‘Buying’ Articles at QuickBooks For Real Estate Investors

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

February 7, 2014June 11, 2024 Mike Butler 1 Comment

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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QuickBooks Question about Closing Statement when Buying

September 23, 2012June 11, 2024 Mike Butler

QUESTION from Kyle:

(italicized green are Mike’s comments)

Mike, I get where the loan comes from and how to enter the asset and all that. I did all that fine. I was curious how to get my loan money into quick books and zeroed back out at the end again.

Do I deposit the money from my hard money lender into my checking account then write a check for the purchase out of there?

That’s what I did.

Then how do I zero out the loan on my closing statement when I’m done.

I can’t get it to zero out under the loan on my chart of accounts.

Do I do it as COG and that’s it? I did that but couldn’t figure out how to get the loan to zero out under my loan in the chart of accounts. I get the whole post office thing big guy.

Regards,
Kyle W.

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