All Forum Posts by: Benjamin Dutil

Originally posted by @Frank Adams:

What is the $6200 comprised of?

 To be honest, I haven't seen the breakdown. That figure was from a pre-purchase discussion with my lender and my buyer's agent. I'm feeling better about it now from the replies to my post! Thank you.

Originally posted by @Nicole A.:

Perhaps it is a bit higher due to property tax escrow or reimbursing back the seller for property taxes he/she paid for the (prorated) year.

Thank you Nicole. I never considered that. And also its a bit early in the deal process. I haven't got all my loan docs to see what is what. I'm just trying to put together everything and try to stay in front of this. I don't need any surprises at the closing table!

Originally posted by @Chai Xiong:

I believe the average amount is 3 percent of purchase price

 Wow, that seems like a lot but according to the math that seems correct ($250k x 3% = 7500) and ($200k x 3% = 6000.) Thank you. My analysis price was going to be $220k each (@ 3% = 6600) so I guess they're in the ballpark! Thank you Chai

Originally posted by @Frank Adams:

Difficult, if not impossible to analyze without a breakdown of what that number is comprised of. Are there loan numbers included maybe?

 I'm going to house hack one duplex, price is $250k with 3.5% down. The other property will be purchased with a conventional loan for $200k with 25% down.

Hi BP community. I have a question about closing costs. I’m buying two duplexes on separate deeds and my closing costs are going to be roughly $6200 for closing for each not including my agent fees. I’m buying one with FHA (3.5% down) and one conventional (25% down) Does this sound reasonable or am I getting taken to the bank?

Hey Dustin,

I wish I had some info regarding your post however I haven't read the article. I at least wanted to reach out to you since you are nearby and maybe see what you do and what your goals are in real estate. (Maybe I should of read your bio first!) I'm a newbie myself trying to capitalize in this crazy Portland area market!

Originally posted by @Elaine Capobianco:

Since your living  in  the house and need to make repairs, have you considered a renovation loan?

 Hi Elaine. The condition is good. No major repairs needed at this time. I’m assuming you’re talking about a 203k loan? If so the only problem is that the lender requires a contractor to do the work I believe. In my case I would be doing all the updates and repairs. 

Thank you for your insight Caleb. I definitely don’t want to be involved in anything shady! Would the seller be able to carry my down payment in this situation?

Originally posted by @Matt K.:

Don't forget you're going to need reserves for this purchase as well..... so take that into account.

 Thank you Matt. I’m currently living in the property and have been discussing the purchase for a while! I’m ultimately trying to “house hack.” And I’m definitely going to need to make some minor updates. Hopefully nothing will sneak up on me! I will definitely put some $ aside for such instances. What reserves do you suggest?

Thanks Jeff! I’m assuming that 60 days is the rule of thumb for any % of down payment, 5%-20%? Is there a magic number where it wouldn’t be required say 30%?