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Updated almost 10 years ago on . Most recent reply

User Stats

62
Posts
48
Votes
Mike Conner
  • Investor
  • Tallahassee, FL
48
Votes |
62
Posts

New to BP but love the resources-Question about closing costs

Mike Conner
  • Investor
  • Tallahassee, FL
Posted

I just wanted to say Hi, I'm a new member and have been gobbling up all the info I can find on this site and going through the podcasts which are great btw. Currently I own 2 duplexes (4 units) for buy and hold and am hoping to acquire more properties soon. 

One thing I have never been able to find a clear definition on (as it seems to vary from each person) is what are closing costs specifically and what parts can be written off in taxes. I see people saying they purchased a house and closing costs were $1,500. Total at closing each time for me was around $5,000 which included escrow, but even with escrow removed on a $100k house closing costs were $3,000 ). Where do daily interest, escrow reserves, title charges, appraisals, home inspections, transfer taxes fall??

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