All Forum Posts by: Stephen Palmer

Good point. I’m not thinking about putting money aside for city water/sewer, putting money aside for potential repairs, etc. I don’t have any hard numbers yet, as this is my future plan. What would be the best way to roughly estimate how much I should be putting aside each month for things that may come up? I’ve read somewhere that putting aside 30% of the total rent gathered would be a good start in order to pay these things. Would I also be able to call town hall and ask for city sewer expenses on a property for the past year? Should I also be thinking about how much taxes are going to cost or is that going to be rolled into a traditional mortgage?

Thank you so much for your responses, I’m very much a newbie

Currently my rent is about $1500 a month for my apartment. I am looking to buy a Multi, and I am trying to understand fundamental concepts and definitions. If I move into the first floor, renting out the second with the idea that the tenant pays most of the mortgage. If I am left with a $300 payment after the tenants rent, am I technically making $1200 cash flow since I drastically decreased my cost of living each month?