A lot of people like to invest in real estate because of the low risk and opportunity for appreciation. However, when you invest in real estate you should know your goal and objectives. Even though different investors have different goals, the way to measure and describe investment performance is common for all types of investment. The fundamental objectives in measuring and evaluating an investment are income and growth. Here are some real estate investment terms you should know.
1. Potential Gross Income (PGI):
PGI is the sum total of all possible income which could be generated from the property, and it assumes that the property is fully rented at all times and all tenants are paying their rent on time.
2. Vacancy and Collections (V&C):
Vacancy is a percentage of potential gross income that is estimated lost due to property vacancy. Collections refer to the amount of rent lost due to non-payment, which can be expressed as an allowance in dollars or as a percentage of the PGI.
3. Effective Gross Income(EGI):
EGI is the amount of rent that is actually collected by the landlord or property manager.
4. Operating Expenses (OEXP):
OEXP is the cost for the on-going operation of the property. Some OEXP is fixed, such as taxes and insurance, and some can be variable, such as leasing fees, management fees, utilities, maintenance and repairs.
5. Net Operating Income (NOI):
Net operating income is effective gross income minus operating expenses.
6. Debt Service (DS):
DS is the annual amount of the mortgage payments (principal and interest).
7. Pre-Tax Cash Flow (PTCF):
PTCF is the amount funds after deducting debt service from net operating income. It is calculated on an annual basis. It is actual amount that the investor receives each year.
Example: LiLianLi LLC bought a townhouse $200,000 for cash as an investment property for retirement. The property has been rented for $1600 per month. The property is vacant for two months before it is rented. The insurance and the taxes are $4200 per year. The HOA assessments are $300 per year. They anticipate that leasing management fees, maintenance and repairs will be $200 per month.
What is Pre-tax Cash Flow for this property in the first year?
PGI: $1600 x 12 = $19200
V&C: $1600 x 2 = $3200
EGI: $19200 - $3200 = $16000
OEXP: $4200 + $300 + $2400 ($200x12) = $6900
NOI: $16000 - $6900 = $9100
PTCF: $9100
很多中国人喜欢投资房地产，因为风险低，增值机会高。但是，在你投资房地产时，你应该有明确的目的和清晰的目标。尽管不同的投资者有不同的目的，衡量和描述投资业绩的方式对于所有类型的投资都是相同的。衡量和评估投资的基本目标是收入和增长。这里提供给你一些有关房地产投资的条款和常见术语。
潜在总收入（PGI）：
PGI是从财产产生的所有可能收入的总和，前提是假设财产在整个时间段（一般是一年）完全租用，所有租户都按时支付租金。
2.空置和收藏（V＆C）：
空置是由于财产空闲估计损失的潜在总收入的百分比。收款是指由于不付款而导致的租金损失金额，可以以美元数量或PGI的百分比表示。
3.有效总收入（EGI）：
EGI是房东或财产实际收取的租金金额
4.经营费用（OEXP）：
OEXP是物业持续经营的成本。某些OEXP是固定的，如税收和保险，有些是变动的，如租赁费，管理费，水电费，维修费。
5.营业净收入（NOI）：
净营业收入为有效总收入减去营业费用。
6. 债务服务（DS）：
DS是按揭付款的年度金额（本金和利息）。
7.税前现金流量（PTCF）：
PTCF是从净营业收入扣除偿债额后的资金。这是投资者每年收到的实际收入数额。
示例：利连利有限公司以现金方式购买了一座20万美元的房屋作为退休投资物业。该物业每月租金为1600美元。房地产出租前有两个月是空置的。保险和税金每年是4200美元。 物业管理费是每年300美元。预计租赁管理费，维修费每月将达200美元。
第一年该物业的税前现金流是多少？
PGI：$ 1600 x 12 = $ 19200
V＆C：$ 1600 x 2 = $ 3200
EGI：$ 19200 - $ 3200 = $ 16000
OEXP：$ 4200 + $ 300 + $ 2400（$ 200x12）= $ 6900
NOI：$ 16000 - $ 6900 = $ 9100
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