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VOTED TOP 7 Business Books by BP
Selling Archives
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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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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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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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.
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How to Enter A Sale of Real Estate with a loan on it (not paid for)
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Thursday, April 22, 7:23 pm
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