High Closing Cost on my First Deal - need advice!

[Armand R.]

Hi all!

I just completed my first deal in Illinois and I am looking for feedback on the closing costs. Here's some information about the deal:

• Purchase price: $105,000
• Renovation cost: $27,500
• ARV appraised: $140,000
• Rented since October 1st 2021 for $1,500/month
  

What is troubling me is the cost I paid for the fees for the first loan. If I calculate well, it is well over $10k. I'm attaching below a masked version of the Master Statement. I used Finance of America to finance the purchase of the property + the rehab. I would appreciate some feedback on this from the community!

I am cash-out refinancing right now. 

[John Warren]

@Armand R. I am looping in my lender @Joshua Jones. He doesn't do reno loans, but he will know if those fees are normal. They look excessive to me.... but you got it done! A lot of newbie investors freak out over fees, interest rate, etc. If you close and are able to execute your business plan then this will all work out. 

I also work with a Chicago based private/hard money lender if you need an intro for your next deal.