QuickBooks Real Estate – Buying 3 Properties On One HUD 1 Settlement

Posted on By Mike Butler 1 Comment on QuickBooks Real Estate – Buying 3 Properties On One HUD 1 Settlement

QUESTION from Kyle:

Hi Mike,

Love the software still and have a unique question.
 
I just purchased 3 properties from the same seller and we did it all on one HUD. I know I need to enter the HUD exactly as I received it, but the question is I need to separate the properties because we are going to be selling them separately and splitting the profit on each one.
 
Should I just enter the HUD as it is, then make separate accounts for each properties so they show up separately for when we sell them and have to enter a selling HUD?
 
Obviously the HUD we used to purchase the 3 properties will have a big balance on it even after we sell 1 property. It seems it may be tricky to balance this all out.
 
Hope I confused you with this. Thanks.
 
Kind Regards,
Kyle J. Weimer
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HOW TO VIDEOS, INVESTOR BOOKS, Buying

QuickBooks Question on Installment Sales and Statements

Posted on By Mike Butler

QUESTION from Mark:
(italicized green are Mike’s comments)

Hi Mike,

Hope you had a nice Christmas.

Two quick questions.

1) Loans – Land Contract. (Contract for Deed)

Which accounts are used?

I created a new item (Loan Payment under Other Charge) and (Account   Uncategorized Income)  or  do I just use Rent like we do for tenants.

2) Statements Email & Print

Most of my tenants have a email, but several do not. 

When I try to email all statements it will not allow me to go forward without having all of them with a email.

If you have to do it separately what is your procedure?

I sure want to save the postage.

—
Respectfully,
Mark Mullet
Your Real Estate Consultant For Life

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INVESTOR BOOKS, Selling

Accelerating or Deferring Income / Deductions as Part of a Year End Strategy

Posted on By Mike Butler

The arrival of year end presents special opportunities for most taxpayers to take steps in lowering their tax liability. The tax law imposes tax liability based upon a “tax year.” For most individuals and small business, their tax year is the same as the calendar year. As 2013 year end gets closer, most taxpayers have a more accurate picture of what their tax liability will be in 2013 than at any other time during the current year. However, if you don’t like what you see, you have until year end to make improvements before your tax liability for 2013 is permanently set in stone.

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INVESTOR BOOKS, Tax Updates

SPEED BUTTONS – Quick Fix for QuickBooks Pro To Move Icons to Toolbar on Top

Posted on By wizard

Attention QuickBooks Pro Users!

The latest versions of QB Pro has a boatload of new features, shortcuts, and time savers; however, they have a new default forcing your Speed Buttons to the left sidebar.

This short video shows you how to get your Speed Buttons to display across the top again

 34 second video shows you how

This Area Is For Registered Users Only. Not a Registered User? Click Here
REGISTERED USERS ONLY, STEP 8 - Speed Buttons, HOW TO VIDEOS

Bigger Pockets TOP 20 Books for Real Estate Investors

Posted on By wizard

Landlording On AutoPilot:
A Simple, No-Brainer System for Higher Profits and Fewer Headaches
by Mike Butler

“No author has had a greater impact on my landlording skills than Mike Butler and his book, Landlording on Auto-Pilot.

At the risk of sounding over-dramatic, the lessons I learned after reading it are the reason I spend as much time at home as I do – because Butler is all about creating systems to make the landlording process more automated … and they work.

There are so many tips in this book that I re-read it every year, just to be sure I’m not missing anything! Whether you are brand new to landlording or you have been renting homes out for decades – buy this book and read it… twice!”

Brandon Turner
Senior Editor
BiggerPockets.com

Recommended For: Beginner, Intermediate, and Advanced Investors
Best Books on Landlording

Reviews

QuickBooks Pro 2013 ROCKS for Real Estate Investors!!!

Posted on By wizard

All kinds of great new features in QuickBooks Pro 2013 will make real estate investors’ life easier, faster, and simpler!

While reviewing and conducting some research with my staff, you will love these new features and how to implement them.

They will be shown in detail, with step by step, implementation and after I show them to you, 2 students in the class will join me at the front of the class to show you how easy these features can be turned on!

​Mike

UPDATES

FREE Financial Calculator How To Video

Posted on By wizard 3 Comments on FREE Financial Calculator How To Video

FREE Financial Calculator for your Cell Phone and How to Use It!

12 minute video shows you how to get the Free Financial Calculator

💡 NOTE
      To VIEW LARGER – CLICK ⛶​ on the lower right corner of the video

OTHERS, Tools

QuickBooks Real Estate Video – How To Create Balance Sheets for Entities

Posted on By Mike Butler

8 minute On Demand Video shows you how to create Balance Sheets for multiple entities

QUESTION from Darren:

Thanks Mike!

I have a couple of follow up questions. For the LLC, single or multiple, are we suppose to classify every item regardless whether it is a income statement item or a balance sheet item?

Also, can I run a balance sheet just for LLC #1 that will not show LLC #2 balance sheet items? This is where my issue comes in, as my balance sheet is not in balance when I run a report just for LLC #1.

Darren
Joe’s partner

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HOW TO VIDEOS, INVESTOR BOOKS, Multiple Entities