CLOSING STATEMENTS Archives

 

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) 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 $50000 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 video – 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
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

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

Anthony Cordova
Registered Active Single User License

7 min video

Click to Access Video or Read More

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

Click to Access Video or Read More

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

This article or video is for members only!

Click Here To Access Video or Read More

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

Click to Access Video or Read More

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

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 Click to Access Video or Read More

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