annual Income Statement
| Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | ||
|---|---|---|---|---|---|---|
| Revenues | ||||||
| Product/Service A | $151,200 | $333,396 | $367,569 | $405,245 | $446,783 | |
| Product/Service B | $100,800 | $222,264 | $245,046 | $270,163 | $297,855 | |
| Total Revenues | $252,000 | $555,660 | $612,615 | $675,408 | $744,638 | |
| Expenses & Costs | ||||||
| Cost of goods sold | $57,960 | $122,245 | $122,523 | $128,328 | $134,035 | |
| Lease | $60,000 | $61,500 | $63,038 | $64,613 | $66,229 | |
| Marketing | $20,000 | $25,000 | $25,000 | $25,000 | $25,000 | |
| Salaries | $133,890 | $204,030 | $224,943 | $236,190 | $248,000 | |
| Other Expenses | $3,500 | $4,000 | $4,500 | $5,000 | $5,500 | |
| Total Expenses & Costs | $271,850 | $412,775 | $435,504 | $454,131 | $473,263 | |
| EBITDA | ($19,850) | $142,885 | $177,112 | $221,277 | $271,374 | |
| Depreciation | $36,960 | $36,960 | $36,960 | $36,960 | $36,960 | |
| EBIT | ($56,810) | $105,925 | $140,152 | $184,317 | $234,414 | |
| Interest | $23,621 | $20,668 | $17,716 | $14,763 | $11,810 | |
| PRETAX INCOME | ($80,431) | $85,257 | $122,436 | $169,554 | $222,604 | |
| Net Operating Loss | ($80,431) | ($80,431) | $0 | $0 | $0 | |
| Income Tax Expense | $0 | $1,689 | $42,853 | $59,344 | $77,911 | |
| NET INCOME | ($80,431) | $83,568 | $79,583 | $110,210 | $144,693 | |
| Net Profit Margin (%) | - | 15.00% | 13.00% | 16.30% | 19.40% |
5 Year Annual Balance Sheet
| Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | ||
|---|---|---|---|---|---|---|
| ASSETS | ||||||
| Cash | $16,710 | $90,188 | $158,957 | $258,570 | $392,389 | |
| Accounts receivable | $0 | $0 | $0 | $0 | $0 | |
| Inventory | $21,000 | $23,153 | $25,526 | $28,142 | $31,027 | |
| Total Current Assets | $37,710 | $113,340 | $184,482 | $286,712 | $423,416 | |
| Fixed assets | $246,450 | $246,450 | $246,450 | $246,450 | $246,450 | |
| Depreciation | $36,960 | $73,920 | $110,880 | $147,840 | $184,800 | |
| Net fixed assets | $209,490 | $172,530 | $135,570 | $98,610 | $61,650 | |
| TOTAL ASSETS | $247,200 | $285,870 | $320,052 | $385,322 | $485,066 | |
| LIABILITIES & EQUITY | ||||||
| Debt | $317,971 | $272,546 | $227,122 | $181,698 | $136,273 | |
| Accounts payable | $9,660 | $10,187 | $10,210 | $10,694 | $11,170 | |
| Total Liabilities | $327,631 | $282,733 | $237,332 | $192,391 | $147,443 | |
| Share Capital | $0 | $0 | $0 | $0 | $0 | |
| Retained earnings | ($80,431) | $3,137 | $82,720 | $192,930 | $337,623 | |
| Total Equity | ($80,431) | $3,137 | $82,720 | $192,930 | $337,623 | |
| TOTAL LIABILITIES & EQUITY | $247,200 | $285,870 | $320,052 | $385,322 | $485,066 |
5 Year Annual Cash Flow Statement
| Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | |
|---|---|---|---|---|---|
| CASH FLOW FROM OPERATIONS | |||||
| Net Income (Loss) | ($80,431) | $83,568 | $79,583 | $110,210 | $144,693 |
| Change in working capital | ($11,340) | ($1,625) | ($2,350) | ($2,133) | ($2,409) |
| Depreciation | $36,960 | $36,960 | $36,960 | $36,960 | $36,960 |
| Net Cash Flow from Operations | ($54,811) | $118,902 | $114,193 | $145,037 | $179,244 |
| CASH FLOW FROM INVESTMENTS | |||||
| Investment | ($246,450) | $0 | $0 | $0 | $0 |
| Net Cash Flow from Investments | ($246,450) | $0 | $0 | $0 | $0 |
| CASH FLOW FROM FINANCING | |||||
| Cash from equity | $0 | $0 | $0 | $0 | $0 |
| Cash from debt | $317,971 | ($45,424) | ($45,424) | ($45,424) | ($45,424) |
| Net Cash Flow from Financing | $317,971 | ($45,424) | ($45,424) | ($45,424) | ($45,424) |
| SUMMARY | |||||
| Net Cash Flow | $16,710 | $73,478 | $68,769 | $99,613 | $133,819 |
| Cash at Beginning of Period | $0 | $16,710 | $90,188 | $158,957 | $258,570 |
| Cash at End of Period | $16,710 | $90,188 | $158,957 | $258,570 | $392,389 |
