Buying 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 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

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

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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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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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Hi Mike, Love IBP!! (Investor Books Pro System) Question:

I've been doing some co-wholesaleing deals where as I receive a 30% check of our NET wholesale fee.

How would you prefer to enter that into IBP beings that I don't have any closing statements or anything?

Which label/class would you put on it so it records it as profit correctly?

Thank you sir.

Regards,

Kyle Weimer

ANSWER:

Great Question Kyle along with having a good problem. Many investors would love to have your kind of problems. Congratulations.

Simply put, you begin with

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 How To Enter The Purchase of Real Estate using Borrowed Money

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.

How To Enter a Purchase in Investor Books Pro using Quick books
using Borrowed Money

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Starting Off With A New Property Using Investor Books Pro This is an On Demand Video Preview

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How To Enter Real Estate Purchase with a New Loan This is an ODV PREVIEW. Members can view complete On Demand Video by clicking link below.

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