I need help penciling in expenses as a best guess before potentially making an offer on a building in Moncton NB that is larger than I've owned in the past. I have yet to walk the building (I've seen some pics and it looks decent inside) nor do I have details yet that insurance brokers typically ask for.
-14 unit, brick exterior, 70-80 years old, older wooden windows, hot water rad heating
Expenses I need help with:
Hot water rad heating:
Hoping to leverage your guys and gals experience on this one to get a rough idea.
@Ryan Kenneth I'd suggest reaching out to your PM to help estimate expenses for a prospective property. Here is what I have for costs on a 22 unit building in Moncton:
Cleaning (common areas, with 4 entrances, 3 stories): $1,000
Garbage removal: $4,000
Radiant heating.... only applies to 3 units in the basement, so not comparable.
@Ryan Kenneth If you are not able to get the info, you can use a rough % is 40% expenses. If you have to pay a double owner tax for being non resident then you will want to facture that into your expenses to or if pest control is needed. Usually 40-45% is a good estimate. Good luck.
Chris, thank you for the insight on this! That helps a whole heckuva lot.
Huong, that is a very useful formula. I will definitely take note.
You two are like batman to the bat signal on this forum! Much appreciated.