Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Multi-Family and Apartment Investing
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 6 years ago,

User Stats

14
Posts
3
Votes
Elias Hibbard
  • Liverpool, NY
3
Votes |
14
Posts

First Rental Costs / expenses

Elias Hibbard
  • Liverpool, NY
Posted

Can someone please provide a list of all costs and expenses for acquiring a first rental. I am looking for a 2-3 family to occupy and rent out the other units.

I am curious about all initial costs as well as monthly costs for factoring in when trying to decide how much rent needs to be in order to make money

So far for down payment closing costs I am considering

-Down payment (3.5% with FHA)

-first year taxes (school/county/maybe Village)

-Lawyer (in upstate ny so have to have a lawyer)

-home inspection

-appraisal

-home insurance (is 1 year of insurance payment due upfront?)

-liability insurance (is this due up front too?)

-uhaul (have to get my couch and bed from point A to B after closing)

Monthly cost I am currently factoring in:

-Mortgage (including escrow for taxes/home insurance/liability insurance)

-Utilities(water /electric/ gas)

-trash pick up (is this separate or included service that comes with paying taxes?)

- 8-12% for possible management company in the future

-8% for repairs/maintenance (should this number be higher or lower)

Anything I may have missed or any insight on what I have listed? Please and thanks! 🙏🏽

Loading replies...