Reserves for maintenance & repair

[Young Kim]

Hello Bigger Pockets Fam,

I was wondering how much I should be putting aside for reserves for maintenance and repair costs for my rental property. I do not want to underestimate the cost and get hit with a lump sum later in the future. This rental property has a brand new roof, floors, rennovated kitchen, new plumbing pipes, and new paint job done. I wanted to know if there is any formula you guys follow such as 1 percent of the property value, or 1 percent of insurance premium deductibles. How do you guys plan to find out how much money to put aside each month?

Great appreciate your answers in advance. Thanky you very much!