Posts Archives

Question: Mike, I keep notes on…

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

IRS 2020 Inflation Adjustments for Pension Plans, Retirement Accounts
The IRS has released the 2020 cost-of-living adjustments (COLAs) for pension plan dollar limitations, and other retirement-related provisions.
Highlights of 2020 Changes
IRA Contribution Limits: 
  • 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).
The contribution limit for employees who take part in 401(k) plans, 403(b) plans, most 457 plans, and the federal government’s Thrift Savings Plan, has increased to 

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ARMs

Adjustable Rate Mortgages

18 min video

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Question from Stacey   (italicized green are Mike’s comments)
Hi Mike,
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) 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 $50000 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 video – 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!
Stacey
ANSWER:  

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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

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Click to Order Your New “Landlording On AutoPilot” Book

 

This article or video is for members only!

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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

CLICK the Lower Right Corner to VIEW LARGE

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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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