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Morgan Smith on 20 May, 22
How To Estimate Your Rental Property Expenses.
Investing in rental properties can be rewarding, but accurate expense estimation is vital. Key costs include mortgage payments, property taxes, insurance, maintenance, management fees, and reserves for major expenses. Budget 1% of the property’s value annually for repairs and 5%-10% of rental income for unforeseen costs. By planning ahead, you can ensure profitability and long-term success.
“Good property management is the cornerstone of successful rental investing.”
Experts recommend saving 1% of your property’s value annually for repairs and 5%-10% of rental income for unforeseen expenses.
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