Archive for 'quickbooks'

Here’s a great 7 minute…

Question From Steve:

Hello Mike,

I looked through the Investor Books Manual and did not see this …

When doing a flip, the repairs will be a capital expense versus an ordinary expense.

How are you booking the repairs?

                                  Steve

 

ANSWER: Great Question Steve!

Yes, it is in the manual; however, you will not find the word “FLIP.” (I hate that word and back in the day, the term “flip” was also used to describe a fraudulent real estate transaction. And before the downturn of the economy, the Feds were targeting “flippers” of real estate even though they did not understand ethical investors used the term for a legal transaction.

All right, i am off my soapbox.

Therefore, replace your word “FLIP” with Click to Access Video or Read More