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Category: Escrow Accounts

Escrowed Funds Refund Overpayment on Reserves Held by Lender

Posted on November 24, 2019April 12, 2022 By Mike Butler

QUESTION from Jared:

Hi Mike,

I am absolutely loving the videos and system you have created with Investor Book’s Pro.  I successfully have caught up my 2019 books using the system and am using my “rainy weekends” as you mention in the Quick Start videos to fill in previous years (to determine the cost basis of my properties.. and I’m super analytical and want my numbers to match).  I’m making my way back to 2016 and almost have everything wrapped up.    

For one of my properties I purchased subject to the existing mortgage, the mortgage company escrows taxes and insurance.  I cancelled the seller’s insurance and purchased my own at the time of closing.  A month after I purchased the property, a disbursement went out of the escrow account to my insurance company.  A few days later, the seller’s previous insurance company sent the refunded insurance money to the mortgage company.  The mortgage company added the funds to the escrow balance.

I’m not sure where what account to choose in the Escrow register since it wasn’t originally my funds.  Initially I thought I would put it in the fixed asset for the property but the money doesn’t go to benefit the property but rather it is sitting in the escrow account.  Any advice on how to best enter this?  One other way I thought to do is add the refund to the starting escrow balance and call it good.  The numbers would work and it wouldn’t impact any of my company financials.

Jared

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HOW TO VIDEOS, INVESTOR BOOKS, Escrow Accounts

Property Taxes Paid from Escrowed Funds Held by Lender

Posted on December 21, 2017March 16, 2022 By Mike Butler

QUESTION:

I am entering property Taxes paid by the lender.
I am also trying to enter the taxes I paid on the properties with no mortgages on them. 
Please show how to do this also both in Investor Books and Tenant Tracking

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INVESTOR BOOKS, Escrow Accounts, Property Taxes, Year End

Earnest Money Paid To You When Selling a Property

Posted on June 24, 2017April 12, 2022 By Mike Butler

How to Properly Enter
a $2,000 Earnest Money Check Paid to You

QUESTION from Chuck: 

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

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HOW TO VIDEOS, INVESTOR BOOKS, Closing Statements, Earnest Money, Escrow Accounts, Selling

Year End Escrow Analysis of Your Money Held by Lender

Posted on January 9, 2017April 12, 2022 By Mike Butler

Year End Escrow Analysis

Your money held by lender to pay property taxes, insurance, and/or HOA fees
also includes changing your monthly payment if needed

4 min video

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HOW TO VIDEOS, INVESTOR BOOKS, Escrow Accounts, YEAR END STUFF TO DO, Year End

How to Set Up Your Escrow Accounts for Your Mortgage Payments

Posted on January 9, 2017April 12, 2022 By Mike Butler

(your money held by lender to pay property taxes and insurance)

12 min video

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HOW TO VIDEOS, INVESTOR BOOKS, Escrow Accounts

How to Set Up Escrow Accounts for Mortgage Payments

Posted on January 9, 2017April 18, 2022 By Mike Butler

This short 12 minute video shows you how to do it.

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HOW TO VIDEOS, INVESTOR BOOKS, Escrow Accounts

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