Reserve funds for your properties?

[Geoff Husa]

Hey everyone I'm curious how many of you maintain a separate reserve fund for your properties so as to handle longer vacancies, or other things that come up like with COVID where tenants/payments might get a little scarce. I'd love to hear your numbers on how many months' expenses you keep in reserve, if any.

Also did you start out with the reserves on hand when you purchased, or did you accumulate it over time?

If you maintain several properties, do you maintain one fund to cover them all, or do you maintain one fund for each property?

Also do you have any wisdom for folks as to why they should keep a reserve? Or if you don't keep one, what are your reasons?