Problems with estimating costs

[Keleisha Carter]

I recently became a PRO member and I accepted Brandon's challenge to analyze at least one deal per day. This has been a challenge because as I start to analyze a property, I get stuck as I do not know some of the figures to input. I do not want to guess as that wold make the numbers inaccurate. Some of these figures include. Vacancy rate, Sewer, water, Repairs, Cap Ex and sometimes closing costs.

I am looking to invest my first rental property in West Palm Beach particularly in Boca Raton, Delray Beach or other surrounding areas.

Any advise on how to go about finding these costs so I can analyze the deals properly?

[Mitchell Jaworski]

@Keleisha Carter I have some preset %'s in my property calculator that I use for vacancy, maintenance and reserves.  I talk about this in blog posts as well, send me a direct message if you'd like to see the calculator.

As for closing costs, there is a difference on whether it's a cash deal or financed.  Financed closing costs can end up being anywhere from 3 to 4% of purchase price in my experience.

Water depends on the town, boynton beach is $50 minimum, but $75-80 is typical cost of home.  You can always call water department of a town and ask average cost.