All Forum Posts by: Sam Clemons

A. Origination Charges	$3,412.50
01 % of Loan Amount (Points)
02 Loan Origination Fee	$3,412.50
B. Services Borrower Did Not Shop For	$1,060.91
01 Appraisal Fee to	$390.00
LLC 02 Condo Questionnaire Fee to	$300.00
03 Credit Report Fee to	$91.42
04 Flood Certification to	$10.65
05 Investment Home Appraisal Fee to	$150.00
06 MERS to	$24.95
07 Tax Service Fee to	$93.89
C. Services Borrower Did Shop For	$3,663.00
01 Title - Chain of Title to	$250.00
02 Title - Closing Protection Letter to	$50.00
03 Title - Closing/Settlement/Attorney Fee to	$1,650.00
04 Title - Courier fee to	$45.00
05 Title - Doc Processing Fee to	$150.00
06 Title - E-Recording Fee to	$18.00
07 Title - Lender Title Insurance to	$550.00
08 Title - Title Endorsement to	$700.00
09 Title - Title Update Fee to	$150.00
10 Title - Wire Transfer Fee to	$100.00
D. TOTAL LOAN COSTS (Borrower-Paid)	$8,136.41
Loan Costs Subtotals (A + B + C)	$7,596.41
Borrower-Paid At Closing Before Closing	Seller-Paid At Closing Before Closing
Other Costs
E. Taxes and Other Government Fees	$1,021.00
01 Recording Fees Deed: $98.00 Mortgage: $98.00	$202.00
02 City/County Tax Stamps to	$637.00
03 State Tax/Stamps to	$182.00
F. Prepaids	$772.30
01 Homeowner’s Insurance Premium (12 mo.) to	$424.00
02 Mortgage Insurance Premium ( mo.) to
03 Prepaid Interest ($23.22 per day from 9/16/22 to 10/1/22)	$348.30
04 Property Taxes (0 mo.) to COOK COUNTY TAX COLLECTOR	$42.12
5
G. Initial Escrow Payment at Closing	$1,554.79
01 Homeowner’s Insurance $35.33 per month for 3 mo.	$105.99
02 Mortgage Insurance per month for mo.
03 Property Taxes $360.42 per month for 5 mo.	$1,802.10
08 Aggregate Adjustment	(-$353.30)
H. Other	$1,800.00
01 Title - Owner's Title Insurance (optional) to	$1,800.00
I. TOTAL OTHER COSTS (Borrower-Paid)	$5,148.09
Other Costs Subtotals (E + F + G + H)	$5,148.09

J. TOTAL CLOSING COSTS (Borrower-Paid)	$12,131.07
Closing Costs Subtotals (D + I)	$12,744.50
Lender Credits	($1,153.43)

1 Vote

Chicago, Illinois

Hello,

For the past couple of years, I’ve just been filing my taxes using TurboTax premium. But this year, I think I might want to switch to a real CPA. In 2021 I did a complete remodel of two of my rental properties. I keep track of all my expenses and repairs, so I’m well prepared for tax season.

I’m just wondering, will there be a big difference between me continuing to use TurboTax premium and going to see a CPA? How much should I be expecting to pay for my tax preparation?

Also, if you have any recommendations of CPAs within the Chicagoland area, please feel free to comment their contact information.

Thank you

1 Vote

Hello,

This past April, we did a complete remodel on one of my rentals in an A-rated area. The tenants that moved in are very respectful and kind.

The tenants are requesting I provide them with a small amount of paint to touch up any spots that were missed during the renovation. Is this an unreasonable request?

0 Votes

All Forum Posts by: Sam Clemons

Sam Clemons has started 4 posts and replied 5 times.

Post: Where do you guys purchase your Appliance Packages?

Post: Do these closing costs seem high?

Post: Do these closing costs seem high?

Post: Tax preparer in Chicago

Post: Tenant requesting paint