[quote=gzz]
Also, to be a true apples to apples comparison, the excess rent over expense would also need to be “reinvested.” [/quote]
If some of the excess rent was used as down payments on new properties, then it was reinvested. And if you’re doing your own property management, you’d want to include a cost based on that time. So doing an apples to apples is pretty darn near impossible given all the little details that add up. (I’m sure there are even more details that I haven’t thought of.)
