Hello PF,
My question is regarding the emergency fund because a new variable just came into my equation.
Just with my income and debt, I make enough to put away ~$300 per month in my savings (right now) which I think is pretty good. On top of my $10K emergency fund that I created for myself after graduating, I've never had any problems where I had to dip into it. The only time was when I do something nice for my girlfriend but I immediately make up the difference. Now that $10k has grown close to $30k.
Next year I'm going to be hitting 30 year old mark and my dad is nearing his retirement. He owns property and he has asked me to manage it for him.
The properties mortgage and utilities is pretty much paid for with the rent (maybe add $200/month during the winter season for the heating since that is unpredictable).
What I was thinking was about problem tenants. NYC laws are ridiculously protenant so if I have any problems where I went to court, I feel as if the tenant won't pay rent. I would have to make up that money somehow, so how much should I keep in my emergency fund?
Right now a two bedroom in my area is $2,500 so should I keep one year's rent ($30,000) in the emergency fund?
Submitted November 10, 2018 at 09:24AM by shadeslayer89 https://ift.tt/2Pn3TBC
