CLOSING STATEMENTS Archives

How to Enter Cash Purchase using a silent Private Lender

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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QuickBooks How To Enter Hud 1 When Buying With Cash

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

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

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Refinance including Cash Out ReFi’s

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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Earnest Money Paid To You When Selling a Property

How to Properly Enter

a $2,000 Earnest Money Check Paid to You

If You are a Licensed Real Estate Agent, You will deposit it into your Broker's Escrow Account

QUESTION: 

Hey Mike,
I am doing a wholesale deal. I will be doing a double close on it.

I received a $2,000 non-refundable deposit (EM but paid directly to me).

How do I enter a transaction like this. I tried to look it up on the videos but the link is broken. Thanks for the help

I tried to look it up on the videos but could not find this one.

Thanks for the help

Chuck C

7 min video

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1031 Tax Deferred Exchanges

1031 Tax Deferred Exchanges

How to enter properly is in your Investor Books Manual

on Pages 173 thru 186

 

here are some excerpts

Page 173

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QuickBooks Pro – Buying Non-Performing Mortgages

QUESTION:

We are creating a investment syndication for buying and working out non-performing mortgages in an LLC entity.

Each member will require a capital account for their investment dollars and be able to receive pro-rata shares of profits, return of capital and losses (if any).

Will the Investor Books software support the bookkeeping for the syndication?

Thanks,

Joseph

ANSWER:

Absolutely Joseph!

Anything you can imagine doing as a real estate investor, can be handled properly in Investor Books PRO System.

although this

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Selling Real Estate When Seller MUST Bring Money to Closing

Stephen asks:

"Mike, I am selling a property for $123,000 and unfortunately I have to bring a check for $3,000+ to the closing.

I am pulling my hair out trying to enter this HUD 1 Settlement Statement into Investor Books. Please Help Me, Stephen"

 

Answer:

Great question Stephen. You are not the only one who finds this a little different and challenging.

Here are two videos to show you how to do it simple and easy.

- the first is 7 minutes

- the second is 15 minutes

Remember, it does not matter if you are buying or selling.
- If you bring money to closing, you start with a check.
- If you leave the closing with a check, you begin with a deposit.

Mike Butler

Here is your first 7 minute video

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QuickBooks Real Estate – Buying 3 Properties On One HUD 1 Settlement

Question from Kyle:

Hi Mike,

 
Love the software still and have a unique question.
 
I just purchased 3 properties from the same seller and we did it all on one HUD. I know I need to enter the HUD exactly as I received it, but the question is I need to separate the properties because we are going to be selling them separately and splitting the profit on each one.
 
Should I just enter the HUD as it is, then make separate accounts for each properties so they show up separately for when we sell them and have to enter a selling HUD?
 
Obviously the HUD we used to purchase the 3 properties will have a big balance on it even after we sell 1 property. It seems it may be tricky to balance this all out.
 
Hope I confused you with this. Thanks.
 
 
Kind Regards,
 

Kyle J. Weimer

Answer from Mike Butler:
Great Question Kyle!  Long time, no talk...
 
check out this 9 minute How To Video Helper I made just for you wild man and because of you, now everyone gets to see how to do this the simple way.
Enjoy!
MikeButler

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QuickBooks Question on Installment Sales and Statements

Hi Mike,

Hope you had a nice Christmas.

Two quick questions.

1) Loans - Land Contract. (Contract for Deed)

Which accounts are used?

I created a new item (Loan Payment under Other Charge) and (Account   Uncategorized Income)  or  do I just use Rent like we do for tenants.

2) Statements Email & Print

Most of my tenants have a email, but several do not. 

When I try to email all statements it will not allow me to go forward without having all of them with a email.

If you have to do it separately what is your procedure?

I sure want to save the postage.

--
Respectfully,
 
Mark Mullet
Your Real Estate Consultant For Life

ANSWER:

Merry Christmas and Happy Holidays Mark

2 Great Questions

ANSWER #1:

1) Loans - Land Contract. (Contract for Deed)

Which accounts are used? 

Question for Mark: What Kind of an Account, (the 4 Basic Accounts as shown in your training video) is a Land Contract when you are selling?

it goes on your

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