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What Is A Good Amount To Have In Reserves?
Hello Again Good People of the BP Community.
I just rented out my 1st SFH rental property which I own free and clear. All major systems have been well maintained. Other than saving a certain amount from each rent payment (for taxes, insurance, PM, general repairs, maintenance, Cap X, and vacancy), does anyone have a rule of thumb for what a good amount of reserves would be for a SFH or any 1-4 unit property? I feel like I should transfer some personal funds to make sure this property is well covered before I purchase my next rental property. Any feedback would be greatly appreciated.