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Updated almost 11 years ago, 01/13/2014

Mike Fitzpatrick's profile image
Mike Fitzpatrick's profile image
Mike Fitzpatrick
  • Real Estate Investor
  • from Framingham, Massachusetts
  • Member since Nov 26, 2013
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User Stats

28
Posts
3
Votes
Mike Fitzpatrick's profile image
Mike Fitzpatrick's profile image
Mike Fitzpatrick
  • Real Estate Investor
  • from Framingham, Massachusetts
  • Member since Nov 26, 2013
Connect
Mike Fitzpatrick
  • Real Estate Investor
  • Framingham, MA
3
Votes |
28
Posts
General Landlording & Rental Properties

Reserve Accounts

Mike Fitzpatrick
  • Real Estate Investor
  • Framingham, MA
Posted

How much do you guys keep for reserves?

I am just starting out with a 4 family and a 3 family and am targeting to keep the following for EACH property:

Operating Account = 2 x monthly mortgage taxes and insurance (MTI)

Reserve account = 2 x monthly MTI, plus auto-transfer of 10% of rent collected each month

What do you guys think is a good best practice?

Thanks,
Mike

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