QUESTIONS For Mike:
- For validation, does a Sandwich Lease Option rent payment to the home owner go into rent expense account?
- 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.
- 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.
ANSWERS from Mike:
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