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Updated over 7 years ago on . Most recent reply
What are all the costs in buying a house?
I just graduated college, so my knowledge on buying and selling real estate is very little. I've made it through the first 17 BiggerPockets podcasts now and read a bunch of articles in the last 6 months, but can someone tell me what all the costs are to buying a house?
Just for example, if I go online and find a house that is selling for about $320,000 it may say that the estimated mortgage is $1,200/mo for a 30 year fixed loan with a 20% down payment and 3.83% interest rate. Right there that sounds great, because it's a 4-bedroom house and the average rent for a 4-bedroom house in that area is about $2,400/mo. So it appears to me that there would be a $1,200 cash flow per month, but I know that can't be... What are other expenses per month that would lower my cash flow? Thanks!