All Forum Posts by: Edward Ray

Hi BP'ers,I'm working on my first property.It is a city property that I own free and clear.I purchased it for 8K ,will put 40k in rehab(60% gutted). ARV might be about 55-60k Its a 3/3 duplex.Projected rents $625-$650 each unit.Here are some monthly expences numbers you guys can work with:

Insurance-$120.00/month

Property tax-$98.08/month(will increase after rehab)

Water-$250.00-$300.00/month

My question is how much should I put aside for:

1]taxes

2]vacantcies

3]repairs

4]misc expences

5]cash reserves

after those costs is there anything I can allow myself for free spending?

Thanks,

Edward L. Ray