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Updated over 9 years ago on . Most recent reply
Rental Property-Please Help
Hi all,
Looking to place my first offer on a rental! I'm very ambitious... Maybe too ambitious? Anyways, I'm trying to figure out my numbers and I want to talk this through with some pros in the industry. I ran a basic spreadsheet to try to figure out my expenses vs. my income. This is on a 3-unit, but I am requesting and FHA Loan and will be residing in the 3 residence. The mortgage figure is accurate. My biggest concern would be the figure beside home owners insurance. I'd be ecstatic to hear any advice/encouragement! Critics welcome!
| Expense | Income | |||
| Yearly | Monthly | |||
| Mortgage | $7,668.00 | $639.00 | Unit 1 | $750.00 |
| Home Owners Ins. | $1,500.00 | $125.00 | Unit 2 | $750.00 |
| Mortgage Ins. | $1,000.00 | $83.33 | Garage | $75.00 |
| Property Tax | $3,225.00 | $268.75 | Cable | $180.00 |
| $1,116.08 | $1,755.00 | |||
| Cash Flow | = | $638.92 |
Most Popular Reply
@Cole Fisher Assuming you're planning to self-manage, I'd include vacancy and maintenance/repair estimates. We estimate 10% of monthly rents for each.
You should be able to give your insurance agent the address and get an ballpark estimate on the homeowners insurance.
You may also want to consider personal liability insurance. Agent should be able to quote that as well.
Good luck to you!