Monthly Portfolio Report: April 2022
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 April 2022. You can also check out all my previous monthly reports.
Property Overview
Maintained full occupancy again this month, with the same two caveats I mentioned in last month’s report:
Two tenants are about to vacate, now both at the end of May — so I’ll have two simultaneous turns in June.
I still — STILL — have a nonpaying tenant at property #9, and I still don’t have a court date. The eviction courts in the Memphis area are apparently quite behind due to covid — I’ve been waiting nearly 7 months! Interestingly, this is NOT because evictions are running higher than normal; in fact, they are still running well BELOW pre-pandemic levels.
Rents
Remarkably, these are the same exact figures from last month! I still have a non-paying tenant at Property #9, but I’m making up a bit of that from month-to-month fees.
Expenses
Not much to say about my expenses this month — it was very quiet, which is always nice!
Maintenance & Repairs: Just a few routine plumbing issues this month, including repairs of two leaky kitchen sinks, and a more extensive investigation of a tub leak which turned out not to be a plumbing issue. Rather, the culprit was the tile surround, which was allowing water to penetrate and run down the walls to the kitchen. The tile surround is quite old and doesn’t look great, so I decided to re-do the whole thing rather than try a cheaper “band-aid” repair. And because it’s a windowed shower, I can’t use the typical solution which would be a one-piece surround; instead, I’ll have to re-do all the tiles, etc. — but that expense won’t book until next month’s report…
The Bottom Line
My financial model currently projects my Memphis portfolio to generate $6,396 of positive cash flow in an average month. This month, the positive cash flow was $8,496, more than $2,000 above target. This is due to strong occupancy, but also very low maintenance & repairs this month.
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. April was above the line, negating the shortfall from March and bringing me back “above the line” for the year so far:
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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.
