All Forum Posts by: Dan V.

I've only used Quickbooks (I'm a Pro), so I can only speak for it. Quickbooks is a generic software and not geared towards any specific industry. It's how you set it up the system and your accounting process that make the program more effective. Quicken might be good as well as I heard people having success using it, you just need to learn how to tweak it to get the results you need. 

@Chad Parkhurst Congratulations for not losing money! My first one was also during the first wave of the pandemic and I was so worried that I might lose since we're overbudget and also due to pandemic. 1st 2 buyers fell thru and I was just hoping for break-even. Luckily, the third buyer worked in our favor and was able to make some profit from it. Good luck on your next one!

So $115k less $54k = $61k. What about the other costs? Profit should be net of all costs. Unless I am missing something?

For fix n flip, your best bet is hard money or private money lender since they close faster and has fewer requirements. Shop around to find what rates will you get and use those in analyzing the deal.

@Henry L. Hill How much was the rehab? The profit you indicated was the difference between sale price and purchase price, did you factor in the rehab costs, closing costs (buying & selling), holding costs and commission fees?

@Carlos Monroy Are the numbers right? How much profit did you make on this deal?

@Nate Tew First of all congratulations! How is the sale part works? If I understand it, the mortgage is still under the owner's name but the deed is under your (or your LLC) name? So when you sell it, are you selling it under your name or under the previous owner? What contract did you use to purchase it? I was presented a similar deal and I'm not familiar how to structure it or what contract to use. I appreciate any input!

@DeGerrian Evans Wholesaling, it's nothing out of the ordinary, just create an income (wholesaling fee or assignment income) and the expenses you can use the default expenses accounts, just add a few more under Advertising & marketing to keep track of your different marketing channels or lead generation strategies. For the flipping, create current asset accounts to track at least your acquisition costs, rehab costs, and holding costs, this is where you will track the expenses while working on the property. Then create the same costs categories for Cost of Goods Sold. plus another category for selling costs. Once you sell the flip property, then you will move the asset costs to the cost of goods sold. 

Congratulations! Time to look for the next house to flip!

@Nathan Hochstetler Welcome to BP! I am newbie investor as well, working on my second flip and hoping to close on another property this month, probably for Airbnb.