Running the numbers on your first property
Hello everyone =)
I am looking at making my first deal. I am currently in the stage of crunching the numbers and everything seems straight forward math wise (income - expenses) but my question is in regards as to HOW to calculate those expenses, specifically utilities.
I know you can look up past property taxes for a property on the county website but how do you go about finding what the past electric, water, sewer, and garbage expenses will be? Im a newbie so any direction would be greatly appreciated.
Thank you
Jimmy
Most Popular Reply
Hey Jimmy, You should be running numbers as if you are not living in the building. Hopfully it has separate utilities so you can put that on the tenants. It is typical that landlord will provide W/S and lawn/ snow. Some landlords provide trash some do not. Personally, I do. Call around to trash companies and check with local municipality to see average water bills. (this is assuming you are on city water and sewer).
Feel free to reach out with any questions on running numbers! best of luck.