How to
Properly Enter Buying Real Estate with Seller Financing
19 min video
Brand NEW Library!
- *Getting Started (14)
- Auto BackUps (1)
- b. Why 2 Files? (1)
- c Post Office Accounting (1)
- c. Speed Buttons (1)
- e. Multiple Users (1)
- f. Enter Old Data (2)
- Remote Access (1)
- FLIPS (1)
- INVESTOR BOOKS (65)
- a Workshop Replay (1)
- Auto-Billing (2)
- Bad Checks (1)
- Borrow Money (8)
- Buying (11)
- Capitalized (3)
- Depreciation (1)
- Earnest Money (1)
- Escrow Accounts (4)
- Invoices (2)
- Loan Money (1)
- Mmrzd Transactions (3)
- Multiple Entities 1 (5)
- Option To Buy (3)
- Property Taxes (1)
- ReFinance (2)
- Refund SecDep (1)
- Repairs (2)
- Selling Property (7)
- Tax Updates (9)
- VIDEOS (6)
- YEAR END STUFF (6)
- Principal Paydowns (1)
- Year End (3)
- LIVE Trainings (1)
- Posts (37)
- Rehab (1)
- TENANT TRACKING (34)
- a. Getting Started TT (4)
- Collections (1)
- ExistingTenants (2)
- Late Charges (6)
- Move Out (4)
- New Tenant (4)
- Section 8 (3)
- Security Deposit (1)
- Statements (1)
- Tenants (2)
- Work Orders (3)
- Workshop Videos (4)
- zExtra Tools (4)
- zMEMBER BENEFITS (1)
- zQB Upgrade (2)
Search By Topic
VOTED TOP 7 Business Books by BP
Buying Archives
QUESTION:
We are creating a investment syndication for buying and working out non-performing mortgages in an LLC entity.
Each member will require a capital account for their investment dollars and be able to receive pro-rata shares of profits, return of capital and losses (if any).
Will the Investor Books software support the bookkeeping for the syndication?
Thanks,
Joseph
ANSWER:
Absolutely Joseph!
Anything you can imagine doing as a real estate investor, can be handled properly in Investor Books PRO System.
although this
This article or video is for members only!
Question from Kyle:
Hi Mike,
Kyle J. Weimer
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.
Sure
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.
BINGO!!
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…
Click to Access Video or Read More
Hi Mike,
Love IBP!! (Investor Books Pro System)
Question:
I’ve been doing some co-wholesaleing deals where as I receive a 30% check of our NET wholesale fee.
How would you prefer to enter that into IBP beings that I don’t have any closing statements or anything?
Which label/class would you put on it so it records it as profit correctly?
Thank you sir.
Regards,
Kyle Weimer
ANSWER:
Great Question Kyle along with having a good problem. Many investors would love to have your kind of problems. Congratulations.
Simply put, you begin with Click to Access Video or Read More
Question:
Another question Mike.
I bought an REO last Aug. from the bank with a hard money loan.
I tried to go in and enter all my receipts this year and show the purchase process and all that for this years taxes, as I sold it this year in April.
I got it all fouled up as how to show the purchase with my Hard money Lender funding the Cash purchase from the bank.
Then I fouled it up even more trying to zero out the loan after a Sold it.
I don’t know if I’m over thinking the whole process of making a Cash Purchase from the bank with a Loan from my private lender.
I use 12% interest only loans for 6 months.
I’ve watched all the videos with my wife repeatedly and I’m just fouling it up.
Please help! thanks,
K.W.
Answer from Mike:
Another question Mike. OK
I bought an REO last Aug. from the bank with a hard money loan.
so far, so good, but let’s step a moment and take a look at the big picture.
1. S-L-O-W Down and carefully review the Accounting Basics using the “Post Office Box Concept” to understand the basic fundamentals of Mike’s Accounting 101
here is the link for the short video explaining the Post Office… Click to Access Video or Read More
This article or video is for members only!
Thursday, April 26, 5:19 am
Member Log In
Recent Posts
- Wealth Building Workshops at Wildwood
- Property Taxes Paid from Escrowed Funds Held by Lender
- What Version of QuickBooks Should I Get?
- 3 Day LIVE Landlord Certification Training in Louisville, KY
- FLIPS and Rehabs, Question from Randy
- Q&A: Where to Enter Your Equity and Proper Use of CASH from Me
- How To Handle Two or More Tax Returns in Your Investor Books Pro Company File (Multiple Entities)
- How to Properly Enter Buying Real Estate with Seller Financing
- Earnest Money Paid To You When Selling a Property
- Refinance including Cash Out ReFi’s
Sub-sidebar Right
- This is the Sub-sidebar Right location.
- Either activate widgets in this location or turn this location off in the theme options.