Archive for 'INVESTOR BOOKS'

Questions from Scott:

Good Morning Mike,

I have noticed Mike has referred to clean copies of Tenant Tracking and or Investor Books files in various ODV’s.

Yes, i want to make sure you use the “clean copy” and not the practice or SAMPLE files. In the past, many folks have added their data into the sample file causing an extra frustration on their part.

So I am assuming there must be training files with examples of transactions available that I would very much appreciate having to help me along with learning how to use this product I have purchased.

Yes, but the training file is used for training and should not be used as a “How to” in the big picture. For example, I use the sample files for live training and suppose an investor hands me a HUD 1 Settlement Statement on a property he/she sold. In training, i will show attendees how to enter this closing statement in 3 minutes or less… but keep in mind, in this one example, they never purchased the property. my simple point is to use or reference the training file with kid gloves.

Would receiving these files be possible?

Yes, Click to Access Video or Read More

This 6 minute ODV shows you in simple, step by step with handholding, how to properly enter a Bad Check from a Tenant or customer.

TIP: Do NOT Delete the Deposit You Previously Made of the Bad Check that has been returned to you…

Click to Access Video or Read More

QUESTION:

Hello Mike,

I understand your reply of repair versus capital expense so my question must not have been clear…

When I buy a house to resell that will need some repairs, these repairs are a capital expense as the property is not in “service”.

To properly see my cash flow in Investor Books PRO when I do a report, I put these fix up costs as an expense (initially).   I do this under “repairs and maintenance”

The fix ups will eventually be transferred and re-characterized as a capital expense at a later date thus in the meantime allowing my cash flow report to provide useful information for me as an investor.

My question is when do I transfer this to the asset?

Thank you Mike,

Hope that is more clearer-er

Steve

 

ANSWER:

Great Question Steve! This is probably one of those questions most investors are afraid to ask.

For starters, as an investor and business owner Click to Access Video or Read More

Here’s a great 7 minute…

QUESTION:

Hello Mike,

I understand your reply of repair versus capital expense so my question must not have been clear…

When I buy a house to resell that will need some repairs, these repairs are a capital expense as the property is not in “service”.

To properly see my cashflow in Investor Books PRO when I do a report, I put these fixup costs as an expense (initially).   I do this under “repairs and maintenance”

The fixups will eventually be transfered and recharacterized as a capital expense at a later date thus in the meantime allowing my cashflow report to provide useful information for me as an investor.

My question is when do I transfer this to the asset?

Thank you Mike,

Hope that is more clearer-er

Steve

 

ANSWER:

Great Question Steve! This is probably one of those questions most investors are afraid to ask.

For starters, as an investor and business owner, YOU MUST KEEP YOUR FINGER ON THE PULSE OF YOUR BUSINESS! – No Exceptions! No longer can you borrow your way out of a cash flow problem.

Knowing this up front, you MUST be able to push a button and see a real, true blue, “cash flow” report.

This “Cash Flow” report drives many bookkeepers, accountants, and CPAs BONKERS because they have been trained to keep your books in Ready For Tax Time fashion. Their professionally trained method makes it totally impossible to generate a true “Cash Flow Report.”

Keep in mind, the way they do your books is proper for tax time; however, you and I have not been trained in their 5 star bean counting arena.

The simple version is Investor Books PRO makes it simple and easy for investors and business owners.

ALL of your capitalized “expenses” get entered using the Click to Access Video or Read More

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

 

——————————————

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

Question From Steve:

Hello Mike,

I looked through the Investor Books Manual and did not see this …

When doing a flip, the repairs will be a capital expense versus an ordinary expense.

How are you booking the repairs?

                                  Steve

 

ANSWER: Great Question Steve!

Yes, it is in the manual; however, you will not find the word “FLIP.” (I hate that word and back in the day, the term “flip” was also used to describe a fraudulent real estate transaction. And before the downturn of the economy, the Feds were targeting “flippers” of real estate even though they did not understand ethical investors used the term for a legal transaction.

All right, i am off my soapbox.

Therefore, replace your word “FLIP” with Click to Access Video or Read More

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