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the house made of cardboard?
Not that I a guru, But what I do is I pay cash for the property. Fix it up then I refinance and pull all my money back out, I usually profit around $100 a month from each property. I can usually pull more money out as well when I refinance. One property I was able to pull out $5k extra. I buy rentals for retirement so no matter what I make per month I save it. I would say 18 days need to be set aside for vacancies, and $50 a month for repairs. Like niceshoe says Try to keep about $3k per property in reserves. I would say once you have $3k in reserves for each property I would try to pay down the principal. I sure once you get more properties you won need 3k for each property. Just my thoughts.
not a hurricane and you not covered. Awesome! Can you say " I screwed?"
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House WILL need a new roof, new windows, refrigerator, washer/dryer, lawn mower, water heater. We can pretend these things don exist and don cost money to repair or replace. A lot of people use 10% of revenues as a budget number. I think that may be good for a condo but that too low for a SFH. $50/mo = $3,000 every 5 years. That doesn even cover repainting, small repairs, advertising, etc. With SFH you should plan to maintain the home, not run it down to shambles through lack of maintenance.
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Finally, especially if your goal is to continue buying and renting properties, you must have healthy cash reserves or liquidity you can tap (home equity line of credit, investments, something). Then you have a hurricane hit Virginia and a huge tree will crash through the roof of your nicest home, destroying the roof and most of the 2nd floor, and the insurance company will claim it was a mudslide, Nike Roshe Run Leopard Print
how much do you keep in reserve per property
Personally, I think $50/month for a SFH is Nike Roshe Run Kids Red wayyy too low. $600 a year? Is Nike Roshe Run Mens Black And Orange
My goal is to shoot for 3 6 months of cash reserve.
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