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Updated over 5 years ago on . Most recent reply
Overpriced Closing Costs..? I feel like I am being over charged?
Please tell me I am wrong... But does $3,750 seem outrageous for closing costs when purchasing a house that is only $63k?
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Jay Hinrichs
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Jay Hinrichs
#1 All Forums Contributor
Professional Services
#1 All Forums Contributor
- Lender
- Lake Oswego OR Summerlin, NV
Nancy, your undercapitalized if 3500 dollars puts you over the edge.. if your going to buy a rental you need down payment closing cost and a minimum of 10 to 20k in reserves this goes down as you gain doors of course.
In addition there are plenty of areas of WA were you can buy rentals that are 150k and under PLENTY..
I just sold a house in Cathlamet on contract for 80k that rented for 900.00 As I am a retiring landlord and just more interested in collecting note income.. but that's just one example.
- Jay Hinrichs
- Podcast Guest on Show #222
JLH Capital Partners