Hello Fellow Investors:
We are considering MLF Investing.
MLF Unit: 7 Units, Price: $550,000.00
What is the Thumb rule when performing the Analysis for: Closing Costs, Appraisal, CPA + Lawyer Fees, Inspection, Insurance, and Umbrella Policy (1 Million).
@Kishore P. its impossible to answer without knowing more about the transaction.
Legal fees can be from $1000 to 10k if you are syndication. (i wouldn't think you would on 7 units).
Closing cost could be 1%-2% of purchase price, CPA you don't need for closing.
appraisal for 7 units could be around $1000-$1500.
Home-inspection maybe $150-$200 Per door Max. depends on the "depth" of the report.
Environmental Phase 1 around $1500 if you need one.
If you borrow money you will have some other conveyancing costs and maybe points from the lender to pay. Title insurance etc etc.
The lender or title company should be able to give you a settlement statement with breakdown of everything.
@Hadar Orkibi: Thank you for the response, appreciate it, Hadar.