QB Online for RE Investors - Purchase Property with Financing

End-to-End Accounting Course:bit.ly/4651FLr (Enter Code TH-cam50 for $50 off!)
Free QBO MiniCamp: bit.ly/3y7JUOQ
Free Chart of Accounts Download: bit.ly/4d4HQpS
Website: www.incomedigs.com
Save 70% on QuickBooks for 3 months - bit.ly/qbosave70
Check out Part 1 here: • QB Online for RE Inves...
Following up on the Cash purchase, this video demonstrates how to purchase a property with financing. Specifically, we'll hit
1. Capture the Loan as a LT Liability
2. Differentiate loan costs from closing costs
3. Fund the Tax & Insurance Escrow Account
4. How to deal w/ Construction Escrow
5. Adding in Private/ hard Money Loans

[@Incomedigs]

Check out my End-to-End Quickbooks Training. www.incomedigs.com/reab ($50 off w/ code TH-cam50)

[@IslandLifeFishing]

Mind blowing how simple you make this seem. Thank you so much for this video

[@Incomedigs]

Awesome! So glad you find it useful! Definitely check out our new course! www.incomedigs.com/reab3

[@TheOdysseyGroupKC]

Hi there; Great videos! In the previous videos on this topic (about 8 years ago?) you suggested using a "Cost of Goods Sold" account type for flips (purchase price; buying cots; Reno costs; Holding costs; selling costs) And in this one you use Fixed Assets. Can I ask-- a. why did you make the change? b. should I make the same change?

[@Incomedigs]

Hi! Thanks for watching! Actually...for flips....you can use both/ either or. In fact, the most common way to do it is: 1. COGS...everything goes to the P&L...and then, later, down the line 2. Move everything to the balance sheet.
Its a really great strategy that gives us the best of both worlds. I discuss this in great detail in my end to end course: Real Estate Accounting Bootcamp www.incomedigs.com/reab

[@benjaminwirsching]

Do you have a video that covers how to treat a hard money loan that provides rehab funds on a draw basis?

[@Incomedigs]

Yes! We have a couple that will discuss: th-cam.com/video/vEj6LMdxvbY/w-d-xo.htmlsi=5I5HOHpDI1GIQWh0
th-cam.com/video/LYxIFyO3x70/w-d-xo.htmlsi=UlhitWpbHjD8RzC4

[@lenavergara9116]

Hello- I would like to take the QBO bootcamp. But I have had my quickbooks chart of account set up for multiple accounts, and have been using since 2017. How will the course help me correct my chart of accounts? I use classes for different properties

[@Incomedigs]

Hi There! Thanks for watching!
Within the course, I setup QBO from scratch. However, I would say that 75% + of the students in the course already have QBO setup in some capacity. Therefore, we spend time discussing how to course-correct and "re-establish" your accounts at a specific date. We make use of journal entries to establish "Opening Balances" as necessary. Your situation is very common. We would love to have you in the course...we can surely help you get on the right track!