Rental Property Investor · Lehi, UT · Member since 2014 · 26 posts · 8 votes
Hey everyone, in your experience, how much in costs do you expect to see in getting a brand new or fairly new place that doesn't require repairs? $2,000? $5,000? $7,500? I want to make sure I get enough money saved up outside of just the down payment. Also how often do you just roll up these costs into the mortgage?
It REALLY depends on you! We are a DINK couple who has large income low expenses and lots of credit card room. So for us I am willing to "wing it for a few months" after every purchases were are very low on funds. We have done okay but again it works for our situation.
Having $6,000 or the cost of any large repair is what I live to have in my "oh shoot account".
Good number. How much do you live by that number as a golden rule? Also, in my case that would push me out a few more months on hitting my goal of getting a property relatively soon. Do you recommend to noobs to make sure they have all their bases covered or get out of being a renter sooner? Or do you have a completely different idea for this?
It REALLY depends on you! We are a DINK couple who has large income low expenses and lots of credit card room. So for us I am willing to "wing it for a few months" after every purchases were are very low on funds. We have done okay but again it works for our situation.
Engineer · Chicago, IL · Member since 2012 · 183 posts · 22 votes
11y
Elizabeth Colegrove that is a great point thanks for the input! I have always lived by the same principles having low personal expenses gives me assurance and allows me to sleep easy at night ????
What does DINK stand for?
Engineer · Chicago, IL · Member since 2012 · 183 posts · 22 votes
11y
Elizabeth Colegrove that is a great point thanks for the input! I have always lived by the same principles having low personal expenses gives me assurance and allows me to sleep easy at night ????
What does DINK stand for?
Engineer · Chicago, IL · Member since 2012 · 183 posts · 22 votes
11y
Elizabeth Colegrove that's a great point thanks for the input! I have always lived by the same principles, having low personal expenses gives me assurance and allows me to not worry about the cost of major repairs on my property.
By the way what does DINK stand for?