Hi, I want to get into tax lien and deed business as an foreign investor. Actually I have an accounting degree here in Turkey. My plan is to set up an LLC and minimize all cost just for first year. AFter that I absolutly leave these accounting to some experts like you, maybe to you:)) That is why I want to keep my recordings on my own using Quickbooks. Assuming I will participate in online auctions and buy this parcel, or that parcel etc... what kind of book keeping method must I use? Maybe I only can buy 3 tax liens, how would they be taxed?
While you can technically use "Locations" in QuickBooks instead of "Class" in some situations, "Class" is generally considered the better choice for most businesses because it allows for more granular tracking of different departments, product lines, or services within a single location, whereas "Locations" are best used when you need to track transactions across multiple physical locations like different stores or offices.
Could you please shoot a real estate investor video on how to record the monthly payout from the property management? Should I use a JE or Bank Deposit to record those items (rental income, expenses, fees, "Portfolio Minimum", Utility reimbursement, Owner Draw and Due to Owner) The pm account is not connected to QBO and many of those items are not showing up in the business bank feed in QBO. Your videos are very helpful...thanks!
Awesome. Do you have a video for medical business like therapist, dental offices, chiropractor.... on how to comply with HIPAA. I know the information should be scraped then uploaded but how do you approach this?
How did you learn/figure out how to make journal entries for real estate business? If you are to run bookkeeping business and there is no one who can teach you how do you figure out how to record such complex entries? This is the fear that’s making me worry about starting a bookkeeping business
If it’s a long term hold, you put property taxes on the P&L If it’s a fix and flip, add property taxes to your balance sheet as a current asset, then you expense it when you sell it
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Very helpful, thank you
Glad to hear it!
Thank you!
You're welcome!
Great work, keep doing it. Appreciated!
More to come!
Thanks, It's a very helpfull video. ❤❤❤❤❤❤
Thanks for watching!
Do you charge an additional fees for entering HUD paperwork or is it part of your standard monthly flat fee?
that's a part of the monthly fee
Thanks for sharing this video
My pleasure
thanks bro
If property owner sets up separate tax entities for each property do you still use one QB online account for all and use class to separate?
I usually like to have different companies in different QBO accounts
Hi, I want to get into tax lien and deed business as an foreign investor. Actually I have an accounting degree here in Turkey. My plan is to set up an LLC and minimize all cost just for first year. AFter that I absolutly leave these accounting to some experts like you, maybe to you:)) That is why I want to keep my recordings on my own using Quickbooks. Assuming I will participate in online auctions and buy this parcel, or that parcel etc... what kind of book keeping method must I use? Maybe I only can buy 3 tax liens, how would they be taxed?
I'm not sure about all of that!
Can you use locations in QB instead of Class, or is there a reason Class is better choice?
While you can technically use "Locations" in QuickBooks instead of "Class" in some situations, "Class" is generally considered the better choice for most businesses because it allows for more granular tracking of different departments, product lines, or services within a single location, whereas "Locations" are best used when you need to track transactions across multiple physical locations like different stores or offices.
Could you please shoot a real estate investor video on how to record the monthly payout from the property management? Should I use a JE or Bank Deposit to record those items (rental income, expenses, fees, "Portfolio Minimum", Utility reimbursement, Owner Draw and Due to Owner) The pm account is not connected to QBO and many of those items are not showing up in the business bank feed in QBO. Your videos are very helpful...thanks!
I will add that to my list!
Thank you! @@BookkeepingExpert
Awesome. Do you have a video for medical business like therapist, dental offices, chiropractor.... on how to comply with HIPAA. I know the information should be scraped then uploaded but how do you approach this?
I don't have any clients like that!
How did you learn/figure out how to make journal entries for real estate business? If you are to run bookkeeping business and there is no one who can teach you how do you figure out how to record such complex entries? This is the fear that’s making me worry about starting a bookkeeping business
Property taxes paid would you categorize this to the balance sheet under a liability account or does this go on your PNL statement as an expense??
If it’s a long term hold, you put property taxes on the P&L
If it’s a fix and flip, add property taxes to your balance sheet as a current asset, then you expense it when you sell it
@@BookkeepingExpert thank you so much!