Question from Kyle:

I want to clear up one thing. You mentioned I didn’t handle the Hard Money Loan correctly when purchasing a rehab property. Do I just put my Hard Money Lender as the “liability” account as when my parents loaned me the money to run my business? Not an interest or escrow account!
Is this correct now?
Trying to make sure I fill out the settlement charges correct when entering the purchase. I am watching the videos.

Thanks, Kyle

 
ANSWER from Mike:

Hey Kyle, Here is the link explaining my “Post Office Concept for accounting”

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the very first video covers the Post Office
 
 
 
 
You mentioned I didn’t handle the Hard Money Loan correctly when purchasing a rehab property. 
– simply put, this is…

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