As I am getting ready to do my first property on OPM, I am wondering what is a typical closing cost on a house. And what all is included in the closing?
Also, what is expected by a Hard Money Lender, other than the numbers making sense, and having Liquid cash for rehab repairs. What is a hard money lender looking for?
Thank you for helping me get all of my costs on my spreadsheet, to have all expenses.
Investor · Get yourself trained before doing something inadvisable. · Member since 2024 · 3k+ posts · 1k+ votes
1mo
Quote from @Mark Hewitt:
As I am getting ready to do my first property on OPM, I am wondering what is a typical closing cost on a house. And what all is included in the closing?
Also, what is expected by a Hard Money Lender, other than the numbers making sense, and having Liquid cash for rehab repairs. What is a hard money lender looking for?
Thank you for helping me get all of my costs on my spreadsheet, to have all expenses.
Your question: "What is a hard money lender looking for?" Answer "To get paid back" :-)
Of course it's all over the board, but a few wholesalers who do massive amounts of wholesaling across the country say it costs them about $2,200 to get a $20,000 wholesaler fee. They have offices, personnel , taxes, electricity and so on. The actual closing costs are based on the cost of the property, location, taxes, prorated property taxes, fees and so on. There are loan fees from the lender, title report, escrow costs, and so on.
I have a spreadsheet that assumes costs that can be adjusted based on your specific deal if you or anyone else wants a copy just connect through DM.