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Updated about 6 years ago on . Most recent reply

User Stats

28
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8
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Amanda Scully
  • Bloomfield, NJ
8
Votes |
28
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Calculator Questions: Estimating in NJ

Amanda Scully
  • Bloomfield, NJ
Posted

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!

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