First primary residence/investment property purchase question

[Igor Z.]

Hi Everyone!

Iam currently looking at purchasing my first primary residence that is a 2 family with a 1 bedroom rental.

Seller and myself are going back and forth on the purchase price. The property is in Staten Island New York and will be financed through FHA. Purchase price 430K ( rent for 1 bedroom estimated at 1100 and for 3 bed 1.5 upstairs should go for around 2300 once we move out and rent the entire house. I am trying to run the numbers and I was wondering if its worth It to roll the closing costs into the mortgage instead of out of pocket? Is that a worthwhile strategy for a buy and? hold that will be refinanced in about 5 years. Any input appreciated. Thanks.

[Darren Sager]

I think that its all about your current cash position and your return on investment.  It's a personal choice however I would say in most cases my opinion its best to cover the closing costs and not finance them.   That's my opinion.