Calculating Net Operating Income

[Kevin Hassold]

When calculating NOI, should I be including my budgeted costs for vacancy, repairs and maintenance, and capex expenditures in my operating expenses to get to my NOI or should this not be included in operating expenses and these costs are paid with my NOI along with the mortgage?

[Austin Fruechting]

I would put it all above the line, then the NOI - mortgage = cash flow.