Hi everyone,
Iam in BC right now & I am currently in the stage of looking for a realtor in Saint John ,NB to look for my secondary investment property. My budget is 150k-170k plus 5% closing cost and hope to get duplex with that range. I hope someone can help with what kind of big expenses are in the multi family properties i need to know when looking for properties(can only think of roof, deck, insulation , heating system )
Also, Not sure if I jump ahead but I am trying to sort out all the related expense for rental property below with my conservative estimate per year
Property management fee (10%)
insurance :2500
property taxes: 2000 -3500
Owner paid utilities : 2500( in case of paying oil burning heating system , if tenant pay their own electric heat so i guess i can eliminate this expense)
snow/lawn: 1200
Accounting cost: 100
Vacancy reserve (5%)
Maintenance reserve (10%)
Can anyone give the idea if i include these expenses correctly ? or plz let me know if there are any thing i miss
thanks a lot
