Archive for 'buying'

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
Answer from Mike Butler:
Great Question Kyle!  Long time, no talk...
check out this 9 minute How To Video Helper I made just for you wild man and because of you, now everyone gets to see how to do this the simple way.

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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.

Doni 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.


Kyle W.


Let's keep it very simple/

Every closing - buying, selling, trading, lending has a closing statement or a settlement statement explaining all of the details of this particular real estate transaction.

Most settlement statements have a dollar amount...

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Starting Off With A New Property Using Investor Books Pro This is an On Demand Video Preview

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How To Enter Real Estate Purchase with a New Loan This is an ODV PREVIEW. Members can view complete On Demand Video by clicking link below.

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