Monthly Portfolio Report: November 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 November 2024. You can also check out all my previous monthly reports and annual reports.
Property Overview
Still fully occupied this month! That’s three months in a row without any vacancy.
Rental Income
Full collections this month — plus a little more!
I had a big overage in collections last month, thanks to a tenant getting caught up on 3 months of back-rent. I had another overage this month, but for a different reason: a tenant paid their rent early, and an accounting error at my PM credited two months’ of rent in November. So I’ll give this back in December.
Expenses
This screenshot comes from RentalHero, the online accounting tool I use for my portfolio.
Here’s the story on my expenses this month:
Property Management: In addition to my normal PM fees, I had two lease renewal fees this month, for a total of $500.
Maintenance & Repairs: I budget just over $3K in maintenance costs each month, so this was a pretty average month. It was all the typical stuff — plumbing, electrical, and HVAC/heat, for the most part.
HOA Fees: I have two condos that each have $70/mo. HOA fees, but the larger amount this month was due to Property #8, which is the sole property in my portfolio that has a neighborhood HOA. (I didn’t know that at the time of purchase — live and learn!) Anyway, it was that time of year, so I paid the ~$450 annual charge.
Tenant Chargeback: I had another expense charged back to a tenant, but this was offset by another tenant repaying a previous charge — thus the small negative expense.
The Bottom Line
My financial model currently projects my Memphis portfolio to generate $9,571 of positive cash flow in an average month. This month, my cash flow was $12,682, more than $3K ahead of my target. (In a remarkable but totally meaningless coincidence, it’s also just TWO DOLLARS less than my cash flow last month!) The lack of any vacancy continues to buoy my numbers, as did the bonus rent collection.
The last three months have helped me to recover somewhat from a difficult summer in my portfolio. 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’m not all the way back yet, and won’t get hit my full year number…but it’s pretty close, and a LOT better than it looked mid-year.
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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.
