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Video instructions and help with filling out and completing Hud statement for taxes
Instructions and Help about Hud statement for taxes
Music hi I'm Dave dang : this is my two-minute fix when I started in the business people ask me all the time who was your mentor there weren't any manners 1975 there was nobody that I could all certainly I couldn't look at three o'clock in the morning and see an hour half hour webinar of how to couldn't become a billionaire in three days so there was nobody like that around so I wanted to do real estate I didn't like it and I'll tell you why I didn't like it Allah quiddity it was just very difficult when we got properties and went to sell them those buyers are picky ism anyway I was used to something altogether different I was in the stock market and I could sell stuff for you guys are in the stock market in those days it took no more than about 15 to 45 minutes to sell a stock and get an answer back today it takes 15 nanoseconds to do it so one of the things I also did not like was going to closing and having to review the HUD statement it was like a mystery to me you know fire sellers I'm the buyer and the seller and what are all these fees and say hey those are really really important when I started to look at them and analyze them people leave it or not I'm a chemical engineer by trade I realized there's power and understanding those numbers first of all being able to save money when you get to the closing table figuring out who did what who was charged for what just because you're the buyer doesn't mean you have to pay for certain things so understanding the HUD is critically critically important so the two-minute tip here is just simply understanding a HUD now in the dodd-frank act that came up in 2022 recently they used what they call a CD or our closing disclosure now the idea was to help eliminate mortgage fraud and have full disclosure to buyers that use conventional financing we as investors or dealing 99% of the time with - buyers and the other people 1% or so are doing hard money they're not going to live in a home so we don't deal with the complexities of the mortgage laws as such so when we first saw that dodd-frank CD we said to ourselves whoa this thing is really complicated well after you do a 100 of them or so they're not so bad but what you have to do is sit down look at them and go through them most closing agents do not use CDs with closing disclosures for cash transactions so you may not even see them but the HUD statements are what you're going to see now here's a caveat to everything I'm telling you about learning how to look at the HUD statement I do transactional fundings and I do a.