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Updated almost 6 years ago,
Calculator Questions: Estimating in NJ
I have some questions about what to enter into the calculator specifically when estimating costs in New Jersey. I'm looking to do a flip and I'm wondering what I enter into the calculator for:
-purchase closing costs (my specific lender has $0 plan, but are there other fees still for title transfer, attorney, etc.?)
-sale closing costs (when I sell the flip, what range might the cost be?)
-realtor commission at resale (is there a standard percentage I should enter? I researched and found it to be about 6%...Accurate?)
-rehab costs (lender advised me that for what I'm looking for, which is 3BR/1.5-2BA single fam to flip, cosmetic repairs only, no major guts, etc. it should generally be about 35-40K but was told to overestimate to be safe to around 60k)
-holding costs (I calculate what I would pay monthly on my HML, I account for insurance, taxes, and utilities...in my specific area of northern NJ, are you entering for these amounts?)
I think that about covers it...but if I missed anything please advise! Thanks everyone!