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Updated over 1 year ago,
Closing costs are way higher than the calculator suggested
I’m new and learning. I was able to find what I thought was a good deal. Two property package 60k/65k. When I ran the calculator the numbers looked good. More than 8% COCROI and each cash flowing more than $100 a month. Problem is the closing costs came back over $8k for each loan. I was using the suggested 2% for closing costs per the calculator. I realize they are estimates but I never thought actual closing costs would be 13-15% of the purchase price. It is making the deal unworkable as I don’t have enough liquid to cover both properties. And the numbers are below 3% now and less than $50 cash flow each. Now I am in crunch time to get creative or lose the deal.. thoughts?