Hidden costs of buying a house

[Justin Hanson]

I am wondering if you tally up all costs that come with purchasing a home (turn key rental for this example) such as title and escrow, closing costs, property taxes, etc. What is the average total cost as a percentage of the homes sale value? My wife and I are Looking to buy our first investment property and want to get an idea of how much money we will need to get started. We plan on financing the home with conventional financing, 15% down. We live and are looking in Oregon

[Ryan Bakerian]

Quote from @Justin Hanson:

I am wondering if you tally up all costs that come with purchasing a home (turn key rental for this example) such as title and escrow, closing costs, property taxes, etc. What is the average total cost as a percentage of the homes sale value? My wife and I are Looking to buy our first investment property and want to get an idea of how much money we will need to get started. We plan on financing the home with conventional financing, 15% down. We live and are looking in Oregon

There's going to be a lot of variables here especially with property tax numbers and pre paids. I'd say 2-3% on average but again it's a hard question as it varies by state. I'd contact a lender in your area and they can get you a good faith estimate if you give them some numbers on a property.