How much to set aside for repairs and replacements?

[MarciaB]

Sorry if this has been covered.

On my rental, should I be setting aside a certain percentage of rents towards repair/replacement? And if so, what percentage is ball park?

Or should I just figure out the most expensive thing (roof?) and save up enough to cover that, knowing that I could cover anything else short of that??

Thanks for any of your good thoughts on this.

[arebelspy]

Figure out how long the various components have until replacement, the cost of replacing, and divide the cost by the time to get how much you should save per month/year.

EDIT: Here's a link that may help: http://www.biggerpockets.com/renewsblog/2011/10/25/how-to-determine-your-multifamily-capital-expense-budgets-and-recurring-replacement-reserves/

[MarciaB]

Resourceful and wonderful as usual. Thanks ARS!

[arebelspy]

No problem!  Feel free to post any follow up questions that doesn't answer or if anything is still unclear.  :)