Investment Interest Rates

Real Estate Investing – 4 Magic Numbers to Make You Rich and Wealthy!

When it comes to real estate investment, particularly residential real estate, the likelihood of you falling in love with a real estate asset is stronger than it is for other less tangible asset classes (bonds, stocks, pensions etc).

Many people fall in love with toxic properties that look good on the eye or feel good to the ego. But these kind of self indulgent, ego-trip asset purchases can quickly turn into massive liabilities, eroding Balance Sheets and destroying Income Statements. Why? Because investing is an intellectual sport and your emotions have to be left on the side lines. You’ve got to run your numbers first and foremost. When it comes to property investing, sometimes ugly is beautiful. Ironically, sometimes the ugliest looking property runs the best numbers.

Cash flow is always king in any business or property portfolio; far more important than capital appreciation if you ask me. Capital appreciation may increase your net worth but cash-flow will put cash in your bank account and keep you liquid! If I had to choose between net positive cash flow and guaranteed capital appreciation I’d chose cash flow all the way.

The challenge in property investment is to minimise the down payment (which will maximise your mortgage) whilst at the same time generating net positive cash flow each month.

Knowing the following 4 numbers will stand you in good stead and really must be estimated to the best of your knowledge prior to making any real estate investment.

1. Net Rental Income

I like to buy property assuming no natural capital appreciation will ever occur (even though of course it will). Property will generally double in value every 7 to 10 years. Note: This is a trend and not a one-way bet! Either which way, we don’t want to wait around for that natural appreciation to occur before we begin building wealth. Therefore, ideally we want each property investment to generate net positive cash-flow i.e. a source of passive income.

So, when investing in property the first key figure to focus on is net rental income. Many real estate agents will quote gross yield figures i.e. the annual rent as a percentage of the property price. Whilst this is a reasonable indicator of your potential return on investment it won’t actually tell you how much money you’re gonna make (or potentially lose!). So, I prefer to focus on net yields and ultimately net income i.e. how much net dollars a property will put in my back pocket each month.

Net Rental Income = Gross Rental Income – (Operating + Debt Servicing Costs)

In addition to debt servicing (i.e. mortgage) costs, the following are the typical operating costs which you will need to deduct from your gross rental figure to arrive at a net income figure: Management Fees, City/Council/State Taxes, Repairs/Maintenance Costs, Property Taxes/Ground Rents, Insurance Costs, Voids (Vacancy Periods), Utilities, Etc.

As a general guideline, you should be aiming to achieve a gross rent of at least 150% of the property’s mortgage repayments to cover all operational costs and leave some net rental income for yourself.

Interest rates and market forces will impact your cash flow and net rental income figures. So, stress test your cash-flow forecast for a 1% or 2% rise in interest rates or a 20 or 30% reduction in rental income and see how this impacts net rental income figures.

The reason I like the net rental income test is that apart from the other numbers we will look at below, this income number will actually tell you how much cash a particular property will put into your back pocket each month (we’re leaving aside income tax for the moment). So, a good question to ask yourself even before you work out the net rental income figure is: “How much net income would I need to get from this property in order to make it worth my while“?

1. Cash-on-Cash Return

Many rich investors use the cash-on-cash return analysis as a kind of back of a napkin test to establish if a property investment is worth further analysis.

Cash-On-Cash Return = Annual Cash-flow (Before Tax)/Total Cash Invested

So, for example, you could purchase a property for $100,000 and use $30,000 of your own cash as a down payment. Assuming the net cash-flow (after all expense) from renting the property was $700 monthly, than the Cash-On-Cash return for that investment would be $8,400/€30,000 = .28 (28%)

I like to see > 20 % (and ideally closer to 30%) Cash-on-Cash Return before I’ll consider investing.

 

1. Net Rental Yield

Many real estate agents will quote gross yield rather than net yield. However, net yield is the figure you need to work off particularly if you’re investing in new geographic territories; you need to do your due diligence and work out the running costs associated with that particular piece of property.

