INVESTOR BOOKS Archives

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

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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

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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

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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:  

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How to Enter

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

19 min video

This article or video is for members only!

Click Here To Access Video or Read More

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

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How To Properly Enter a Cash Out Refi

or any Refinance 18 minute video

Click the Link Below This Video To View

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 Mike's "Post Office Method" Accounting

Recording of LIVE Training Workshop

QuickBooks 101 - The Basics

includes Mike's "Post Office Method" Accounting

146 minutes - click lower right corner to view full screen

if you have trouble viewing, please use different browser - Chrome, Firefox, Internet Exploder, Safari, etc

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How To Set Up Your Escrow Accounts for Your Mortgage Payments

short 12 minute video shows you how to do it

CLICK the Lower Right Corner to VIEW LARGE

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