Repo MH - notesmith and QB

[Tony Carroccio]

Jim recommended this site to me and I have been watching the conversations for a couple of weeks now. I have know Jim for about a year and I have to say he knows what he is talking about. He has helped me tremendously!

I have been doing LD's for about 10 months now and have 5 homes. Four of them have sold (1 twice) and one is on the market now. I need some help with the repo / resold home and what to enter in notesmith (where I manage notes) and QuickBooks for it. Somehow I need to clear the old loan out in notesmith and update QB.

Can anyone help with this! Thanks!

[Jim Johnson]

Originally posted by Tony_C:

Jim recommended this site to me and I have been watching the conversations for a couple of weeks now. I have know Jim for about a year and I have to say he knows what he is talking about. He has helped me tremendously!

I have been doing LD's for about 10 months now and have 5 homes. Four of them have sold (1 twice) and one is on the market now. I need some help with the repo / resold home and what to enter in notesmith (where I manage notes) and QuickBooks for it. Somehow I need to clear the old loan out in notesmith and update QB.

Can anyone help with this! Thanks!

Tony,
I let this ride to see if anyone would jump in... let me take a crack at it...
Notesmith first- investment tab- upper right is a 'closed date' area. put the date you did the repo. Run a investment history and it will show you the basis. that should match your quickbooks basis.
Now- using the general gernal entry on quickbooks- move the basis back to the MH Flip from the MH Note. So on your account, it will look like you jsut paid a whole bunch for the home. Add in your costs to repo, renovate, pad rent etc... Now you will have a new basis and you sell it again.
to recap- move the total amount in the MH note file back to the MH flip. Then, after you resell- put the numbers back. Like wiping the slate.

ps... after I finish with my notsmith file, I use the 'adjust' tab and change the file name. If it was CSV 49, I will adjsut it to 'X CSV 49'. Even a deal file might have 1098 implications at the end of the year... and now when you recreate your new buyer- you use the same account naming. That keeps quickbooks and notesmith using the same account numbers even after the repo...

on a personal note... bought that Ft Worth park on the 30th, working on another Nebraska Park and a Minnesota Park... you need to upgrade sandboxes.... my opinion... which you know you get weather you ask for it or not...