CapEx Reserves for High Rise w/ HOA

[Zak Klobucar]

Just wondering if people are typically holding additional money for large Capital Expenditures when purchasing a rental property in a high rise. I have money put aside in my calculations for repairs and maintenance (typically 10%), but for a SFH, I also keep an additional 10% for CapEx. If I'm paying an HOA (usually in the $250-$300 a month range), would this cover the bigger ticket items that occur outside the interior perimeter wall of the residence?

I'm assuming the 10% repairs and maintenance would suffice, as the HOA would replace the CapEx...correct? Or am I forgetting something that could bite me later down the road?

Thanks very much everyone!!!

[Zak Klobucar]

Excellent advice Jessica, thank you so much for your input!  This helps a lot and puts me on the right track...you're a rockstar!