How much should you budget for rental property maintenance?

That's the question for today's episode of Ask Coach, and we're getting started right now.

Welcome to the Ask Coach edition of the Real Estate and Financial Independence Podcast.

My name is Chad Carson. I'm your host. You can also call me Coach Carson.

I really appreciate you being here today. If you're new to the show, this is a show all about investing in real estate so you can achieve financial independence and do more of what matters.

Today's question is one of those very detailed but really important questions

for those of you who are going to be a landlord and own rental properties. It's one of the

common questions I get. And it has to do with when you're buying a property, when you're

evaluating the numbers, how do you know how much to estimate for maintenance repair costs?

So my first response to this question is going to be that it depends.

And I know that's a very unsatisfactory answer, but it depends because every property is a little

bit different.

You know, if you have one parental property that is very old and has all sorts of things that

break all the time or that has a really big yard where you have to do lots of yard maintenance, that's going to be very different than a brand new property that's very small and easy to fix up and has no yard, for example. So just know that up front that this is going to this even the answers I'm going to give you are going to vary. But I'm not going to try, I'm not going to leave you with the unsatisfactory answer completely. I'm going to try to answer this by, first of all, giving you a few the categories of how, what you're looking for with this kind of maintenance, like where, where this money actually goes. So I'm going to talk about that, number one. Then because I've had 17 years of experience being a landlord now, I had the benefit.

I went back when I got this question and looked at historically on one particular property

that I've owned for a long period of time over 10 years, I wanted to see what my maintenance

cost and some other kind of costs called capital expenses that I'm going to talk about in a minute,

what those total costs were for that property over time and then what that averaged going to talk about in a minute, what those total costs were

for that property over time and then what that averaged out to on a monthly basis. So I'm going to

share that specifically with you. And then I'm going to try to give you a best practice what I would do

when I'm looking at properties going forward, even when you're not exactly sure what the maintenance

costs are going to be. I first want to talk about the categories of maintenance because this is such a fuzzy word

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