Double Checking the Numbers Can Save You Money

We recently closed on our first multi family property.  While we have a portfolio of other single unit buy and hold properties, we are excited to have entered into the realm of multi family properties.  For the most part, the entire buying process went fairly smoothly and before we knew it we were at the closing table. 

We had received the HUD prior to closing and reviewed it together.  While signing the papers at closing we thought some of the numbers looked funny.  But we continued to sign the papers and close the deal.

When we got home we did a little more digging on the numbers that seemed funny on the HUD-they were some of the local taxes- and came to find out that they had the wrong taxes on the HUD and that our monthly payment would have been higher had we not caught this mistake.

We immediately called the attorney's office who handled the closing and they double checked this issue and agreed that it had been a mistake. Within a week they fixed the paperwork and I went back in to sign.

Moral of the story- Had we not been diligent about checking the HUD and reanalyzing the numbers we could have easily been paying more each month than we should have been paying.  So, take time to make sure that everything is right on EVERY DEAL.  People are human and can make mistakes and when it's your money on the line BE DILIGENT! 

Happy Investing!