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Updated almost 7 years ago on . Most recent reply

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Alyssa Hammond
  • Timonium, MD
6
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14
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Question about the Rental Property Tool

Alyssa Hammond
  • Timonium, MD
Posted

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

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16,986
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Ned Carey
  • Investor
  • Baltimore, MD
13,334
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16,986
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Ned Carey
  • Investor
  • Baltimore, MD
ModeratorReplied

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.

  • Ned Carey
  • Loading replies...