What are your expenses for you property? What am I missing?

[Charles Kennedy]

Hi BP Community! 

I'm in the process of analyzing some deals and would like to ask current owners what sort of operating expenses they have? I know their is taxes, insurance, landscaping (if not doing it yourself), pest control (I suppose I could have tenant cover this one), and utlities (will definitely pass this on to the tenant). What are other recurring monthly operating expenses are there? 

I realize I should account for basic repairs like sinks/toilets/etc. 

Finally, unrelated, but what system do you use to collect rent from your tenants?

[Mitch Messer]

Hi @Charles Kennedy. You've already mentioned the main ones, but I'd add management, legal and vacancy. I'd recommend you include management expense even if you plan to self-manage. Legal includes expenses related to rent non-payment, like dispossessory filings and court representation. And, lastly, even though vacancy doesn't show up as a specific billable expense on your books, the resulting increase in costs are very real and can eat you alive!

For rent collection, we really like ACH via PayYourRent.com!