Question:

Another question Mike.

I bought an REO last Aug. from the bank with a hard money loan.

I tried to go in and enter all my receipts this year and show the purchase process and all that for this years taxes, as I sold it this year in April.

I got it all fouled up as how to show the purchase with my Hard money Lender funding the Cash purchase from the bank.

Then I fouled it up even more trying to zero out the loan after a Sold it.

I don’t know if I’m over thinking the whole process of making a Cash Purchase from the bank with a Loan from my private lender.

I use 12% interest only loans for 6 months.

I’ve watched all the videos with my wife repeatedly and I’m just fouling it up.

Please help! thanks,

K.W.

Answer from Mike:

Another question Mike.  OK

I bought an REO last Aug. from the bank with a hard money loan.

so far, so good, but let’s step a moment and take a look at the big picture.

1. S-L-O-W Down and carefully review the Accounting Basics using the “Post Office Box Concept” to understand the basic fundamentals of Mike’s Accounting 101

here is the link for the short video explaining the Post Office… Click to Access Video or Read More