Typical Emergency Fund

[Joseph Waitkevich]

I am planning to purchase a multi-family proprerty in the relatively near future which I intend to house-hack. I would like to save up enough for both my down payment and an emergency fund. From experience, what would be a wise amount to have leftover in reserves after any down payment/closing costs? 

[Scott Trench]

Quote from @Joseph Waitkevich:

I am planning to purchase a multi-family proprerty in the relatively near future which I intend to house-hack. I would like to save up enough for both my down payment and an emergency fund. From experience, what would be a wise amount to have leftover in reserves after any down payment/closing costs? 

 Obviously the real answer is “it depends” on the condition of the property, cost of construction in your area, etc.

But perhaps a good starting point is $10,000-$15,000 for the first structure, and piling on $5,000 to $10,000 for each additional structure.

Another way to do it is to set aside 6 months of PITI per property.