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

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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

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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

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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

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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.

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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)

 

 

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