Gross Rental Yield = Annual Rent/Property Cost

So, using the same numbers as the above example, Gross Yield = $950 x 12/€100,000 = .114 i.e. 11.4%

Net Rental Yield = Annual Rent – Operating Costs / Property Cost

So, using the same numbers as in the above example, Net Rental Yield = $700 x 12/€100,000 = .084 i.e. 8.4%

So when a real estate agent quotes you a yield of X% for a particular property, ask him/her whether that’s gross or net. If they stare at you blankly than make sure you do your own research on the costs of running the property. As a guideline, you can estimate 30% of the rental income for operating costs but again you’d have run your own costing analysis on each property to arrive at an accurate figure.

Having worked out the net rental yield for a particular property, you can compare it against the potential net rental yields from other investment properties to help you decide which offers the best opportunity for net positive cash flow.

1. Capitalization Rate

Capitalization Rate = Annual Net Operating Income/ Cost (or Value) of the Property

If a property is purchased for $100,000 and it produces $10,000 in positive net operating income (the amount of income after fixed costs and variable costs have been deducted), then the Cap Rate of that particular property is:

• $10,000 / $100,000 = 0.10 = 10%

It is more accurate to use the current value of the property (rather than the initial cost) in determining the cap rate. This is because as the value of an asset increases, we should see a corresponding increase in the income it produces in order to maintain a decent cap rate. A decent cap rate is 10% or more.

Indirectly, a cap rate will tell you how fast an investment will pay for itself. A cap rate of 10% tells you that it will take 10 years for that asset to be fully capitalized i.e. paid for.

Your money is essentially a “capital asset”. As an investor you should be expecting a personal rate of return from the use of your money. The Cap Rate gives you this indication. If an apartment can be purchased for $100,000, and you as an investor expect to make at least 8% on your real estate investments, then by multiplying the $100,000 purchase price by 8% you know that that particular property must generate $8000, or more, per annum, after operating expenses, in order for it to be a viable investment.

Cap Rate is often used by real estate professionals for valuing a property. So, for example, if you knew that a property advertised for sale produces a net operating income of $10,000, and as a professional investor you worked off a projected Cap Rate of 8%, then the asset value (or price you would consider paying for that property) is $125,000 (i.e. $10,000 / .08).

In summary:

Just knowing these 4 numbers will put you streets ahead of most novice investors and could save you a fortune by eliminating any potential investment in negative cash-flow properties that will only serve to erode your wealth. I only wish I had known these 4 numbers earlier on in my property investing endeavours! It could have saved me an awful lot of money! Property investing is relatively high-risk. Your job as an investor is to manage and minimise risk. By running your numbers first you eliminate the no.1 risk and cause of most property investing failures: negative cash flow. Brush up on your real estate investment math before you rush out and buy any piece of “investment” property. It could save you a fortune or make you a fortune!

 

About the Author

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Insight On Inflation; Investment Strategy In Emerging Markets & Interest Rates; Outlook For Brazil Economy

Demystifying Exotic Products: Interest Rates, Equities and Foreign Exchange $29.99 In recent times, derivatives have been inaccurately labelled the financial weapons of mass destruction responsible for the worst financial crisis in recent history. Inherently complex and perilous for the ill-informed investment professional they can however also be gainfully harnessed. This book is a practical guide to the complexities of exotic products written in simple terms based on the premise that derivatives are not homogenous, and not necessarily dangerous. By exploring common themes behind the construction of various structured products in interest rates, equities and foreign exchange, and investigating the economic environment that promoted the explosive growth of these products, this book will help readers make sense of their relevance in this period of economic uncertainty. Subsequently, by explaining exotic products with simple mathematics, it will aid readers in understanding their potential use in certain investment strategies whilst having a firm control over risk. Exotic products need not be inaccessible. By understanding the products available investors can make informed decisions ensuring features are consistent with their investment objectives and risk preferences. Author Chia Chiang Tan takes readers through the risks and rewards of each product, illustrating when products can damage investment strategies and how to avoid them, leading to suitable, profitable investments. Ultimately, this book will provide practitioners with an understanding of derivatives, enabling them to determine for themselves which products will fit their investment strategy, and how to use them based on the economic environment and inherent risks.

