Archive for 'selling'

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

This Short Video shows real estate investors how to enter the Sale of one of your properties, including a wholesale deal.

Please do not try to memorize this 3 step procedure, unless you are doing a deal a day.

Just refer back to this video.

Click to Access Video or Read More