costs of doing business - Posted by Tony

import · September 17, 2004, 4:29am

Posted by Tim McNair on September 17, 2004 at 16:03:55:

Tony,
For what it’s worth, where I am, about 1.5% of the purchase price is not uncommon. If you are ever less than $1,500 you are probably doing well.
Tim

import · September 17, 2004, 4:29am

Posted by Tony on September 17, 2004 at 04:29:56:

Hey all

Lets assume you are doing a no money down deal.

You are not worried about the down payment…but there are the general costs involved…attorneys fees…appraisers…survey(luckily I get this free)…
inspector…etc…

does anyone have an idea of the rough total costs in an average transaction…without a down payment…

this assuming a buy and hold for rental…strategy…thanks
I am guessing a few hundred…is that about right…

Thanks guys

import · September 21, 2004, 11:37am

Re: costs of doing business - Posted by Rook

Posted by Rook on September 21, 2004 at 11:37:24:

Hey Tony It kind of depends on your lender and where you are located. I am actually a loan processor for a lender. If you already have lender in mind ask for a good faith estimate or when you apply for a loan they are legally bound to give you a gf in your 3 day disclosures.