$$$ Closing costs & Inspections?
Hi Everyone!
Hoping to get some answers on how much to plan for these items to cost:
- Closing cost - title policy
- Property Inspection per unit
- Lead paint inspection per unit
All properties would be located in Columbus, OH, multi families of 50+ units and B to C Class properties.
Any help or referrals to where I can get these answers would be great. THANKS!!
The best way to get these costs is just ask your mortgage broker what they expect these costs to be for your market. They usually have a pre-filled sheet with all those numbers. I would take those numbers and add a little bit more just in case. FYI - I bought a 54 unit but my costs were a little skewed since I did owner financing.
Call some title companies and property Inspectors and get estimates
Originally posted by @Lalita Mitchell:
Hi Everyone!
Hoping to get some answers on how much to plan for these items to cost:
- Closing cost - title policy
- Property Inspection per unit
- Lead paint inspection per unit
All properties would be located in Columbus, OH, multi families of 50+ units and B to C Class properties.
Any help or referrals to where I can get these answers would be great. THANKS!!
I've seen property inspections here in Columbus for larger commercial assets around $4000-$6000 for the size of apartments you are looking at. Depends how thorough and what level of inspection you want. But we just did a 47 unit and it ran the client around $4700 and we had another quote close to that. So a good ballpark might be 100 per unit for the inspection, but again that can be all across the board. Lead paint inspection i've never seen. Anything built before 1978 just has a disclosure that there may be led paint present.
