Experience

Wow. Even though I already have one HUD closing under my belt, I think I've learned more on this closing than that one - way more. Suffice it to say that having to babysit my broker and his team certainly added to my knowledge. Here are some of the things I've learned:

* I now know how and where to schedule a survey for any future properties I have, if applicable. I've never had to do this for my personal or my other investment property, but knowing I have someone reputable to work with in the future for my survey needs is a definate plus.

* Like the survey company, I never had to deal with the insurance on any of my properties, outside of adding my automobile carrier as the carrier for my personal property when I bought it. I just called the agent for House #1, gave him the particulars, and relayed the info to/from him and my broker and agent. I just got an email from my agent saying she got the latest changes and is forwarding the info to the title co.

* Is there a thing as a good broker? I had the "grass is greener on the other side of the fence" syndrome regarding brokers, and went from the frying pan into the fire with this new one. Holy Guacamole what a headache he caused me. My last broker had me continuously coming to his office to sign this form, drop off a check for this, etc., but at least he had is process in order (for the most part). If I ever find the people who recommended this latest one to me, I'll have some choice words for them. Aye Carumba!!!

* HUD is not for the squimish. Like any other government agency, you have to go by their rules or they won't hesitate to cut the chord. To say they are strict with their process is an understatement. Having been in the military, I was used to the governmental "hurry up and wait" way of doing things, so I wasn't too surprised. I just hate the fact they don't give you very much time to make any corrections (usually 48hr turn-around on paperwork). I'm sure their process has kicked the pants off of a lot of people who didn't have the patience.

There's a lot more I'll write later, but these were probably the biggest. I still need to have a pow-wow with the agent for these properties to see exactly how he can help me with my venture further (i.e., unbrella coverage, entity coverage). I already inquired about umbrella coverage and he said the only way he could provide it is if he covers ALL our assets, including our personal property and vehicles. Hmmmmm.