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Todd Weston
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Advice on financing our first investment property

Todd Weston
Posted Nov 28 2022, 19:03

Hello all. We are ready to make an offer on our first property. Our confusion is with finance options. HM vs conventional. It's a single parcel with two single family homes. A 3/1.5 and a 2/1.  Viewed them today. The 3/1.5 is move in ready. The 2/1 needs a reno. Ask is only $45k(not a typo:) ) Just got preapproved with Chase but they want $5900 is closing costs and fees. Is this normal? Seem ridiculous on 45k

Thanks, Todd

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Eliott Elias#3 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
  • Investor
  • Austin, TX
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Eliott Elias#3 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
  • Investor
  • Austin, TX
Replied Nov 28 2022, 20:10

Use a realtor, have them comp it for you and deduce yourself that it's a good deal. If it's worth 100k 45k is probably not a good deal 

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Todd Weston
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Todd Weston
Replied Nov 29 2022, 14:06

Thanks for help

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