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Updated over 6 years ago,
Costs on a 20+ unit building
Not sure if this is the right spot for this but if you've seen any of my other posts you know I'm a newbie (zero properties so far). While my plan is to start small (2-4 unit multifamiles), I came across a property with ~30 units that lists for 1.3M. I'd love to eventually get to this point and I've read and heard on the podcast that you shouldn't necessarily start small, so I figured I'd try to run this property through my calculations.
That being said, I'm trying to understand some of the additional costs that may be involved with a property of this size. No doubt I would hire this out to a property manager, which I've been told to estimate 8-10% of revenue. I'm still estimating a 10% rental fee. Besides the obvious costs like utilities, insurance, maintenance, and taxes, are there other ones I need to know about and what they would run? The only other one I can think of is waste management/trash removal fee but I have no clue what this would cost.