[Calc Review] Help me analyze this deal - Are the CLOSING Cost Estimates HIGH!?

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  • Jaycee GreenePro Member
    Real Estate Consultant · St. Louis MSA · Member since 2024 · 3k+ posts · 728 votes
    1y
    Quote from @Robert Shepard:

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    *This link comes directly from our calculators, based on information input by the member who posted.

    Hey @Robert Shepard, welcome to the BP Forum! Are those closing costs inclusive of the costs charged by a Hard Money Lender?

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    • Robert ShepardPro Member
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      Member since 2024 · 8 posts · 1 vote
      1y
      Quote from @Jaycee Greene:
      Quote from @Robert Shepard:

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      *This link comes directly from our calculators, based on information input by the member who posted.

      No closing cost necessary on this deal from the hard money lender. Closing cost is about 4% on the buying side and 8% on the seller side of the deal. 

      Hey @Robert Shepard, welcome to the BP Forum! Are those closing costs inclusive of the costs charged by a Hard Money Lender?


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  • Russell BrazilBusiness Member
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    Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
    1y
    Quote from @Robert Shepard:

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    *This link comes directly from our calculators, based on information input by the member who posted.


     Very dependent on the state and local jurisdiction, as things like transfer and recordation taxes vary greatly.  If the property is in DC, where you are from, then your estimate on closing costs is high by $5-10k.

    Ill also note, you arnt getting any property in the DC area with a $460k price spread between acquisition and exit prices.

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    • Robert ShepardPro Member
      OP
      Member since 2024 · 8 posts · 1 vote
      1y
      Quote from @Russell Brazil:
      Quote from @Robert Shepard:

      View report

      *This link comes directly from our calculators, based on information input by the member who posted.

      From what i've seen transfer tax and costs are split between buyer/seller. Property is right over the DC line in MD. Appreciate the feedback on the closing cost estimate.

       Very dependent on the state and local jurisdiction, as things like transfer and recordation taxes vary greatly.  If the property is in DC, where you are from, then your estimate on closing costs is high by $5-10k.

      Ill also note, you arnt getting any property in the DC area with a $460k price spread between acquisition and exit prices.


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