Hey Mike,

Thanks for getting me everything with The Investor Books PRO System with Tenant Tracking. I have already started playing around with InvestorBooks and think it will address my needs quite well. Today, I was successful at setting up each one of my properties as fixed assets as well as mortgages, escrows and some bank accounts according to the manual. So progress!

I was wondering what the best way was to ask questions. Right now, I have few questions.

1) On page 128 of the InvestorBooks manual, it has instructions on how to adjust the register for the mortgage to record principal reductions at year end. Everything makes sense except it indicates that one should remember to enter the class (i,e property) in the register at the bottom of page 128. Problem is —the register does not have a field for “class”. I called Quickbooks support and they told me that there was no way to get a field in the register for “class”. The way the sample report in the manual shows mortgage payments is broken down by principal and interest. This suggests that there must be a way to insert a “class” field in the register. I was wondering whether you might have some insight into how I can get “class” as a field in the register.

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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

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3 – Five Minute Videos

How To Enter Your Existing Tenants

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Federal PATH ACT Provides Planning Opportunities with Permanent Extensions of Many Tax Incentives
After years of routine temporary extensions, Congress has made permanent a number of previously temporary tax breaks for individuals and businesses as well as extending others. The Protecting Americans from Tax Hikes Act of 2015 (PATH Act), signed into law by President Obama in December, opens the door to new planning opportunities.

 

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QUESTIONS For Mike:

  1. For validation, does a Sandwich Lease Option rent payment to the home owner go into rent expense account? 
  2. I did a double close yesterday (close on the buy and immediately sell the property 10 mins later).  The video for showing the SELLING side is broken and I’ve sent an email to Melissa to see if it can be fixed.  I collected Non-refundable Earnest Money from the buyer weeks before closing.  Which account does this earnest money collected, for a house I don’t yet own, get put into?  The money went straight to my bank account.  When I am doing the closing, I assume that will be offset in the deposit split against the account in which the funds were associated with. 
  3. I’ve given Earnest Money to a seller for a property that was NOT purchased.  Would this go to the PAID TO OWNERS (expense) account or is there a better account for this?  Right now it is showing in the ESCROW (asset) account and needs to be swept to an account for which I never purchased the property.

Thanks Mike,

Jared

 

ANSWERS from Mike:

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