Calculating Fixed Costs (Cash Buyer + Realtor)

[Laura B.]

I'm having a hard time feeling confident on ALL of the costs that go into flipping (I'm currently looking for my first property). I'm going in with a cash offer, and will be using a realtor for the purchase - but am hoping to have my real estate license by the time I sell the property. Do these look accurate? What am I missing? Any other tips on being prepared with fixed costs while I'm evaluating properties? Thank you!

PURCHASE:

Inspection Fee ($400)

Appraisal ($400)

Title Insurance ($1000)

Recording Fees?

Escrow Fees?

HOLDING:

Mortgage

Property Tax

Utilities

Insurance

SALE:

Staging

Commission (6% if using another realtor - 3% if selling myself)

Home Warranty ($500)

State Deed Tax + Recording Fees ($1000)

[Tom Hurford]

If you are paying cash and there is no loan on the property, no appraisal is necessary. The HELOC is against your primary mortgage so that appraisal would have been done when the HELOC line was created. To access the funds to buy the property you won't need an appraisal. No need to spend the money or waste the time.