Pulling the trigger, Baltimore MD

[Mamadou Diallo]

Hello everyone,
I've been studying real estate for all of 2019 pretty much, reading books, listening to podcasts, watching videos, etc. I recently had the opportunity to send my first contract but a part of me was still hesitant to pull the trigger. I had loan approval from the bank but a part of me was still hesitant because I was worried about the financing and additional costs outside of the down payment. I wasn't sure how much everything would cost and so I pulled out.

What would you have done differently in that case? What can I do to make sure that I am aware of the hidden costs before going in? Are there any costs to the investor even if you send in a contract and it gets rejected?

I'm in the Baltimore, MD area and also interested in connecting with other investors.

[Russell Brazil]

There are a lot of triggers being pulled in Baltimore.

For very easy math, on a normal priced house expect 3% in closing costs. For a cheap house, expect closer to 5%.