Rental Property Investor · Green Bay · Member since 2020 · 30 posts · 15 votes
6y
Is your points 2 points or $2? 2 points on a 60k loan would be about $1200? I'd check your average closing cost in your county, should come up on google. Also, I'd always include a few thousand for paint and flooring. Other than that your deal looks solid
Cincinnati, OH · Member since 2020 · 32 posts · 7 votes
6y
Hi Red,
Thank you for taking a look! The points would be 2%. Maybe I put it into the calculator wrong. My closing cost of $650 is based on my lender's info. Thanks for your general cost for paint and flooring. I underestimated that cost! Is that just the cost of materials or is that labor too?
Contractor · Milwaukee, WI · Member since 2016 · 142 posts · 52 votes
6y
@Grace Navera Looks awesome to me, is it going to be vacant? I would consider updating the furnace up front if it's going to be vacant. A 25 year old furnace always scares me going into a midwest winter.
Otherwise I would agree with the comment above, that I usually just plan on 2500 in closing costs usually, If it comes out less, I win. If not, I have a bigger chunk set aside for less of a scramble.
Cincinnati, OH · Member since 2020 · 32 posts · 7 votes
6y
Yes, it will be vacant. The owners are currently living there now. Now that I'm thinking about the closing costs more... I remember that I should plan on paying for the inspection and title insurance etc. Good call!
I'm too new to opine on the math, but as a newbie I love that you linked your report. I've never seen a calculator report before so this gives me some insight on the calculators. Thanks!
*This link comes directly from our calculators, based on information input by the member who posted.
Did you compare a 30 year mortgage to a 15 year for your report? I am curious what the discrepancy here would be with the bottom line (your cash flow).