Posts Archives

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

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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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QuickBooks Tax Time Documents

How To Go 100% Paperless as You Receive Important Tax Documents

then simply email your quickbooks pro file to your CPA.

 The Only Complete System for Real Estate using QuickBooks Pro

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Click to Get More Details on Investor Books PRO System with Tenant Tracking

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Happy New Year!

Yes, I know the new year is here already, but this 33 min video gives you HUGE jump for Tax Time Now.

Stay Tuned for the 7 Simple Steps to Make Your QuickBooks Pro Ready for Tax Time

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