Reviews of w/ "Flip with Quickbooks Online" course by Gita Faust?

Question

I'm helping a friend start to get her books in order.  I have some experience with Quickbooks Online, but not for RE.  Has anyone purchased a course by Gita Faust at FastTrack Consulting called "Flip with Quickbooks Online"?  Any reviews?  Is it worth the $199 price tag?

Sendin Bajric · Answer

@Michael Sauls Hi Michael,

With respect to the second part of your question, QBO has served me well in detailing flip operations for my clients. There is certainly a workflow to be learned as with any software, but I haven't felt any sacrifice is capability. Primary tasks are to inventory the projects & transactions to the Balance Sheet, track which expenses go to which property so I can keep track of budget, and upon sale, convert all transactions off my Balance Sheet and to the Income Statement so the tax accountant & client can see the profit made.

QBO is capable of all these tasks, and can automate any general business expenses as necessary. It syncs to the bank account or credit card, etc.

Good luck!

Gita Faust · Answer

@Michael Sauls The screens may be from the old version, accounting, bookkeeping procedures, process, and workflow are the same. If you do purchase the course, and have questions do email us.

If you are using the QuickBooks Online Advanced version we have specific instructions under a different course.

Michael Sauls · Answer

@Gita Faust Hi there! How updated is the QBO for flippers course since 3 years ago? Is it roughly the same product or completely redone to incorporate the changes QBO has implemented over the years?

Also I noticed somewhere you preferred QB desktop for flipping. Is that still the case or has QBO improved enough to be a contender?

Thank you! ☺️

Brian H. · Answer

Curious if anyone else has used this product?  Any reviews?

I'm new and am clueless about accounting and the QuickBooks software... So I am trying to figure out where to start for my flips.

Sounds like maybe this software requires a basic understanding of accounting and real estate accounting specifically?

Gita Faust · Answer

Thanks Kate for your honest feedback. I did not expect any different.

You are so right Flip for QBO was our first video creation and we have implemented those changes and still working on few. And you surely have got all your questions answered in the private group.

Our courses are built for real estate investors, professionals and property management companies who know their business. Who knows their process from funding, closing, spending money and receiving money.

ABC - If an Accountant, Bookkeeper or CPA takes on a new real estate client, this course is not for them. Because to implement an accounting system, you need to learn the real estate process, procedure and back office management. One has to take the time with a client and include their learning curve time. Time is money.

Just by picking up a book, you cannot learn everything. Otherwise we would all be making millions in real estate.

We take our clients advise, recommendation very seriously and have success with our clients.

Disclaimer: I am not an attorney, CPA or EA and hence we do not cover depreciation and  tax strategies.

Kate Johnson · Answer

@Kristen Caccavo, Sorry I am just now replying!  This got lost in the Thanksgiving shuffle.

I did purchase the course.  This year I started a bookkeeping business and would like to specialize in serving REIs, so that is why I purchased this.  This course has has helped me somewhat, mostly with the recording of property purchases and sales.  I think I would have had a difficult time conceptualizing how to do that on my own.

Are you wanting to do the QBOnline version?  When I purchased this course, I spoke with Gita herself on the phone. She did everything possible to convince me NOT to buy this course because she says QBO is not a good product for Real Estate.  She wanted to sell me (and try to convince me to use) one of the QB Desktop resources she has created.  Personally, I am doing just fine and meeting my client's bookkeeping needs with QBOnline.  But I know that Gita is not the only one that frowns on QBOnline for Real Estate bookkeeping.  I think Intuit is realizing that the cloud is where the whole world is heading and they are really putting resources into developing QBO into a legitimate accounting product.  It can CERTAINLY handle the needs of beginning flippers.

Also, I think that this firm has some very respected resources, but I think most of her top notch products are the written ones.  I think this firm is new to creating video courses, and the QBO course is only in video.  The course Table Of Contents was also noticeably incomplete (links that had no video, videos that were supposed to have attachments did not have attachments). I sent them a very long and detailed feedback on the product pointing out some errors and some omissions.  Perhaps they have made those corrections.

I know I have received some advertisements from Gita's company this week for Black Friday deals.  I'd pick up the phone and ask for those deals to still apply to you.  It is not a polished enough product to pay full price, but has some decent "bones".

I would be happy to talk to you about your specific bookkeeping questions.  If you don't have an accounting background, accounting for flipping can have some unique concepts that you wouldn't just know about from basic knowledge of "Income" and "Expenses".  The course assumes that you know about flipping accounting/tax rules like "capitalizing" costs until you sell the house.

Kristen Caccavo · Answer

Hi @Kate Johnson, Did you happen to purchase the course? I'm looking into purchasing the same course now and came here looking for a review on the course.

Reviews of w/ "Flip with Quickbooks Online" course by Gita Faust?

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