In Closing costs you will still have some title search,possible apprasial, inspection, and maybe other fees. Id give it atleast 1% to be safe. Thats assuming the seller will pay the rest.
lender fees, i dont know. I would make sure that applies to you and not just the last guy the agent did business with. Its possible. But i would make sure.
As @Sam Shueh said, be aware that the typical school year runs August-May. That leaves you 3 months worth of unknows if your renting to students specifically.
Hey @Heath Ryans thanks for the reply.
I miscalculated the water. I had an estimated amount per quarter and represented it as yearly by mistake. Thanks for pointing that out.
I was anticipating closing costs initially, but the agent told me there are none for the buyers agent. Also that the lender he put me in touch with doesn’t have a fee. Is this not possible? Or did I receive questionable info?
In Closing costs you will still have some title search,possible apprasial, inspection, and maybe other fees. Id give it atleast 1% to be safe. Thats assuming the seller will pay the rest.
lender fees, i dont know. I would make sure that applies to you and not just the last guy the agent did business with. Its possible. But i would make sure.
As @Sam Shueh said, be aware that the typical school year runs August-May. That leaves you 3 months worth of unknows if your renting to students specifically.
@Patrick Flanagan is this near TCNJ? I know a local investor that went there said you want to be within the block or 2. Otherwise, it becomes difficult to rent out (if they are your target market). They recently made few new dorms there so I would look at the projections and growth of that school.
@Rachit M. Yup TCNJ it is.
From my experience, it’s in a desirable location. I did not know about the recent student housing however. Thanka for let me know!
@Patrick Flanagan
Insurance is only 35$ a month .. that can’t be right .
I think you will be breaking even when it’s said and done . This looks like the typical marginal deal on here . I’d pass
Hey! I'm a local realtor in the area and know this exact house. I'm 99% sure the previous owner was a landlord to college students as well. It's close to TCNJ but also Rider University. Many Rider student's rent in Ewing as well which means you'll have a broader pool of tenants. Only thing is, I know that there are many rentals as well as a lot of new development designed for college student so lots of competition. Not saying not to buy, just trying to provide as much information as possible.
As the other's have already stated, I think some of your expenses are slightly off. Also, this house is oil heat. Not sure if this is a game changer for you but just thought I'd let you know. Let me know if you have any other questions!