@Jaysen Medhurst
@Jaysen Medhurst
Thanks again for the help. I checked out your LinkedIN and saw I graduated the year after you at Columbia. Small world!
I updated vacancy & CapEx per your suggestion, and $20k repair cost.
My thought was that if my $1.2M offer were excepted, I would have created equity by buying below market value. Your logic is hard to argue though. Maybe if I sourced something not on MLS I could get below market value, but if its an open market transaction, then yes, purchase price is definitionally market value.
re: rate, you were right, my broker assumed I was occupying. Investor loan requires 35% down, 3.875% rate
Updated report
View report
Haven't looked outside NYC yet. I liked NYC because I know the market and can visit the property. But these numbers look terrible compared the return/liquidity/ease of just doing SP500.
What markets do you invest in? Absent any other input, I was going to look at Jersey City, East NY next.
for $70k closing
Lawyer | $3,100 |
Appraisal fee | $145 |
Loan Processing Fee | $1,075 |
Survey fee | $1,000 |
Title fee | $500 |
Title insurance, mortgage insurance etc. | $9,000 |
Engineer's report | $2,000 |
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NYC Mansion tax (1%) | $14,000 |
NYC & State mortgage recording tax (2.8%) | $39,200 |
Let me know if there are better figures.