FIRST RENTAL PROPERTY

[John Calafato]

HELLO

IAM ABOUT TO PURCHASE MY FIRST RENTAL PROPERTY.IT IS A MULTIFAMILY UNIT IN A NICE TOWN.I HAVE USED THE BP RENTAL CALCULATOR TO SEE WHAT MY PROFITS WILL BE,BUT                  I JUST WANTED TO ASK BESIDES MORTGAGE ,PROPERTY TAXES,HOMEOWNERS INSURANCE,UTILITIES FOR COMMON AREAS,WATER,SEWER AND PROPERTY VACANCIES.

WHAT ELSE AM I MISSING EXPENSE WISE TO TAKE FROM THE RENTAL PROFITS THAT WILL BE A MONTHLY EXPENSE TO MYSELF

THANK YOU 

JOHN

[Rich N.]

@John Calafato

some of the things you could think about in your calculations.

1. Legal expenses - fed/state taxes, corporations, court, travel, annual taxes (cpa, turbo tax)
2. Operating expenses - lawn, snow, repairs/replace for bulbs, detectors, window/screen, paint...etc
3. Capital expenses - roof, windows, appliances, furnace/boilers, water heaters