QUESTION:
Hi Mike,
I have a question regarding entering the HUD info into QuickBooks for a newly purchased property. I’ve watched your videos on the subject and they were extremely helpful-Thank you, but i can’t seem to figure out the answer to the following question.
What do you do with the expenses relating to the purchase of the property that happen outside of the HUD. For example… The inspection costs, the Hard Money appraisal that I paid for, and even a foundation repair that was paid for outside of the Hard Money loan Holdback but happened during the rehabbing of the property. It seems these are technically part of the cost of the Asset and should be applied to the real estate asset account.
Should those be entered as part of the asset account or should they be applied to other accounts such as a repair account?
Also, I would love to see you do a video showing the process of going from a Hard Money loan to Refinancing out of that loan and what that process would be like. This is essential what I’m trying to figure out with my questions above.
Thank you Mike,
Bryan T.
Dallas
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ANSWER:
Great question Bryan. For starters, let’s copy and paste your question below and we will break it down into baby steps.
I have a question regarding entering the HUD info into QuickBooks for a newly purchased property. I’ve watched your videos on the subject and they were extremely helpful-Thank you, but i can’t seem to figure out the answer to the following question.
What do you do with the expenses relating to the purchase of the property that happen outside of the HUD. For example… The inspection costs, the Hard Money appraisal that I paid for, and even a foundation repair that was paid for outside of the Hard Money loan Holdback but happened during the rehabbing of the property. It seems these are technically part of the cost of the Asset and should be applied to the real estate asset account.
Great question Bryan. I highly recommend you review the On Demand Video from the all day workshop. Here’s the link: https://quickbooksforinvestors.com/training-replay/5-live-training-replays/ This is covered in detail. Just check out the Investor Books Pro video.
Here’s your rule of thumb. “Anything that does not happen Click to Access Video or Read More
