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Updated about 2 hours ago,
How Much Needed to Buy 200K Property ALL INl?
I've been reading books and checking out posts here on Bigger Pockets, but have one question at the back of my mind: how much capitol do I need to buy my first deal?
I'm talking all in: Down Payment, Inspection, Closing, Rehab - everything. I'm okay with some assumptions being made in your responses.
Let's assume the property is a duplex and sells for 200,000 in Scranton, PA. I put down 20% (house hack is not an option)
Let's say the property requires a moderate rehab.
Here's my beginner math:
Down Payment: 40,000
Closing: 10,000
Inspection: 1,000
Miscellaneous: 2,000
Rehab: 20,000
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73,000 sound right? Too much? Not enough? Let me know!