I've heard a lot about creative financing with no money down... How does title search and appraisal fees factor into this? Is there a typical amount that title companies cost?
That's an insightful question. I would surmise it depends on the terms of the deal and what your seller, partner, funder is willing to cover up front.
No money down deals are probable but not likely even on a wholesale deal you would put down about $10 earnest money (mostly more that this if you want an offer accepted)and the title company would charge you a wiring fee of about $25-$100 to send you your money(at least in my area).
For a seller finance deal you could get away with no money down to acquire the property but you will still have to pay an attorney and RMLO fees to under write the loan and Promissory Note. And if you will be keeping it you may want to do an inspection on it or survey if it has a lot of land.
So in reality unless you know how to accurately process the paper work yourself then some money will be needed. But those fees still beat a 20% downpayment any day of the week.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Join the Largest Real Estate Investing Community
Basic membership is free, forever.