All Forum Posts by: Obed Bermudez

Hello BP members,

I wanted to ask about the proper etiquette for marketing properties on BP.  I have some vacant lots under-contract and looking for ways to market it here on BP.com.

Thank you in advance for any advice.

Obed

Originally posted by @Grigory Pekarsky:

The amount of closing costs for a home can be quite large. In fact, the average buyer spends about $3,000 in closing costs when purchasing a home. However, there are many different fees that go into calculating these costs and it is not always easy to estimate what will end up being owed at the end of the transaction. In order to accurately "guesstimate" the amount of closing costs for a residential purchase, you really need to break down each fee and providing you with an estimated range so you know if your total cost falls within this range or not. 

 Thank you Grigory

Originally posted by @Andrew Bang:

With a purchase of 265k. About $1200 for title, 6% for realtors = 15,900, if there's an HOA $500. Mortgage lender charges 1 point+ loan docs $3,650. Taxes and insurance paid up front another $1000. So $22,250. Quick estimate of 9% is in the ball park.

 Thank you for the response Andrew.  Appreciate it very much!

Originally posted by @Giovanni Luna:

203k with a Reno sounds like a bad deal to me depending on what kind and how much for the Reno. If I was paying 203k for a duplex, it better be a high rent, with occupied tenants in them with separate meters.

Thanks again for the feedback Giovanni.  Years late but thank you.  I hope you're doing well.

Hello BP community,

I'm currently attempting to figure out how to accurately "guesstimate"  the amount of closing costs for a residential property.  I understand that closing costs include fees incurred by the title company and the mortgage company as well.

Is there a formula that anyone uses?

I was doing some research and I've seen an individual multiply the purchase price by 9% to obtain a "guesstimation" for closing costs .  I used that formula on a property purchased for $265,000 and closing costs came out to $23,850.  That number seems like much.  

My question to the experienced investor:  Is this formula viable and dependable?

Thank you in advance for your answer(s)

Thank you for the reply and help Ed!

Hey Fam!

I was looking for a "Wholesale Friendly" title company in Delaware.  I am working with a friend of mine who has the fish on the hook but still hasn't reeled it in yet.

We have a property with possible liens on it.  We've gone to the county office to search for these liens but no luck. The office couldn't find anyything. So looking for a title company to do this for us but most of the companies I call are not "wholesale friendly."

Can anyone help me out and reccommend a wholesale friendly title agency?  Running into some dead ends here.  

Thanks Guys.

Hello fellow BP Investor and friends. When Multi family homes (mainly a duplex from what I’ve been running into) doesn’t have separate meters (gas, elextric, etc...) how is it that both tenants pay for their fair share? How is it divided with one meter?

Would you go ahead and pay to add the separate meter? Or would you just avoid the property all in all if you didn’t have the money to separate that specific utility?

Thanks guys

@Chris Mason

Can you please explain the cash out mortgage?

@Shayna Hatcher def red flags everywhere. I know part of you has a heart and wants to give people chances but the housefire just put the cherry on top. “No Way Jose”. Your home hasn’t even been on the market that long. Give it time. Plenty of fish in the sea. You’ll get a bite soon.