Question: Mike, I keep notes on…
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How to Enter a “Revolving Account” Invoice
this is used for any vendor allowing you to buy stuff on your account
and then pay when they send you your monthly statement
Examples:
Home Depot account, Lowe’s account, Menard’s, Paint Store, Local Hardware, etc.
4 minute video
- The annual limit on contributions to an IRA remains unchanged at $6,000.
- For individuals age 50 and over, the IRA “catch-up” contribution limit remains $1,000 (this limit is not subject to an annual COLA adjustment).
How To Properly Enter a Cash Out Refi
or any Refinance
18 minute video
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10 Absolute Must-Read Real Estate Books for Investors
by Chad Carson | BiggerPockets.com
Click to Order Your New “Landlording On AutoPilot” Book
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How To Set Up Your Escrow Accounts for Your Mortgage Payments
short 12 minute video shows you how to do it
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FLIPS and Rehabs
Question from Randy:
When I buy a house to rehab and flip,
I enter the expenses of the rehab,
Do I enter it as an repair expense?
I do a close out report and I am showing a Capitalized expense,
I do not know how It got there. Help Please
Randy
ANSWER from Mike
I enter the expenses of the rehab “Improvements”
– NO, NO, NO
– when you buy any property,
everything and anything you do to or on this property…
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