How much saved cushion when buying a multifamily

[Benjamin Brooks]

Hi all,

How much cushion should you have saved for fees and misc expenses when buying say an investment multifamily property?

For example say I have $100,000 saved and go to buy a $400,000 complex with 20% down so 80k down. is that 20k cushion enough to cover any misc expenses/emergencies or things that may arise on a typical deal? I know for personal finance 6 months expenses is generally a guideline for an emergency fund, is there a similar amount or % of property value to hold as an emergency fund? Thanks 

[Rick Martin]

@Tanner Morrill, capital reserves. Not Capex budget. Capital reserves and operating capital are separate from the Capex (renovation) budget.