Beginner Investor, Starting in Multi-Family (Louisville, KY) - Looking for ways to determine the EXPENSES associated with ownership

[Felix Sharpe]

Hello BP Community,

I am a new investor. My wife and I have been waiting for a multi-family property that works for us, between 2-4 units, to come onto the market. In addition to being new investors, we’re moving to a new state, so I’m not familiar with insurance costs, utility costs, etc. in this market. This is making it difficult to estimate the actual expenses for the property, which in turn, makes it difficult to determine potential cash flow or lack of cash flow. Income statements from sellers have only listed the rental income, not expenses. My questions are:

• 1. How can I accurately determine the actual expenses for a property including garbage, electric, insurance, sewage, etc. (I’m already familiar with looking up the tax assessments)
• 2. Seeking any general advice on being a new investor

• 3. Any general advice on multi-family specifically (just watched the BP webinar on the subject)

• 4. Any general advice on the Louisville, KY market

Thanks BP!