Question from Stephen: (mike’s reply in blue)
Hi Mike, I am putting together some cheat sheets to use when entering HUD1’s. I would like to forward them to you when finished for your opinion.
One thing I finally grasped is that you don’t enter a hud1 the same way, it depends on whether you are bringing a check to settlement or taking money home from settlement.
If you are bringing a check the the mortgage is a negative, but if you are bringing home money the mortgage is a positive. And all other items are reversed whether it’s a check or a deposit. Is that correct?
i am clueless on negative and positive, however, Please think about what you will be doing as an investor, let’s keep it “brain-dead simple” makes it harder to screw up….
it does NOT matter if you are buying, selling, or trading…
If You BRING A CHECK to closing, You START with a CHECK
If you will LEAVE with a CHECK and Make a Bank Deposit,…
YOU START with a BANK DEPOSIT.
it is that simple…
glad you got it stephen.