The large gift of equity (~35%) allowed us to tweak the numbers around to get all closing and prepaids with the exception of only $100.22 OOP (the lender came up with the OOP #, it just had to be > $0)Property details:SFH 3/1, 1080 sq. ft. w/full unfinished basement.Appraised Value: $120kLoan amount: $85kImprovement costs: $3k Based on analysis the property should rent for $950-1050/monthCap Rate: 8%Loan details: 20 yr. fixed @ 4.5% = $538/monthThe lender got me here.

The large gift of equity (~35%) allowed us to tweak the numbers around to get all closing and prepaids with the exception of only $100.22 OOP (the lender came up with the OOP #, it just had to be > $0)The purchase price on the contract was $120k with a gift of equity clause basically stating that no less than 20% of equity will be gifted to buyer to use as the down payment with the loan amount set to 85k.

And if you’ve prepaid for your options and upgrades?

It kind of sounds like the bookkeeper is a cheaper one and just trying to save time.Journal entry:Debit: Principle (reduces notes payable)Debit: Interest ExpenseDebit: Lender Reserves (escrow)Credit: Mortgage payment

Points are prepaid interest.

Balance due at closing (not including Buyer's closing cost, prepaid items or prorations) inU.S. cash or locally drawn certified or cashiers check.approximately.____ exactly ____$______________D.

Mykella Palmer with intuit can I choose when to debit tenants account or do they have to initiate it?

For the most part I don't like long pre-paids.  

You pay for all of it in December.Both an accrual basis taxpayer and a cash basis taxpayer will recognize this as an inventory transaction, debiting an Asset account of "Inventory" or "Projects in Process" and crediting Cash.  

I use pre-paid cards like Mango Money (6%) and NetSpend ( 5%) to park my cash, pm me if you need info.