Interest Rate $92.4 An interest rate is the price a borrower pays for the use of money they do not own, for instance a small company might borrow from a bank to kick start their business, and the return a lender receives for deferring the use of funds, by lending it to the borrower. Interest rates are normally expressed as a percentage rate over the period of one year. Interest rates targets are also a vital tool of monetary policy and are used to control variables like investment, inflation, and unemployment. Author: Miller, Frederic P./ Vandome, Agnes F./ McBrewster, John Binding Type: Paperback Number of Pages: 128 Publication Date: 2010/07/27 Language: English Dimensions: 5.98 x 9.01 x 0.30 inches

A History of Interest Rates $59.99 A History of Interest Rates presents a very readable account of interest rate trends and lending practices over four millennia of economic history. Despite the paucity of data prior to the Industrial Revolution, authors Homer and Sylla provide a highly detailed analysis of money markets and borrowing practices in major economies. Underlying the analysis is their assertion that "the free market long-term rates of interest for any industrial nation, properly charted, provide a sort of fever chart of the economic and political health of that nation." Given the enormous volatility of rates in the 20th century, this implies we’re living in age of political and economic excesses that are reflected in massive interest rate swings. Gain more insight into this assertion by ordering a copy of this book today.

The Dynamics of Interest Rates in Cee3 $160.91 Economic dynamics in small open economies are ruled by complex structures and interdependencies. Interest rate developments are closely related to macroeconomic dynamics. It is, therefore, important for policy setters, portfolio and risk managers to understand these dynamics. This book analyzes interdependencies between macroeconomic variables and interest rates in an integrated setting. The aim is to model the interaction of macro variables with the term structure and to forecast the yield curve. Interest rate dynamics are decomposed into three latent factors according to the Diebold and Li exponential component framework. Additionally, macro economic variables carrying important information of the state of the economy are defined. To utilize broader macroeconomic information the principal components methodology is used. Yield and macro factors are combined in a vector autoregressive model setting for the Czech Republic, Hungary and Poland. Yield forecasts up to twelve months ahead are calculated with good forecasting performance. Moreover, interdependencies of the yield curve with the macroeconomy are analyzed. The models are implemented within the R programming language. Author: Brechtken, Gunnar Binding Type: Paperback Number of Pages: 196 Publication Date: 2009/12/08 Language: English Dimensions: 5.98 x 9.01 x 0.44 inches

Mathematics of Interest Rates and Finance $11 No Synopsis Available

Money, Interest Rates and Inflation $121.88 No Synopsis Available

The Dynamics of Interest Rates in Cee-3 $98.48 No Synopsis Available

Taxation, Inflation, and Interest Rates $14.63 No Synopsis Available

Interest Rates, Exchange Rates and World Monetary Policy $174.53 No Synopsis Available

Interest Rates and Recovery: Report of a Symposium $3.9 No Synopsis Available

Investment, Interest and Capital $44.68 No Synopsis Available

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African Development Finance and Business Finance Policy $110 Financial plans that stimulate growth and eliminate poverty in developing African countries!African Developmental Finance and Business Finance Policy presents theoretical/conceptual and empirical articles that provide invaluable insights into successful business techniques and strategies for the African business arena—the last great frontier of international business expansion. Researchers and practitioners in the field of developmental finance discuss the design and implementation of financial policies for pro-poor growth and poverty alienation in developing countries, including Kenya, Zambia, Nigeria, Mauritius, and Zimbabwe. The book focuses on banking, business finance, and investment, detailing strategies for coping with a small financial system, bank licensing policies, correction action rules, quality of banking services, and the revitalization of the African stock exchange.African Developmental Finance and Business Finance Policy features papers presented on key policy issues addressed at the April 2001 international conference of the Institute for Developmental Policy and Management at the University of Manchester in England. Topics addressed include: financial regulation, interest rates bank ownership regulatory forbearance emerging stock markets determinants of capital structure financial reform and much more! Targeted to policymakers in government and international agencies, academics, consultants, and executives, African Developmental Finance and Business Finance Policy is an essential resource for advancing and communicating research on developmental policy in developing countries.

