How much do I set aside for expenses in Texas?

[Austin Copas]

Hello, I'm Austin I was wondering how much money I should set aside every month for the different utilities and expenses. Since I am too young to legally own a multifamily property myself I am going through LoopNet and running the numbers on different properties to find deals for practice. I have a spreadsheet that I made with different utilities and expenses that include taxes, insurance, water, sewer, garbage, electric, gas, internet, lawn/snow, HOA Fees, vacancy, repairs, CapEx, prop. management, mortgage. I was also wondering what are the best ways for the tenant to pay for these utilities because I saw a few ways such as a flat rate or paying for only a few of the utilities? This would really help me and thank you for the help!

[Joe Funari]

@Austin Copas First, if you buy a multifamily here in Texas make sure there are separate utility and water meters for each unit. Tenants should be responsible for paying all utilities. Also, don't provide a refrigerator, washer, or dryer. These are also tenant's responsibility too. This is what is typical here in Texas with rentals. Get with a good insurance agent in Austin area that will give you quotes when your ready to buy. Also, good rule of thump I use for annual maintenance expenses is $2K per year per door. It always seems to work out that way for me with my rentals. Property taxes vary greatly depending on the county appraisal districts "assessed" value. But you can look up what the property tax rates for the city your looking in to get a percentage rate. Hope this helps.