The Secret Weapon that Will
Give You the Advantage Over Other Investors:
Our Rental Income Calculator
If you’re approaching real estate investment like I am, looking for a source of immediate and long-term cash flow, you’ll be excited to learn about my secret weapon: The HowManyDoors Rental Income Calculator.
Our Rental Income Calculator is the first and only calculator with automated industry data feeds for accurate estimates on price, rent, insurance premiums, property management fees, and more - and you’ll only find it here on HowManyDoors.
You might have heard other real estate investors say this, too - it rarely makes sense these days to buy an investment property with only an eye to appreciation over time and to gamble on making a profit through a future sale of the property. That’s just not where the market is today. Instead, I believe the smarter investment, as both a short-term and long-term strategy, is to source residential investment properties for immediate rental income. Accurately calculating whether your next property purchase offers the kind of cash flow that makes sense is the crucial step, and now with our Rental Income Calculator, it’s easier and quicker - and more accurate!- than ever.
In fact, once you start using our Rental Income Calculator you’ll find out what an advantage you’ve got as an investor. While good opportunities still exist, the early bird gets the worm. So being able to make decisions quickly, without the assistance of a “rocket scientist,” will keep you on top of your game. Whether you’re a newbie or a pro, I think you’ll come to find our Rental Income Calculator to be an indispensable tool.
You may wonder how it can be so simple, when others write entire books on the topic. In fact, whether the explanations about how to calculate rental income were lengthy or brief, what I noticed most often about rental income calculation methods, is that they were either over-complex or over-simplified.
Calculating rental income comes down to these essentials: a realistic and inclusive view on income and expenses. Now, getting there was not an easy task. I found it so frustrating, looking around for accurate data, checking my calculations on one online tool and then another - even calling for quotes from insurance companies, and more. The experience convinced me I had to create my own calculator so I could be certain I was making good investment decisions based on accurate rental income calculations.
One of the three most common mistakes investors make is mis-calculating rental income. Another is to leave out a vacancy rate from the calculation (because it just stands to reason; at some point over the long term, there will be a gap in occupancy, and it’s not hard to factor that into the overall rental income calculation). Finally, lacking sufficient and accurate data. This is really what I set out to fix with our Rental Income Calculator:
By integrating real-time feeds of industry data, now it’s easy to factor in things like property management fees or repair and maintenance funds, property taxes, current market home values as well as current market rental rates - and yes, a vacancy rate.
Being a “dummie” is optional
Our investment property calculator can tell you a lot, but do you really have a grasp on real estate investment know-how? Read six quick, FREE How-To articles and learn the basics in under 45 minutes. Start the first How-To now
Cash flow-producing, turnkey investment property
Take a virtual tour of a turnkey rental property that’s professionally managed and already producing cash flow - a great option for beginners (and pros alike) who want to get into real estate investing. You’ll find more available on our site
We’re not in Kansas anymore!
Sometimes the best investment property opportunities are in another state. Don’t let that stop you - use our handy guide on the ins and outs of buying properties out of state.
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My Secret Weapon: The HowManyDoors Rental Income Calculator
Now that we’ve entered the age of apps and cloud services, a rental income calculator should give you:
- a nearly-instant estimate of the property price, and
- a market-rate monthly rental figure, and
- estimated monthly expenses, and
- allow you to adjust and recalculate any of these calculations on the fly, and
- calculate all that with only an address and ZIP code
And the HowManyDoors Rental Income Calculator does all that, and more. In a nutshell, here’s how:
- Automated market data updates: In fact, I’ll wager it’s the first and only calculator to offer real-time data feeds for such information as market property prices and rent, insurance, property management fee estimates, and more.
- Not only that, it calculates the cap rate, the industry gold-standard for measuring return on investment for rental income properties (read up on measuring ROI, cap rates and cash on cash, here)
- Plus, it “recalculates”: Just like your GPS when you miss a turn or get sidetracked, once you get a calculation, you can still make adjustments based on your preferences for estimating rental income and expenses, and it will quickly recalculate a new rental income estimate.
- The Cap Rate Meter: Numbers don’t always paint a good picture, so our tool was built with visuals to give you a different way to see whether your return is any good.
But the proof is in the pudding. The key to success with rental income property investment is to be accurate and agile in calculating your cash flow and ROI. Everyone starts somewhere. Have you learned the essentials of real estate investment? You can get started with Real Estate Basics on HowManyDoors. And for instant inspiration, check out our secret weapon, the Rental Income Calculator!