QUESTION from Stacey (italicized green are Mike's comments)
I've watched every video that I have access to, but I am still unclear on how to put in my private loan balances.
For example, I purchased a property last year.
I borrowed money from a private lender, (and deposited this money PRIOR to closing) put that in my (Operating Bank Checking Account) account and then paid (took a check) cash at closing.
Stacey is describing how to pay cash at closing when buying a property when using a private lender who funded this purchase without it showing on a closing statement.
I entered the closing statement as (starting with) a check.
Where do I enter the $50,000 loan I'm paying on every month? (I memorized a check I can send every month, but I don't know where to put the balance of the loan.)
Watch this short 20 min video I prepared for you Stacey
- Let me show you how to enter all of this in a few simple steps --- it really is brain-dead simple when you use the Post Office Method of Accounting as your foundation
If I could have help with one of these properties,
then I am hopeful I could input the rest of them correctly.
Please advise! Thanks!
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