How much in reserves do I keep for my SFR portfolio?

[Johnny Thompson]

As I am starting to fill out my portfolio with SFRs, how much should I keep in reserves per house to be safe? Would you set aside a certain amount per house or do you have a set number (ex. $50k) for your entire portfolio then just replenish if used?

Any help would be appreciated.

[Kerry Baird]

I think about how much I need in reserves, so that I can qualify for the next conventional loan.  

Fannie Mae, the government agency that guarantees or backs conventional loans, changes up these requirements regularly. It used to be a number of months of payments...six months...per property of principal, interest, taxes, insurance and HOA. This year there is an updated set of parameters:

Fannie Mae multiple family reserves

Now we need six months PITIA plus 6% of the aggregate monthly payments.  This can be in retirement accounts...go to the link.