All Forum Posts by: Ben Wagner

@Jerryll Noorden It's funny you mention that. I searched "We buy houses in..." and "Sell my house fast" across the country a year or two ago just to see what other investors were doing. What I found was that most, if not all, of the top positions were carrot sites. Although i was ranking fairly decent at the time with my wordpress site, i figured they had to be doing something right and switched to their services.

I noticed the same thing and decided to go the opposite direction with our site. I wanted to be able to stand out from all the identical investorcarrot/leadpropellor sites. I'm not sure how they get the rankings they do though, they don't even seem to employ a real content marketing strategy...

Like @Tim Gordon, I also went with a Divi site.

2 Votes

I am looking for some insight into how others are tracking their finances for doing multiple flips. We are currently using a custom-built system to track receipts and expenses by property, but are considering switching to Quickbooks to have a more comprehensive view of the entire business - things that are not related to a specific property, such a payroll, rent, etc. and be able to keep track of money that frequently gets moved around between different accounts/entities.

I've been reading about how everyone uses Classes in Quickbooks to track P&L by property, storing property purchase and associated expenses as a "work in progress" (WIP) current asset and then changing those to COGS when the property is sold. This is great while the property is under construction and I can see how much money has been spent on construction, utilities, etc. right on the balance sheet. However, once I make the journal entry to convert those WIP assets to COGS, I can no longer see how much was spent in each of these categories for deals that have been sold - we like to look back and see how we did on certain deals. Do people create COGS accounts that correspond to the WIP current assets accounts so that all the categorization persists after moving from WIP to COGS, similar to below?

WIP-Inventory - Current Asset

-- WIP-Landscaping

-- WIP-Construction

-- WIP-Utilities

COGS

-- COGS-Landscaping

-- COGS-Construction

-- COGS-Utilities

I have also seen some people talk about using Items, but I am not sure of the Pros/Cons of this approach instead.

Lastly, is there a good way to manage estimated vs actuals for things like construction costs so we can see how we faired against our estimates?

0 Votes

All Forum Posts by: Ben Wagner

Ben Wagner has started 3 posts and replied 32 times.

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