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
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
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