Category: INVESTOR BOOKS

Earnest Money Paid To You When Selling a Property

Posted on By Mike Butler

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 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

Paying Bills

Posted on By Mike Butler

QUESTION from Anthony:

I have a question I cannot find the answer to.
I get bills in on properties, (Ex. Electric bill). In the training documentation it says only to use the bills feature for things like Home Depot credit accounts.

What will go wrong if I use the Bills feature for all bills that come it. I ask b/c it helps me remember what is due.

Is there a better way to remember bills?

Some are monthly, some are not….Ex. new electric service at a house I am re-habbing. I may only have the service for a couple of months but need to remember to pay it.

I know I can use the memorize bill feature, however this does not give me a rundown of what I need to pay like the bill feature does. As my business gets bigger I may not be able to remember everything that is due.

Thanks,
Anthony

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INVESTOR BOOKS, Invoices, Loan Money

How To HUD Settlement Statements and Refi’s Question

Posted on By Mike Butler

QUESTION from Becky:
Hi Mike,

I just joined as an annual member today and have a few questions. I’m trying to get through as many videos as possible as quickly as possible in order to get the books done for a client of mine who has 25 LLCs, each with multiple rental properties and properties he has bought and sold. Unfortunately I don’t have time to watch the full series as I am in a major crunch at the moment.

I’m specifically looking for videos that will explain how to enter a HUD from a purchase when there is a loan involved and a line item referring to “improvement escrow account” as well as “down payment reserve account”

Also, what I am seeing him do on a regular basis, is take out a loan with the line items mentioned above, and then refinance a few months later. So i am looking for the refinance side of that as well.

Could you point me in the right direction on where to find this information?

Thanks!

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