A new 18 yr old investor, looking for rental property help

[Larry Wilson]

Hey my question to you guys is if anybody can help me out by giving me  a quick rundown on all the expenses for a rental property? 

[James Wise]

Originally posted by @Larry Wilson:

Hey my question to you guys is if anybody can help me out by giving me  a quick rundown on all the expenses for a rental property? 

 Welcome to the site Larry. 

There are a ton of expenses associated with rental properties. Things such as taxes, insurance, property management & landscaping are relatively stable but will vary per property. On top of that you've got many other things that are variable in nature such as maintenance, vacancy, non payment of rent & utility bills. 

When you are analyzing rental properties a good rule of thumb for a quick analysis is to expect that you'll spend roughly half of your gross rental income every year operating the property. What that means is that a property with a market rent of $1,000 per month is probably going to cost you around $6,000 per year to operate. Some years it will cost more & some years it will cost less.