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Recently on the show, we discussed the basic fundamentals of closing costs. As you now know, closing costs can vary based on many factors, including location, debt service, and other variables. However, it’s important to know what you’re getting into before you close on your rental property.
On today’s show, Natali and I are walking you through how to calculate closing costs on the purchase of a rental property. You’ll learn about the types of expenses that are negotiable, what to budget for, and why understanding closing costs are so important.
On this episode you’ll learn:
The national average of closing costs (in a percentage).
What we tend to pay in closing costs on a smart rental property.
How points work.
Whether or not closing costs are a taxable deduction.
How transfer tax works.
The importance of a thorough title search.
Why you should shop around if you’re working with a lender.
The importance of having a strong relationship with a title company.
And much more!
What Are Closing Costs? - Episode 403
Getting the Money by Susan Lassiter-Lyons
The Power of Private Money - Interview with Susan Lassiter-Lyons
What Is a Transfer Tax- Episode 388
How to Take Title on an Investment Property - Episode 295
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If you’re ready to begin building a passive income through rental real estate, book a FREE call with our team today. We’re ready to talk about your goals and want to help you learn more about earning legacy wealth for you and your family.