All Forum Posts by: Adam Adams

The big difference between online and desktop is that you can have unlimited companies on desktop. There are some other issues, but for me that is the big one. As far as where to get it, just go to Quickbooks website and buy it. I usually upgrade every other year. 

Each note is a fixed asset and if I am going to keep it short term, ie 5 years or less, all the expenses go into a holding account, which is another fixed asset. At the end when I sell it, the fixed asset and holding account are zeroed out. This is very important in regards to advances. If I have to pay the property tax in November, is it a deduction? Sure, until the borrower pays it back in April. If I deducted it in the previous year, then the repayment is income and I'll have to pay taxes on it. So do not expense that stuff. Toss it into a holding account. That includes Servicing costs, loss mitigation, insurance, etc..

If a note becomes a REO, I zero out the note accounts and create a REO accounts. If that REO becomes a rental, I zero out the REO accounts and create rental accounts. Why? Different expense rules along the way. And a rental has different asset accounts, ie accumulated depreciation, land, building, improvements, etc..

Each note or rental is a Class. That was I can have one set of books per company with many notes and I can run the report by Class to see how each asset is doing as well as the company as a whole. 

If you don't know how to keep books, get a bookkeeper. The biggest thing to know is that all of your expenses have to fall into one of the categories on the Schedule C. I took the Schedule C and built my expense accounts around that. Now when my CPA gets my books, everything is already categorized for him.

I do not think any note servicers have the time to teach. I know I wouldn't recommend any because I'd rather them focus on servicing my notes. If you want to learn about the process, you should ask here or find a mentor. Don't bother your vendors with education stuff.

Who's paying for their service? You or them? If I'm paying, I'm picking.

I usually see 2 years. I would still sign a 10 year.

Whats the issue? Are you planning on sharing this tape to get a commission too? If not, then what's the problem with signing. If you are planning on selling the tape, then that's what the broker is protecting himself for.

Yes

I got my license because the guy who got me into notes encouraged me to and said it would help. He had a real estate license as well. However, having a license didn't help me a lick. So like @Jeff Wallenius says if you are buying local, it could be beneficial. Otherwise, you don't really need one.

For me, that is not a question I would ask here. Different states have different rules for Statutes of Limitations. I would be asking the attorney that would be handling the file. If he says it is OK and it is a note that you want to deal with, then go for it. If he says it will be hard, don't bother. 

It's not dry. It's just expensive. Just like everything else out there today with all this money floating around.

I bought a fireproof filing cabinet. Each drawer can handle about a dozen files, give or take a few depending on how large the file is. Fireking Turtle filing cabinet to be specific. I'll put all of my collateral in the file.