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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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BIGGER POCKETS TOP 7 Absolute Must-Read Real Estate Books for Beginning Investors”Landlording on Autopilot” by Mike…

Posted by Mike Butler USA on Thursday, December 17, 2015

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