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Updated almost 6 years ago,

User Stats

10
Posts
2
Votes
James Shen
  • New York City, NY
2
Votes |
10
Posts

Cost Estimates / Benchmarks (HOI, Title, Taxes, etc.)

James Shen
  • New York City, NY
Posted

Hi BP Community, 

A new investor here currently focusing on central NJ (around Monmouth county area) and would love to receive any advice when it comes to estimating / modeling fixed costs (not including reserves, capex, vacancy, etc.). I've been doing research online but wonder if there are any tips / tricks that people use as a general benchmark (understand almost everything's negotiable, dependent on situation, etc.).

- HOI: I couldn't really find much on how one estimates this, any color on this would be appreciated.

- Cosmetic Contracting Work (painting, flooring, etc.): understand this is a large variable but was wondering if people have any benchmark tips. I've read in a few areas that $15 / sq ft can be used but was wondering if anyone else has heard / seen something else. 

- Property Taxes: I've looked on the NJ websites (https://www.state.nj.us/treasury/taxation/lpt/taxr...) to pin down the appropriate property tax rate but not sure if this is the right place to look. Want to make sure I'm capturing everything. 

- Closing Costs: On a high-level, I've seen 2-5% of purchase price but curious what everyone else uses. Additionally, say if it's an all-cash offer, what's a typical % of purchase price for closing costs then (understand there's still costs with title, attorney usage, etc.).

- Inspections: I've heard $500 but know this is dependent on inspector so wonder if there's a typical market price today.

Think the above are the main recurring ones (not including township dependents like landlord fee or flood insurance) but please let me know if there are others I should heavily consider. Again, really am just focusing on broadening my knowledge base and having a better understanding on analyzing deals. 

Thanks so much!

James