Has anybody recently closed on a investment property in Erie PA? I have a duplex under contract ~ 70k and the projected closing costs came out to roughly $6800. Is this standard for the area? This is my first time pursuing this market but the pricing seems kind of high to me.
Any advice? Recommended lenders in the area?
Hi Bryce. Is that just lender and attorney fees or is there an appraisal, transfer tax, property taxes, etc included in the closing costs? It doesn’t seem extraordinarily high but a little more detail may help.
What kind of loan is it? Is loan in your name or an LLC? I buy properties in an LLC the closing cost is around half that but I have to put 20% down.
Thanks for getting back to me, all expenses included, closing fees, escrow, the whole deal
Hey Allen, it’s an investment loan 25% down at 5.375%. At 70k right now negotiating a few things after the inspection but down payment at the moment is 17.5 with the loan at 52.5 over 30 years