Monthly Portfolio Report: September 2024
One of my goals with Rental Income Advisors is to be as transparent and data-driven as possible with my readers and my coaching clients. I think the best way to build confidence in a new investor is to actually show the numbers, to prove that rental property investing really does work as advertised.
For those reasons, I publish a monthly report on my portfolio’s performance. I hope that this chronological history paints a clear picture of what it’s like to be a remote landlord. It’s also a great exercise for me to be sure I’m staying plugged in to all my numbers.
Here is the update for September 2024. You can also check out all my previous monthly reports and annual reports.
Property Overview
Still fully occupied this month — woohoo!
Rental Income
My tenant at Property #11 failed to pay rent in August, and has been under eviction since then. Unfortunately, we still do not have a court date, and the tenant has not been responsive to my PM.
I still hope the tenant can avoid the eviction, i.e. by getting connected to a source of rental assistance. My PM always tries to help tenants get connected to those agencies in the hopes of avoiding evictions, but the tenant has to proactively apply for this…and so far, they have not.
Expenses
This screenshot comes from RentalHero, the online accounting tool I use for my portfolio.
It was a pretty straightforward month, which is a relief after a turbulent summer. Here’s the details:
Maintenance & Repairs: A good month for expenses, with just a handful of typical stuff — in total, it came in well below my monthly budgeted amount for maintenance, which is just over $3,000.
Tenant Chargeback: This was an expense deemed to be the tenant’s responsibility. I pay for it upfront, but once the tenant pays my PM, I’m reimbursed for the cost.
The Bottom Line
My financial model currently projects my Memphis portfolio to generate $9,506 of positive cash flow in an average month. This month, my cash flow was only $11,962, more than $2K ahead of my target. This is due to a combination of no vacancy, low maintenance costs, and the absence of any annual expenses (such as insurance or property taxes on the homes I own without a mortgage/escrow account).
I had hoped that the portfolio would stabilize in the fall so I could make up some ground with my cash flow. That seems to have happened, despite the eviction in progress. It won’t be enough to dig me out of the hole for the year, but let’s hope the last few months are as uneventful as September was.
Finally, here’s the running tally and graph I update each month. The dotted blue line indicates my projected average monthly cash flow for my portfolio in each given month. I made up a little ground, but I’m still more than $13K behind my year-to-date cash flow target.
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About the Author
Hi, I’m Eric! I used cash-flowing rental properties to leave my corporate career at age 39. I started Rental Income Advisors in 2020 to help other people achieve their own goals through real estate investing.
My blog focuses on learning & education for new investors, and I make numerous tools & resources available for free, including my industry-leading Rental Property Analyzer.
I also now serve as a coach to dozens of private clients starting their own journeys investing in rental properties, and have helped my clients buy millions of dollars (and counting) in real estate. To chat with me about coaching, schedule a free initial consultation.
