HELP NEEDED - Starting out & Stuck on Financial Documentation
Hello, I am new to Bigger Pockets. I am also new to Real Estate Investing with Fix & Flips. I do not have any money to pay someone to do the accounting just yet as just starting and I am in need of your assistance. I eventually plan to outsource this function.
As for now, where do I record the property purchase and all the rehab fees associated with that property on a balance sheet? Should these all be regarded as asset particularly inventory?
Also, I used my savings towards the fixing and purchase of the property however I would like to regard this as a loan because I will need the money back in 12 months. How do I record this on the balance sheet? I understand equity is not something you necessarily get back?
Last but not least, is there by chance someone I can speak to pro bono for help with getting this set up please? I am a quick learner.