18 min video
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Category: INVESTOR BOOKS
Paying Bills
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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Year End Escrow Analysis of Your Money Held by Lender
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 Set Up Your Escrow Accounts for Your Mortgage Payments
(your money held by lender to pay property taxes and insurance)
12 min video
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How to Set Up Escrow Accounts for Mortgage Payments
Can the IRS impose penalties if a return is not filed/tax not paid?
Yes, the IRS can impose penalties if a tax return is not timely filed or if a tax liability is not timely paid. As with all IRS penalties, the rules are complex. However, a taxpayer may avoid a penalty if he or she shows reasonable cause.
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Year End Escrow Analysis of Your Money Held by Lender
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 HUD Settlement Statements and Refi’s Question
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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QuickBooks Pro – Buying Non-Performing Mortgages
QUESTION from Joseph:
We are creating a investment syndication for buying and working out non-performing mortgages in an LLC entity.
Each member will require a capital account for their investment dollars and be able to receive pro-rata shares of profits, return of capital and losses (if any).
Will the Investor Books software support the bookkeeping for the syndication?
Thanks,
Joseph
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Can an S Corporation Own An Interest in Another Business Entity?
An S corporation may own an interest in another business entity.
An S corporation can be a member of an affiliated group by owning 80 percent or more of the stock of a C corporation. The group then can elect to file on a consolidated basis, if other affiliated group rules are met. But the S corporation itself cannot join the consolidated group.
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