All Forum Posts by: Victoria Coleman

@Rick Martin Thank you Rick! I would like to house hack my first property and self manage. I would then like to move to property management once I move out and rent out the other unit.

@Ryan Daigle Thank you for the advice Ryan! I’m currently educating myself, doing some research/reading every day. Thank you for the book recommendation as well, I’ll look into that!

@Greg Dickerson Thank you for the help Greg, I appreciate it!

@Brian Briscoe Will do! Thanks for the insight Brian, always helpful!

For those of you who invest in small multifamily properties, what are some of the mistakes you’ve made? What advice would you give a beginner interested in investing in small multifamily properties?

@Bill Brandt Yeah, I’m not interested in doing much rehabbing. At least not to start out. Thanks again!

@Bill Brandt Thank you for the information and tips, this was very helpful! Only $600 spent on “repairs” in 5 years, sounds like a miracle haha. I see your investments have absolutely worked in your favor. Thanks again!

@Evan Polaski Great! Thank you for the feedback Evan, very helpful!

@Bill Brandt Thanks for the response Bill! I appreciate it. Everything I’ve been reading so far has referred to accounting for repairs as a percentage of your rental income. Typically 5-15% to set aside each month so when it’s time to make do a repair, you already have some, if not all, of the money to pay for the repair.

I’m having a hard time figuring out how to calculate repairs. I have a few of questions.

1. How do you figure out what percentage you should set aside from your rental income per month for repair costs?

2. In "The Book on Rental Property Investing" Brandon provides a Capex estimation process table, but how do you accurately calculate your capex? Do you ask the previous owner when was the last time each item was repaired and then ask contractors how long each item will last and how much it will cost to repair?

3. Should repair costs and capex be separate? Or can you just factor them in together?

I appreciate any feedback in advance!