Selling Archives

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

You are unauthorized to view this page.

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

PGNlbnRlcj48c2NyaXB0IHR5cGU9InRleHQvamF2YXNjcmlwdCIgc3JjPSJodHRwOi8vbWlrZWJ1dGxlci5ldnN1aXRlLmNvbS9wbGF5ZXIvUTJ4dmMybHVaMU5sYkd4Q2NtbHVaME5oYzJnM2JXbHVVREV1YlhBMC8/Y29udGFpbmVyPWV2cC1NTUxTVjBRRzVKIj48L3NjcmlwdD48ZGl2IGlkPSJldnAtTU1MU1YwUUc1SiIgZGF0YS1yb2xlPSJldnAtdmlkZW8iIGRhdGEtZXZwLWlkPSJRMnh2YzJsdVoxTmxiR3hDY21sdVowTmhjMmczYldsdVVERXViWEEwIj48L2Rpdj48L2NlbnRlcj4=

You are unauthorized to view this page.

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

You are unauthorized to view this page.

QuickBooks for Real Estate – Wholesale Deal

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

You are unauthorized to view this page.

How to Enter the Sale of Your Property – QuickBooks for Real Estate Training Video

This Short Video shows real estate investors how to enter the Sale of one of your properties, including a wholesale deal. Please do not try to memorize this 3 step procedure, unless you are doing a deal a day. Just refer back to this video.

You are unauthorized to view this page.

How To Enter The Sale of Real Estate with a Loan on it (Not Paid For)

How to Enter A Sale of Real Estate with a loan on it  (not paid for)    

You are unauthorized to view this page.