CapEx/Reserve accounts for each property

[Tyler Smith]

I purchased my first property back in January and I'm getting ready to purchase my 2nd. I live in Seattle so I'm starting out with the turnkey route. All properties have brand new HVAC system, hot water and roof so my expected CapEx in the near future is minimal.

Do you guys have a different account for each property, one for reserves and CapEx? It seems excessive to me to have multiple accounts for each property. I was thinking about having 1 account for each property that I hold roughly $10k in to account for reserves, CapEx, vacancy ect. and then adding to the account as I get closer to big ticket items needing to be replaced. The properties I'm looking at are in the $80k-$110k SFR.

Is this reasonable? Too conservative or not enough? I would love to hear how all you RE pros set up your accounts!

[Terrell Garren]

Simple works for me - 21 SFHs, 1 checking account, 1 spreadsheet, 1 LLC, 1 umbrella policy, 1 Ford Ranger, 1 cell phone, 1 Cozy account. Usually around $20K in reserve. Life is good.