Buying Archives

How to Properly Enter Buying Real Estate with Seller Financing

How to
Properly Enter Buying Real Estate with Seller Financing
19 min video

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QuickBooks Pro – Buying Non-Performing Mortgages

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

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QuickBooks Real Estate – Buying 3 Properties On One HUD 1 Settlement

Question from Kyle:

Hi Mike,

 
Love the software still and have a unique question.
 
I just purchased 3 properties from the same seller and we did it all on one HUD. I know I need to enter the HUD exactly as I received it, but the question is I need to separate the properties because we are going to be selling them separately and splitting the profit on each one.
 
Should I just enter the HUD as it is, then make separate accounts for each properties so they show up separately for when we sell them and have to enter a selling HUD?
 
Obviously the HUD we used to purchase the 3 properties will have a big balance on it even after we sell 1 property. It seems it may be tricky to balance this all out.
 
Hope I confused you with this. Thanks.
 
 
Kind Regards,
 

Kyle J. Weimer

Answer from Mike Butler:
Great Question Kyle!  Long time, no talk…
 
check out this 9 minute How To Video Helper I made just for you wild man and because of you, now everyone gets to see how to do this the simple way.
Enjoy!
MikeButler

QuickBooks For Real Estate Question on HUD 1 Closing Statement

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…
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QuickBooks for Real Estate – Wholesale Deal

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

QuickBooks Investor Buying Real Estate Question

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

How To Enter Buying Real Estate using Borrowed Money

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