QUESTION from Kyle:
My S-Corp is debt capitalized with a 50K loan. I've spent some on business expenses etc. My s corp now owes the loan money. Also, in my loan agreement, I pay the loan 25% of my NET profits from each rehab I sell. I big percentage, but it's a family loan. Gotta help the fam!!
What would be your best method to set this up in Investor Books to keep track of the loan and money I spend against it and therefore owe it. And also to keep track and divvy up my net profits after selling each rehab? A video or written reply would be greatly appreciated.
Thank You Mike
Kyle
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