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How Much For Expenses |
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I am having trouble finding out what the true expenses are for the properties that I am looking into. Is there an average percentage of the purchase price that would at least get me in the ball park of what I could expect the expenses to be? |
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It should be a simple matter for a homeowner to tell you how much heat, cooling and light cost in the past year. Listing information should include the true tax figure, without any special exemptions. An insurance agent could give you a ballpark estimate for homeowners insurance. You should already have some idea of mortgage payments for the amount you intend to borrow. I can't think what other expenses you're asking about. For rental property in good condition, investors do have percentages they estimate for maintenance and for vacancies -- perhaps five percent of estimated rental income for each of those items. |
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Edith
Originally published on September 15, 2007 |
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