Personal Finance.

Cash Flow Rental Properties

Rental properties can provide you with a steady stream of income, but they can also be a constant burden of debt if you make the wrong decision. As appealing as a monthly check sounds with little or no activity on your part, you could easily end up paying all of that monthly check to cover your mortgage and repairs. Crunching numbers is critical to ensure that you will profit each month. A beautiful property which seems like it would attract many tenants may make you think twice when you do the math and see that a low vacancy rate could cause a monthly loss. There are a few key numbers you should especially pay attention to.

The most important number is the Net Operating Income, or NOI. This number is formulated by taking your total income and subtracting your total expenses excluding debt service. It illustrates your cash flow: if it is positive, you make money, and negative signifies a monthly loss. If you do the calculations in Excel, you can play around with your occupancy rate, how many of the tenants pay rent, repairs, maintenance and other factors to determine how much flexibility you have before you lose money on the deal.

The expense ratio is also an important number to consider, and that tells you the percent of income that goes towards expenses. You can calculate it by dividing the NOI by the GSI (gross scheduled income) and subtracting it from 1. (Expense Ratio = 1- (NOI/GSI). Typically, this number runs about 35% to 40%. Some sellers claim their expense ratio is much smaller than this, and you can use this calculation to check their math. If you truly do get a smaller expense ratio, then you may want to inspect the property closely, because it could indicate the property has not been maintained adequately. Some years, expect the ratio to be much higher because things like roofs, furnaces and floods can be a costly one-time fee. If it is an old property, expect the ratio to be higher due to the constant maintenance.

The NOI and expense ratio can paint a more complete picture about a rental property than simply using your own feelings about it. The property may be beautiful and you can envision tenants wanting to rent it, but make sure the numbers support your assertions. The net operating income and expense ratio are not the only two numbers you need to know about, but they are a good start and will guide you far. Make sure you do the math for operating the property before purchasing a rental property.

Jay A. Redding

President

JMJ Services, Inc.

Phone:260-440-7443

Fax: 800-706-3479

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