Archive for 'buying'

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

Question:

Mike, I get where the loan comes from and how to enter the asset and all that. I did all that fine. I was curious how to get my loan money into quick books and zeroed back out at the end again.

Do I deposit the money from my hard money lender into my checking account then write a check for the purchase out of there?

That’s what I did.

Then how do I zero out the loan on my closing statement when I’m done.

I can’t get it to zero out under the loan on my chart of accounts.

Doni do it as COG and that’s it? I did that but couldn’t figure out how to get the loan to zero out under my loan in the chart of accounts. I get the whole post office thing big guy.

Regards,

Kyle W.

Answer:

Let’s keep it very simple/

Every closing – buying, selling, trading, lending has a closing statement or a settlement statement explaining all of the details of this particular real estate transaction.

Most settlement statements have a dollar amount… Click to Access Video or Read More

QUESTION:

Hi Mike,

I have a question regarding entering the HUD info into QuickBooks for a newly purchased property. I’ve watched your videos on the subject and they were extremely helpful-Thank you, but i can’t seem to figure out the answer to the following question.

What do you do with the expenses relating to the purchase of the property that happen outside of the HUD.  For example… The inspection costs, the Hard Money appraisal that I paid for, and even a foundation repair that was paid for outside of the Hard Money loan Holdback but happened during the rehabbing of the property. It seems these are technically part of the cost of the Asset and should be applied to the real estate asset account.

Should those be entered as part of the asset account or should they be applied to other accounts such as a repair account?

Also, I would love to see you do a video showing the process of going from a Hard Money loan to Refinancing out of that loan and what that process would be like. This is essential what I’m trying to figure out with my questions above.

Thank you Mike,

Bryan T.
Dallas

 

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ANSWER:  

Great question Bryan. For starters, let’s copy and paste your question below and we will break it down into baby steps.

I have a question regarding entering the HUD info into QuickBooks for a newly purchased property. I’ve watched your videos on the subject and they were extremely helpful-Thank you, but i can’t seem to figure out the answer to the following question.

What do you do with the expenses relating to the purchase of the property that happen outside of the HUD.  For example… The inspection costs, the Hard Money appraisal that I paid for, and even a foundation repair that was paid for outside of the Hard Money loan Holdback but happened during the rehabbing of the property. It seems these are technically part of the cost of the Asset and should be applied to the real estate asset account.

Great question Bryan. I highly recommend you review the On Demand Video from the all day workshop. Here’s the link: http://quickbooksforinvestors.com/training-replay/5-live-training-replays/ This is covered in detail. Just check out the Investor Books Pro video.

Here’s your rule of thumb. “Anything that does not happen Click to Access Video or Read More

Starting Off With A New Property Using Investor Books Pro

This is an On Demand Video Preview

Click to Access Video or Read More