This Short Video shows real estate investors how to enter the Sale of one of your properties, including a wholesale deal.
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QuickBooks For Real Estate Investors
QuickBooks For Investors America's Only Complete System For Real Estate Investors using Quick Books Pro
This Short Video shows real estate investors how to enter the Sale of one of your properties, including a wholesale deal.
Short Video shows you how to set up a new loan customer in Investor Books Pro using QuickBooks Pro
12 min video
QUESTION from Steve:
Hello Mike,
I understand your reply of repair versus capital expense so my question must not have been clear...
When I buy a house to resell that will need some repairs, these repairs are a capital expense as the property is not in "service".
To properly see my cash flow in Investor Books PRO when I do a report, I put these fix up costs as an expense (initially). I do this under "repairs and maintenance"
The fix ups will eventually be transferred and re-characterized as a capital expense at a later date thus in the meantime allowing my cash flow report to provide useful information for me as an investor.
My question is when do I transfer this to the asset?
Thank you Mike,
Hope that is more clearer-er
Steve
How To Enter a Purchase in Investor Books Pro using Quick books.
Straight to the point and you can apply this to any deal that you do.
Take it from a Hud 1 settlement, statement, or closing statement.
18 min video
When I began my real estate business, I did not understand "depreciation" until I saw the huge benefits at tax time.
Then I really began to pay attention.
Depreciation: A non-cash expense that reduces the value of an asset as a result of wear and tear, age, or obsolescence. Most assets lose their value over time (in other words, they depreciate), and must be replaced once the end of their useful life is reached.
There are several accounting methods that are used in order to write off an asset's depreciation cost over the period of its useful life.
Because it is a non-cash expense, depreciation lowers the company's reported earnings while increasing free cash flow.
QUESTION:
Starting Off With A New Property Using Investor Books Pro
5 min video
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
QUESTION from Steve:
Hello Mike,
Would you please give me some guidance.
To make sure I am of the correct mindset in reading the Investorbooks manual ... on page 86 you mention if we are using single member LLC's (which are a pass through entity as fax as the tax prep) we set them up on one set of Books ... then does that mean that if we are not using single member LLC's and instead have a Corp that files its own return and a Multi-member LLC(s) that files its own 1065 that these will each have their own set of Investorbooks?
And ... if the Corp is on a fiscal year versus Calendar year end for taxes, does that make a difference as the way we would log the Fixed assets may be better using Fiscal Year versus Calendar year which may cause havoc with the other entities.
Thank you Mike,
Steve