Re: HUD-1 Statements & No Money Down Deals - Posted by JPiper
Posted by JPiper on January 04, 1999 at 02:38:01:
Every one of these items isn’t charged on every deal…just some of them. As an example, one of the items is the VA Funding Fee (it’s part way up). Obviously this fee doesn’t get charged unless you’re dealing with a VA loan. You’re not going to have assumption fees unless you’re assuming a loan. So take a closer look at what you printed…I think it will make more sense to you.
You can flip properties without money coming out of your pocket. But stop and think about something. In any transaction there are going to be some closing costs. There is probably going to be title insurance as an example…and probably some recording fees to record the deed. Someone has to pay these charges. That someone has to be either you or the seller, or alternatively someone you flip the property to or assign it to.
What the closing costs are will depend on your area, and what type of deal it is. Why don’t you call a couple of title companies, tell them you are going to be doing some deals, you’d like to come out and meet them, look over their operation.
When you get there have them show you around. Meet the people. Make a few friends. Take a look at the title plant if there is one. Buy someone lunch. Talk to them about how they go about things. When you’re through, go see another title company the next day. Do it all over again. Things will start to gel.
I think that will help to get you started.