• Financial Reports

The Basics of Creating a Schedule of Real Estate Owned (SREO)

November 26, 2025 7 min read

Key Takeaways

• ​An SREO (or REO schedule) gives a clear, organized snapshot of your entire real estate portfolio, including equity, debt, income, and expenses.
• ​Lenders, brokers, and partners rely on SREOs to assess your financial strength and experience, making it a valuable credibility tool.
• ​A well-maintained SREO helps you spot opportunities to refinance, reinvest, and scale your portfolio by tracking market value, loan balances, and cash flow.

As your rental property portfolio grows, keeping track of the basics—like how much equity you have in each property or what your total monthly cash flow looks like—becomes harder than it may seem. That’s where an SREO comes in.

A Schedule of Real Estate Owned (SREO) is an invaluable tool to real estate investors. It gives you a high-level snapshot of each rental you own and your entire rental portfolio all in one place. When competing with other buyers to purchase a rental property, applying for a new loan, or refinancing, a well-prepared SREO communicates your credibility.

But what exactly is an SREO, and how does it work? Let’s break it down.

What is an SREO?

If you’ve wondered about the SREO meaning or what goes into a schedule of real estate owned, this is a simple definition:

A schedule of real estate owned (SREO) is a form that lists all properties an investor owns—either fully or partially—along with each property’s market value, debt obligation, and cash flow details.

In many ways, an SREO works like a portfolio-specific balance sheet. By subtracting outstanding loan balances from current market values, you can quickly see your real estate equity on both a property level and a portfolio level.

But a good SREO doesn’t stop there. It also tracks income, operating expenses, taxes, insurance, debt service, and net cash flow. This gives investors a clean, accurate picture of how well each property—and the entire portfolio—is performing.

What is Included in a Schedule of Real Estate Owned?

Although an SREO contains a lot of information, the format itself doesn’t need to be complicated. Most SREOs follow four core sections:

1. Property Information

This section includes:

• Percent owned: Whether you own 100% or a fractional share through an LLC or joint venture.
• Property type: Such as single-family rentals, small multifamily properties, or short-term rentals.
• Number of units and occupancy: Especially important for multifamily properties.

2. Acquisition Details

Investors list:

• Acquisition date: When the property (or the investment share) was purchased.
• Acquisition price: The property’s purchase price or contributed capital for fractional ownership.

3. Current Financing

This is where debt details live, including:

• Lender name: Bank, portfolio lender, hard money lender, or seller financing.
• Interest rate and maturity date: Useful for determining when a refinance might take place.
• Market value: Updated periodically to reflect current conditions.
• Loan balance: Adjusted as the mortgage is paid down.
• Loan-to-value (LTV): Helpful for analyzing leverage and available equity.

As property values rise and loan balances drop, LTV decreases—which can signal an opportunity to refinance, pull equity out, or reposition capital into additional rentals.

4. Monthly Pro Forma

This is where income and expenses reside:

• Income: Scheduled rent plus extras like pet rent or appliance fees.
• Mortgage payments: Including first and second liens.
• Property taxes and insurance: Even if paid annually, they’re broken down into monthly amounts for accurate projections.
• Other expenses: Maintenance, utilities, management fees, and more.
• Cash flow: Income minus all expenses.

This last piece is key. It’s crucial that you have clear, consistent data for every property.

Who Uses an SREO?

Because an SREO gives a clear snapshot of real estate holdings, a variety of stakeholders rely on it:

Real Estate Brokers

Brokers use SREOs to verify that a buyer has the experience and financial strength needed to pursue certain deals.

Investment Partners

When forming partnerships or LLCs, an SREO demonstrates credibility and a track record—two major factors in building trust.

​Lenders

Banks use SREOs to assess risk, especially for blanket loans or portfolio-level underwriting. The SREO fills in the details a credit report doesn’t show.

Underwriters

Underwriters rely on SREOs to calculate debt-to-income ratios and evaluate loan quality. A lower DTI suggests a borrower can comfortably support new debt.

In competitive markets, a well-prepared SREO can be a strategic advantage. It shows professionalism, experience, and preparedness—qualities that can set you apart when bidding on properties or applying for financing.

How to Create a Schedule of Real Estate Owned

If you aren’t applying through a program that has a specific form, any format that contains all necessary information and is easily readable works for an SREO. When creating your SREO, the following information should appear in this order:

Personal Details

This section lists your basic information, including your name, address, phone number(s), and email.

Property Details

Every property in which you hold an ownership interest should appear here. For each one, include the property type, number of units, acquisition date, and full address.

Ownership Details

This part identifies the entity that legally owns each property and your percentage of ownership.

Financial Details

Here you’ll list the essential financial data for every property—its current market value, original loan amount, loan date, outstanding balance, interest rate, monthly payment, and loan maturity date. Market value should come from the most recent appraisal, and the appraisal date should be recorded as well.

Revenue

To give a sense of project income, include the expected sale date or cash flow for each property. Fix-and-flip properties should note anticipated sale timing, while buy-and-hold properties should include occupancy rate and net operating income (NOI).

Conclusion

A schedule of real estate owned is one of the most useful tools a real estate investor can have. By organizing every property, loan, and cash-flow detail in one place, an SREO helps you understand where your portfolio stands today—and where it has room to grow. It brings clarity to your equity positions, highlights opportunities to refinance or reinvest, and provides the clear financial picture that lenders, brokers, partners, and underwriters expect to see.

Whether you’re preparing to scale your portfolio, shopping for your next rental, or exploring new financing, a well-built SREO shows that you’re a serious, organized, and capable investor.

FAQs

What is a schedule of real estate owned?

​An SREO is a document that lists all the properties an investor owns—either fully or partially—and includes each property’s market value, outstanding debt, and cash-flow details. It functions like a portfolio-specific balance sheet, giving investors a quick snapshot of equity, performance, and overall financial health.

Why is an SREO important for real estate investors?

​As your portfolio grows, keeping track of equity, loan balances, and cash flow becomes more difficult. An SREO organizes all of this information in one place. It also strengthens your credibility when applying for financing, refinancing, or competing with other buyers, since lenders, brokers, and partners often rely on SREOs to assess financial stability and experience.

What information is typically included in an SREO?

Most SREOs are organized into four key sections:

• Property information: ownership percentage, property type, units, and occupancy.
• Acquisition details: purchase date and purchase price.
• Current financing: lender, interest rate, maturity date, market value, loan balance, and loan-to-value (LTV).
• Monthly pro forma: rental income, taxes, insurance, mortgage payments, other expenses, and net cash flow.

Who uses an SREO, and when do I need one?

​SREOs are used by lenders, underwriters, real estate brokers, and investment partners. You’ll typically need one when applying for loans, refinancing, forming investment partnerships, or making offers in competitive real estate markets. A clear, well-prepared SREO communicates professionalism, experience, and financial readiness.