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.
Enjoy!
MikeButler

You are unauthorized to view this page.

Question:

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.

Regards,

Kyle W.

Answer:

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...

You are unauthorized to view this page.

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

You are unauthorized to view this page.

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.

You are unauthorized to view this page.