CLOSING STATEMENTS Archives
How To Properly Enter a Cash Out Refi
or any Refinance
18 minute video
Click the Link Below This Video To View
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
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
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
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