Just Starting to Invest in Realestate (IN NYC, PA, Upstate NY)

[Luis Ramirez]

Im am trying to figure out an estimate of money I need to purchase a property. I have done research through Biggerpockets and the internet and this is what I have so far -Was wondering if someone can tell me how accurate I am and if I am missing anything.

-You have a purchase price which is the price of the listing - but not necessary the price you would offer.

-You have purchase closing costs (This amount seems to vary , by state, property size, and off course lender) is usually charged by the lender- What is a good estimate I should consider for this if I am in NY, PA, NJ or Upstate NY? Also if creating an estimate is not quite good enough what should I do. 

-Property Taxes - Do I have to pay property taxes also when I am purchasing the property. From my research it seems it also varies, But typically I would pay two months of the yearly property tax. Who do I pay these too? The lender?

-Downpayment - This is depending on the amount I need to pay the lender- Typically for a conventional loan is 20% of the purchase amount.

-Insurance- Do I have to pay this also when closing? Or is this something I have to worry about monthly?

-What else do I need to think about when I close a purchase? And also just to be sure, If I get approved for the loan and cover all expenses by the lender- They will give me a check for the Purchase price- not the loan amount. And that I use to give it to the seller for the home correct?

Other items I know I need to be aware of are the Expenses of the property, but these are monthly and I would try to have them covered in the rental income. (Repairs and Maintenance, Vacancy, Capital Expenditures, Management Fees, Electricity, Gas, Water and Sewer, HOA Fees, Garbage)

Thank you again team for the help, and I hope to maybe one day work with you.

Luis Ramirez.