Updated almost 7 years ago on . Most recent reply
Question about the Rental Property Tool
Hi everyone,
I've been using the rental property calculator tool and I have a question about filling it out correctly. Under the "purchase closing cost" section they suggest $1,500-2,500 but my projected closing costs are significantly higher. For example, I was going to put down 5% on a $224k house and my closing costs were $24,500. The 5% down alone was $11,200, so I'm trying to figure out how Brandon's examples always suggest under $3k for closing. I want to ensure I'm doing the numbers correctly so I can get accurate stats.
I noticed that we also have to choose what our down payment percentage is (which I put in 5%), so I wasn't sure if the way I'm doing it is including the 5% down payment in both sections Thanks for any and all advice!Most Popular Reply
How much you put down is not considered a "Closing cost". It is part of the money you need to bring to the closing table.
If anything the Baltimore market should be higher. You can easily get 8% cash on cash return in Baltimore for the right property.
Something is wrong if the closing costs are $24k.