Question:

Mike, I keep notes on my tenants and vendors.  Notes the one they can’t see.  I would like to print off all the notes I have for  1 vendor.  How do I do this?

This would be great for tenants also.  Again, this is for the Notes they cannot see.
— Thanks, A. – Texas

ANSWER:

This short 2 minute video shows you how to do it. It’s simple to just follow step by step

Mike Butler

 

 

 

How to Enter a “Revolving Account” Invoice

this is used for any vendor allowing you to buy stuff on your account

and then pay when they send you your monthly statement

Examples:

Home Depot account, Lowe’s account, Menard’s, Paint Store, Local Hardware, etc.

4 minute video

Click to Access Video or Read More

IRS 2020 Inflation Adjustments for Pension Plans, Retirement Accounts
The IRS has released the 2020 cost-of-living adjustments (COLAs) for pension plan dollar limitations, and other retirement-related provisions.
Highlights of 2020 Changes
IRA Contribution Limits: 
  • The annual limit on contributions to an IRA remains unchanged at $6,000. 
  • For individuals age 50 and over, the IRA “catch-up” contribution limit remains $1,000 (this limit is not subject to an annual COLA adjustment).
The contribution limit for employees who take part in 401(k) plans, 403(b) plans, most 457 plans, and the federal government’s Thrift Savings Plan, has increased to 

Click to Access Video or Read More

QUESTION from Jared:
Hi Mike,
I am absolutely loving the videos and system you have created with Investor Book’s Pro.  I successfully have caught up my 2019 books using the system and am using my “rainy weekends” as you mention in the Quick Start videos to fill in previous years (to determine the cost basis of my properties.. and I’m super analytical and want my numbers to match).  I’m making my way back to 2016 and almost have everything wrapped up.
For one of my properties I purchased subject to the existing mortgage, the mortgage company escrows taxes and insurance.  I cancelled the seller’s insurance and purchased my own at the time of closing.  A month after I purchased the property, a disbursement went out of the escrow account to my insurance company.  A few days later, the seller’s previous insurance company sent the refunded insurance money to the mortgage company.  The mortgage company added the funds to the escrow balance.
I’m not sure where what account to choose in the Escrow register since it wasn’t originally my funds.  Initially I thought I would put it in the fixed asset for the property but the money doesn’t go to benefit the property but rather it is sitting in the escrow account.  Any advice on how to best enter this?  One other way I thought to do is add the refund to the starting escrow balance and call it good.  The numbers would work and it wouldn’t impact any of my company financials.
Jared
(attached is statement)
ANSWER from Mike:  watch this 6 min video

Click to Access Video or Read More

ARMs

Adjustable Rate Mortgages

18 min video

Click to Access Video or Read More

QUESTION From Dale
——————–

I recently ran an update to Windows 10
only to find that as a result
none of my software package like Excel Word and your Tenant Tracking program work now.

PC guy had to rebuild my system OS and now
I can’t get in to my company on tenant tracking
because it does not recognize the Administrator Password I had for Quickbooks.

I contacted Intuit to see if they could help my reset the password to get back in but were no help.

They said the Quickbooks PRO 2007 (Dale, this is almost 14 years old!) was outdated and the only thing I could do is update to Quickbooks PRO Desktop 2019.

If I were to do that would your Tenant Tracking software still work and access the data files I have already built and been using up to this point?


ANSWER  from  Mike

Sorry for your luck here Dale,
– there are a few things to cover here

1. Do You Have Your Tenant Tracking .QBB file? (this is QuickBooks BackUp Company File)
– i trust and hope you your Tenant Tracking company to auto-backup everytime you log out.
– plus, you must always keep an off-site backup, not just a flash drive, but a service like BlueRibbonBackUp.com
(mine is set to auto-backup everything at 1:30am every night)

I hope you have a good copy of your Tenant Tracking BackUp Company file

2. You are using QB Pro 2007 — this is 14 years old and will not work in Windows 10
– QuickBooks no longer supports it as they want you to buy a newer version.

if you can find your backup file of Tenant Tracking, you can purchase a new version of DESKTOP version of QuickBooks Pro 2019 or 2020
do NOT get the online version, it will not work and they charge you a monthly fee.

After you successfully install your new version of Desktop version QuickBooks Pro,
in the upper left corner, you will see the word “FILE” on the toolbar.
– click on FILE, a dropdown list will appear, and click on RESTORE

follow the instructions in your manual on how to install (restore) your Tenant Tracking backup file.

if you cannot find your .QBB file, look for TenantTracking.QBW file as this is the real file you actually open every time you access Tenant Tracking

if you have the .QBW file, install your new DESKTOP version of QB PRO 2019 or 2020
then click on FILE, drop down list and click on OPEN company file.
– go find your TenantTracking.QBW file and it will automatically pull itself up into your new version of QB PRO
i know this works because I had a user still using QB PRO 2002, their computer blew up, they get new pewtor with Windows 10 and it all worked perfectly!

if you do NOT have a copy of your backup file, nor a copy of your TenantTracking.QBW file

you will have to start over… because your files are gone or corrupted.

Let me know how it goes Dale,
and good luck

I ALWAYS ALWAYS Tell Folks To BACK UP, BACK UP, BACK UP  and for some reason Dale,  many folks don’t and won’t back up off site – then your computer blows and they scream HELP!!!

If you do not have off site, in the cloud backups, and your computer blows up, it’s trying to shove toothpaste back into the tube.

QUESTION from Stacey
(italicized green are Mike’s comments)
Hi Mike,
I’ve watched every video that I have access to, but I am still unclear on how to put in my private loan balances. 
For example, I purchased a property last year. 
I borrowed money from a private lender, (and deposited this money PRIOR to closing) put that in my (Operating Bank Checking Account) account and then paid (took a check) cash at closing. 
Stacey is describing how to pay cash at closing when buying a property when using a private lender who funded this purchase without it showing on a closing statement.
I entered the closing statement as (starting with) a check.
 
Where do I enter the $50,000 loan I’m paying on every month? (I memorized a check I can send every month, but I don’t know where to put the balance of the loan.)
Watch this short 20 min video I prepared for you Stacey
– Let me show you how to enter all of this in a few simple steps — it really is brain-dead simple when you use the Post Office Method of Accounting as your foundation
If I could have help with one of these properties, 
then I am hopeful  I could input the rest of them correctly. 
Please advise! Thanks!
Stacey
ANSWER:  

Click to Access Video or Read More

How to Enter

HUD 1 Closing/Settlement Statement When Buying Real Estate with Cash.

19 min video

To View Full Screen, Click the Lower Right Corner of Video

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

Click to Access Video or Read More

How To Properly Enter a Cash Out Refi

or any Refinance
18 minute video

Click the Link Below This Video To View

Click to Access Video or Read More

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