How to plan for costly maintenance??

[Brandon Benifield]

How do you plan ahead for very costly maintenance issues with your property? For example a roof that needs to be redone for $10,000..

[Jackson Carr]

Hey @Brandon Benifield,

It is as simple as putting away a certain percentage of your Gross Income per unit per month.  I am in the maintenance field so I try and plan everything out.  I use a very large excel spreadsheet.

2021- New roof on duplex quoted at 12k.  That is 5 years from now meaning I need to put aside 100/unit/month for that. 

2018- Replace Back unit range quoted at 600.  2 years at 13/unit/month

Emergency Issues- 100/unit/month based off history, age of units, and tenant pool. 

Total Maintenance/Capital reserves = $213/unit/month. 

ETC.  My list is much longer including driveway, garage doors, painting, bathroom fixtures, kitchen fixtures, retaining walls. 

If you need any help or would like to see an example of the spreadsheet I would be happy to send it to you.

Goodluck,

Jack