HUD-1 Settlement Statement

And we bought them for $40,000.

We're like, "Oh, that's an annoying expense on the HUD1.

What is that thing? No one's ever seen that thing." Well, two, three years later when they expired, to renew that cap, which is required by the lender, otherwise you can default a loan, cost $900,000.

What is that? And, and I, I know for a fact that no one could foretell this, because otherwise no one would've gotten a loan from lenders.

So this is like tracking the numbers of your business in terms of like the day-to-day transactions, and also tracking the paperwork and, uh, just the all the myriad amount of paperwork we have as real estate investors, which is a ton.

Leases, HUD-1 statements, receipts, invoices, things like that.

What comes to mind for you in terms of what makes a good systematized rental business in this area?

Maybe, maybe before talking about what makes it good, like I was thinking about this, like how could you actually test this? [laughs]

And then my goal is within one minute, I should be able to find a document.

If it's a receipt from a year ago, if it's a HUD-1 closing statement, whatever it is, I should be able to find it because it's scanned somewhere online and I can access it.

So all that has to do with software.

And each one maybe seems like incrementally not that big a deal, but when you combine that, having all of your rental business run by good software and having consistent software can save you a ton of time and make you much more flexible.

Learn about your rights and obligations potentially.

Learn about how the law... 'Cause most people, by the way, like, again, you, you buy a house, you get a HUD-1, lead paint disclosure, all these things.

You get married, you don't even get a pamphlet.

Most legally significant thing you're ever gonna do in your whole life other than die, and you don't even get a one-sheet.