Updated over 5 years ago on . Most recent reply
First deal...$25k closing on $300k house??
Buying my first deal. A house in US Virgin Islands for short term rentals. With $30k down on $300k house, they are saying we might need $25k in closing fees. Sounds like "we need 20% down but want to trick you into thinking its 10% by spreading money across fees and down payment".
Holy smokes. This puts a dent in my plans to buy 2 more locally in 2 years. I was budgeting $30k a year for down payments. Was looking at $180k non-primary and $600k primary house.
What are your thoughts?