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Aftershock: Protect Yourself and Profit in the Next Global Financial Meltdown $12.51 From the authors who accurately predicted the domino fall of the conjoined real estate, stock, and private debt bubbles that led to the financial crisis of 2008 and 2009, now comes the definitive look at what is still ahead in 2012 and beyond—and what investors can do right now to protect themselves.Based on the authors’ unmatched track record of precise predictions in the two landmark books America’s Bubble Economy and Aftershock, this Second Edition of Aftershock updates the original book by more than 35 percent with fresh analysis of the latest economic developments, plus offers new in-depth advice for how readers can prepare now for protection and profits in the next global money meltdown.The second edition of Aftershock shows readers:Why the latest actions by the U.S. Federal Reserve will eventually damage the dollar and hurt investors worldwideHow future rising inflation and interest rates will harm your specific investments, and what to do about itThe future fall of China’s bubble economy, as well as current and future problems with European debtDetailed investment advice about real estate, retirement, annuities, life insurance, and much moreWhat’s next for stocks, bonds, currencies, commodities, and other assetsHow to buy and own gold and silver before, during, and after the coming Aftershock

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An Investment Guide to Mortgage-Backed Securities $69.95 The U.S. residential mortgage market is worth 4 trillion dollars-more than stocks, corporate bonds, or any other “headline” market.And since people will always buy homes, mortgage securities are among the most stable investment vehicles available anywhere. This book takes investment professionals and sophisticated consumer investors through the strategy, mathematics, and risk management of mortgage securities. From a basic explanation of how these investments work to the detailed math behind the savviest decisions, author Laurence Taff covers: * how and why to invest in mortgage securities, as compared to other fixed-income instruments * different types of mortgages and their markets * how to predict and model interest rates using universally accepted methods * how rate changes, accelerated payment, and early payoff can affect return * and much more All the information is supported by equations the author has developed in his career at one of the nation’s largest issuers of mortgages and mortgage securities. Author Biography: Laurence G. Taff (Cabin John, MD) is a Quantitative Systems Technologist for one of the nation’s largest buyers of mortgages and issuers of mortgage-backed securities. An expert in mathematical modeling and software coding, he is also an astronomical physicist and former Branch Chief of scientific operations on the Hubble Space Telescope project.

And Then the Roof Caved In: How Wall Street’s Greed and Stupidity Brought Capitalism to Its Knees $16.95 CNBC’s David Faber unmasks the truth behind the economic crisis, whose defining theme at every turn has been greed. Greed that, when coupled with the regulatory failure of the U.S. government, was allowed to rule the day.And Then the Roof Caved In painstakingly details what really happened to cause the greatest economic collapse since the Great Depression. Written by David Faber—the award-winning correspondent who has covered Wall Street for more than two decades—this compelling story is filled with the firsthand accounts of the bankers and regulators who unleashed this crisis on the world. They tell Faber what they did and why they did it.Faber traces the lineage of the subprime industry and takes you back to the attacks of 9/11, after which Federal Reserve chairman Alan Greenspan embarked on an unprecedented effort to help the economy recover by sending interest rates to all-time lows. Faber details the precipitous drop in lending standards, which allowed people with marginal incomes to take on mortgages they could not afford, and explains how those mortgages came back to wreck the financial system.And Then the Roof Caved In also reveals where this crisis was incubated—Wall Street—and introduces you to insiders from investment banks and mortgage lenders who fostered the boom and, in doing so, planted the seeds for such an astonishing economic collapse. Throughout the book, Faber weaves a narrative that takes you from subprime lenders like Quick Loan Funding and big investment banks like Merrill Lynch to regulators who tried to stop the crisis before it spiraled out of control and hedge fund managers who correctly foresaw the coming housing crash and profited from it.Engaging and informative, And Then the Roof Caved In offers a definitive, up-close and personal analysis of the roots of this stunning worldwide economic failure.

