FHA Loan Using BP Calculator

[Femi Chebaís]

Hey BP Family, Couple questions that I can appreciate any advice on. 

So I'm currently in the deal analysis phase of my investing career, and as a first time homeowner/beginner investor, I thought it'd be best for me to start off using an FHA loan in a multi-family home to begin my investing career. When using the BP calculator for deal analysis, how can I get an accurate estimate of my expenses per month, If I plan to use an FHA loan? Is there a general rule of thumb that I can use for the following?

1. property taxes,

2. Insurance

3. Repairs & Maintenance

4. Vacancy

5. Capex

6. Management

It is to my knowledge that with an FHA, the taxes and Insurance (PMI) come included in one price, how would I account for that while using the BP calculator?

[Joseph M'Mwirichia]

Femi, great place to start. As for specifics on your question, here you go:

1) usually stated on the listing, but easy to get from your local  property appraiser's office with the address in hand.

2) look at similar listings in your vicinity, you can get a pretty good estimate of what this figure will be

3) this is variable depending on age and condition of the property, most peeps estimate 5-10% of monthly gross rent

4) 5-10% is a fair estimate, to allow for turnover 

5) see #3 above

6) anywhere from 5-10% of gross rents as well.

There's a field to enter the PMI on the calculator.

All the best! BE GREAT!