How much should to keep in reserves?

[Luka Milicevic]

Ever since I started investing I have been putting 100% of every penny of cashflow into reserves.

I work full-time and live off my W2 salary and I don't touch my investments.

I'm at the point where I would like to start re-investing my cashflow into either more properties or paying down debt. 

Since I have been putting 100% into reserves, I don't know any different as to how much I should actually keep to be safe.

My guess is it depends on the condition of the property and how much you believe will be coming up in capital expenditures. 

I'm not new to investing, but I am new to re-investing cashflow and I haven't found much if any info on what a "safe" amount of reserves would be. 

Is it a formula? Is there a general rule? 

[Eddie Werner]

The age and condition would be the biggest factors when considering how much money you need in immediate reserves.  If your dealing with newer properties your repairs should be very little but you might have the occasional hot water tank that needs replaced or a couple $100 repairs here and there.  If your properties are older you would need to consider the right amount based on the age of roof, furnace, AC, windows, appliances, etc.