All Forum Posts by: Jonathan Tavarez
Jonathan Tavarez has started 26 posts and replied 135 times.
Post: Mortgage fees review/advice for investment property
- Flipper/Rehabber
- Laurel, MD
- Posts 139
- Votes 108
Thank you all for the valuable information.
Post: Mortgage fees review/advice for investment property
- Flipper/Rehabber
- Laurel, MD
- Posts 139
- Votes 108
Hi all,
I'm trying to purchase an investment property in Baltimore Maryland for a price of $72,000 in Baltimore Highlands. When I was playing with some of the numbers my impression was that with a down payment of 20% and a closing cost between 2% and 5% (thinking I pay closing in full and there is no split with the seller) the total cash to close was going to be between $15,000 and $18,000. To my surprise the bank came back with closing cost of $5,100 and Estimated Prepaids of $3,090 (as shown below). The amounts of fees is crazy, is this typical? Should I keep shopping around or is this expected?
| Estimated Closing Costs | |
| Items Payable in Connection with Loan | - This |
| Application Fees: | $570.00 |
| Processing Fees: | $995.00 |
| Appraisal Operating & Income | $75.00 |
| Appraisal Comparable Rent | $75.00 |
| Title Charges | - |
| Settlement or Closing Fee | $150.00 |
| Closing Fee | $950.00 |
| Owner’s Title Insurance | $172.80 |
| Lender’s Title Insurance | $187.20 |
| Government Recording and Transfer Charges | - |
| Recording Fees | $200.00 |
| Transfer Taxes | $1,080.00 |
| Additional Settlement Charges | - |
| Survey | $275.00 |
| Pest Inspection | $75.00 |
| Real Estate Admin Fee | $295.00 |
| --- Estimated Total Closing Costs --- | $5,100.00 |
| - | - |
| Estimated Reserves / Prepaid Costs | |
| Items Required by Lender to be Paid in Advance | - |
| Daily Interest 15 Days @ $7.60 | $114.00 |
| Hazard Insurance Premium | $720.00 |
| Reserves Deposited with Lender | - |
| Hazard Insurance premium 3 Months @ $60.00 | $180.00 |
| Property Tax 15 Months @ $138.45 | $2,076.75 |
| --- Total Estimated Reserve/Prepaid Costs --- | $3,090.75 |
Post: Opinions on housing market/economy in Maryland
- Flipper/Rehabber
- Laurel, MD
- Posts 139
- Votes 108
Thank you all for your feedback.
Post: Opinions on housing market/economy in Maryland
- Flipper/Rehabber
- Laurel, MD
- Posts 139
- Votes 108
Hi BP community,
Recently I got the opportunity to invest in a multifamily property (with intentions to rent) on Frederick MD using an FHA loan but I have some doubts because the housing market looks really high or basically the prices are as high as pre housing bubble from 2008. I don't know much about how high can the housing market go but my fear is that I will be taking a good amount of risk with this 3 units and I'm starting to wonder if it's better to wait and see what happens with the economy. I do investments in the stock market and currently the valuation for many stocks is very high and some people are waiting on the sidelines for some type of correction, I'm just wondering if something similar can happen to the housing market especially since things are looking unstable with the federal rate hikes (this will also affect FHA loans). Can someone share thoughts on this subject?
Post: New member from Maryland looking to start
- Flipper/Rehabber
- Laurel, MD
- Posts 139
- Votes 108
Hi all,
I recently decided to start my journey towards a more stable financial future and after reading some books and looking in to real state i stumbled upon BiggerPockets podcast. Needless to say after listening to a few episodes I understood that real state could be a very powerful tool to add to my portfolio. Here to learn and hopefully achieve my goal of buying 2 properties before 2018.