Question on you’re first rental property
Hi everyone,
I am looking for my first rental investment currently and I was just curious to hear about you’re first rental property. I don’t hear bigger pockets touch to much on how much reserves if any you should have in you’re savings for the inevitable fix on a rental property . I’m asking because if I go the 20-25 percent down I am wondering how much buffer I should leave Incase I run into problems with the rental. Thank you
Most Popular Reply
@Tony Gaultney first of all, St. Louis is a great city to invest in.
My first rental property was probably different from most. I paid cash and had some cash left over. I hold a certain percentage of each rental payment in a reserve account.
You need to have enough buffer to cover a turn and/or a large expense. When you use that money, replenish the money.
How much does a new roof or an HVAC cost in St. Louis?