Other Costs
rehabbing a house I can figure that out. and I know what the loan will cost me.
what I am worried about missing is other cost. Closing / Insurance etc.
I plan to rehab and sell
Looking for general %'s
Closing when I buy?
Insurance while I rehab?
a short down in the dirt list would be great.
Thanks in advance
Slick
If you're planning on rehabbing, always have a "oops" figure planned into your numbers as well. This will help you when you've overlooked a cost or you run into more rehab than expected.
As far as %'s go for those aspects you listed, the best way to get accurate info for your area is to call a few loan officers and ask about closing costs, and ditto with the insurance, call a few different agents, explain the deal and ask what it would cost to insure.
Roger
Hi Slick,
I was taught to figure on 3% for closing costs in the Chicago area. I haven't done a rehab yet, but I know someone who has done three here and recommended factoring in $500 for 90 days of insurance.
Hope this helps!
[addsig]