All Forum Posts by: John Huynh
John Huynh has started 6 posts and replied 16 times.
Post: Chicago: Multi Unit Closing Costs Estimate
- Posts 16
- Votes 5
Quote from @Paul De Luca:
I would ask a lender to get the most accurate estimate of closing costs.
Hi Paul, thanks for the response. I am in the preliminary stages of analyzing properties and don't plan to buy a property for another year. Do lenders generally give out that information if I don't give any information from my end?
I wanted to get some loan estimates from different lenders to compare and see what kind of charges are common amongst them all, but I also didn't want my credit to be checked until I am actually buying the property. Is there any way I can get loan estimates without submitting any of my information?
Post: Chicago: Multi Unit Closing Costs Estimate
- Posts 16
- Votes 5
Quote from @John Warren:
@John Huynh the transfer stamp costs can be really different for a buyer depending on if you are in the city or if you are in the suburbs. This is probably one of the main things that is different. We also have attorneys, so you would want to add that fee in (roughly $600-700 most of the time). Other than that, the costs are pretty similar. I don't think 5% is accurate though unless you are buying a very small property. In general, closings costs don't scale up with the property.
Thank you John for the response. Do you know if origination charges are a percentage of the loan amount?
Post: Chicago: Multi Unit Closing Costs Estimate
- Posts 16
- Votes 5
Hi everyone,
I see some people are estimating 3%-5% for closings costs. I am trying to calculate the closings costs for multi-unit properties in Chicago. Any advice on how to estimate the closing costs? What are some factors that would influence the closings costs? Are there any things specific to Chicago/Illinois regarding closings costs that other areas don't have?
Post: Loan options for multi-unit in Chicago
- Posts 16
- Votes 5
Hi all, I am looking to invest in a multi-unit in Chicago. I see that FHA has a low down payment of 3.5%. I wanted to research other loan options as well. What other loan options are there and what is the down payment required for multi-units (2-4) units?
Hi everyone, I wanted to understand the inspection process more for multi-units. Is it normal for sellers to allow prospective buyers to tour every single unit? I'm interested in a 4-unit and am a bit weary about purchasing property without seeing all the units.
@Nicholas L. thanks for the response, I'm planning to consider my personal expenses + housing expenses when saving.
For my housing expenses, I was going to include operating expenses such as (taxes, insurance, utilities, etc) and then the mortgage and PMI.
Is there a general rule of thumb for the number of months or years one should save for their personal + housing expenses. Also, for the housing expenses, should I be considering the things I mentioned above in terms of what I should be saving for for a rainy day fund?