Estimating Operating Expenses

[Eric Lopez]

To my BP family,

When I am running my pro forma on a potential investment property, I always get stuck on whether or not my expense numbers are correct. I can accurately estimate utility costs as most util companies have estimated usages and amounts on their websites, but costs like maintenance, CapEx, make ready, etc., are much harder to estimate. Without having actual numbers to use at my fingertips, how do you accurately (as best as you can) estimate these expenses?

Thanks!