And Then the Roof Caved In: How Wall Street’s Greed and Stupidity Brought Capitalism to Its Knees $26.95 CNBC’s David Faber unmasks the truth behind the economic crisis, whose defining theme at every turn has been greed. Greed that, when coupled with the regulatory failure of the U.S. government, was allowed to rule the day.And Then the Roof Caved In painstakingly details what really happened to cause the greatest economic collapse since the Great Depression. Written by David Faber—the award-winning correspondent who has covered Wall Street for more than two decades—this compelling story is filled with the firsthand accounts of the bankers and regulators who unleashed this crisis on the world. They tell Faber what they did and why they did it.Faber traces the lineage of the subprime industry and takes you back to the attacks of 9/11, after which Federal Reserve chairman Alan Greenspan embarked on an unprecedented effort to help the economy recover by sending interest rates to all-time lows. Faber details the precipitous drop in lending standards, which allowed people with marginal incomes to take on mortgages they could not afford, and explains how those mortgages came back to wreck the financial system.And Then the Roof Caved In also reveals where this crisis was incubated—Wall Street—and introduces you to insiders from investment banks and mortgage lenders who fostered the boom and, in doing so, planted the seeds for such an astonishing economic collapse. Throughout the book, Faber weaves a narrative that takes you from subprime lenders like Quick Loan Funding and big investment banks like Merrill Lynch to regulators who tried to stop the crisis before it spiraled out of control and hedge fund managers who correctly foresaw the coming housing crash and profited from it.Engaging and informative, And Then the Roof Caved In offers a definitive, up-close and personal analysis of the roots of this stunning worldwide economic failure.

And Then the Roof Caved In: How Wall Street’s Greed and Stupidity Brought Capitalism to Its Knees $4.95 CNBC’s David Faber unmasks the truth behind the economic crisis, whose defining theme at every turn has been greed. Greed that, when coupled with the regulatory failure of the U.S. government, was allowed to rule the day.And Then the Roof Caved In painstakingly details what really happened to cause the greatest economic collapse since the Great Depression. Written by David Faber—the award-winning correspondent who has covered Wall Street for more than two decades—this compelling story is filled with the firsthand accounts of the bankers and regulators who unleashed this crisis on the world. They tell Faber what they did and why they did it.Faber traces the lineage of the subprime industry and takes you back to the attacks of 9/11, after which Federal Reserve chairman Alan Greenspan embarked on an unprecedented effort to help the economy recover by sending interest rates to all-time lows. Faber details the precipitous drop in lending standards, which allowed people with marginal incomes to take on mortgages they could not afford, and explains how those mortgages came back to wreck the financial system.And Then the Roof Caved In also reveals where this crisis was incubated—Wall Street—and introduces you to insiders from investment banks and mortgage lenders who fostered the boom and, in doing so, planted the seeds for such an astonishing economic collapse. Throughout the book, Faber weaves a narrative that takes you from subprime lenders like Quick Loan Funding and big investment banks like Merrill Lynch to regulators who tried to stop the crisis before it spiraled out of control and hedge fund managers who correctly foresaw the coming housing crash and profited from it.Engaging and informative, And Then the Roof Caved In offers a definitive, up-close and personal analysis of the roots of this stunning worldwide economic failure.

Arbitrage: Opportunities and Techniques in the Financial and Commodity Markets $352.02 New – Describes the meaning and history of arbitrage as it examines the theory behind interest and stock arbitrage in the different markets, such as fianancial futures, options and gold. Covers commodity trading in varying currencies and interest rates and currency swaps. Shows how to trade currencies or deposits in two or more investment markets, thus taking advantage of price differences in various markets.