All Forum Posts by: Cooper B.

 Thanks for the reply Nancy.  The way I currently have it set up is all costs associated with a property (purchase price, rehab costs, holding costs, etc) are put into the appropriate accounts which are Other Current Asset (Inventory).  Would that work any differently than if those were Fixed Asset accounts? 

QB does add the expenses up, but what I am wanting is an easy way to set a budget for each of those accounts for each specific property (which is set up as a Class), then see those running totals compared to the total amount budgeted for that particular account. 

I'm wondering if what I am looking to do using the Customer:Job features?  I don't really understand how those work.  

Is there a way to easily use Quickbooks to track expenses for a specific rehab project (flip) against an initial budget?

Let's say at the beginning of a new rehab project I have estimated amounts for the labor costs, material costs, property taxes, insurance, utilities, staging, etc.  As the rehab progresses and I incur expenses within each of those categories, I would like to be able to quickly compare the total amount incurred so far vs. the total amount estimated.  At the end of the project I can see where I over-budgeted and where I under-budgeted.  

I have each of my rehab projects set up by class.  All of the expenses for each current project are put into inventory accounts, then after the property is sold I move it all to COGS.  

I played with the "Budget" feature but it seems to be a function of expenses over time, rather than simply total expenses per project.  I realize I could do this with a spreadsheet but I'd love to keep it within QB if possible.

Any help or guidance would be appreciated!

@Don McCoy it's impossible to answer your question without knowing where the property is located. Feel free to send me a PM with more details and I'll give you my 2 cents. I'm a realtor and I invest in Homewood.

Ok, just to confirm, what you are saying is if I think there are likely to be multiple offers over list, then my initial offer should be my highest and best?

I'm hoping to get some quick advice here. I'm going to submit an offer on a HUD home today on behalf of a client who will be an owner occupant. Today is the last day of the exclusive listing period for owner occupants. The house is listed with an extremely attractive list price, and I suspect that it will go for well over list.

Can anyone tells me if HUD receives multiple owner occupant offers will they initiate a counter to everyone (i.e., like Homepath does)?

My buyer is willing to pay over list....I hate to make initial offer at his highest price but I sure wouldn't want to get a lower offer overlooked with no opportunity to counter.

I don't have much experience with tenant screening but I came across something today that I can't figure out.

I pulled a credit report from TransUnion / SmartMove on a potential tenant.  They recommend that I accept the tenant, and give a "Resident Score" of 789. This is the first time I have used this service so I don't really know what the "Resident Score" means.  Is it supposed to be similar to a FICO score?

What is confusing me is that in early 2014 there were 2 credit card accounts that were closed and charged off as bad debt with balances of over $25k.  There is also a mortgage showing up that was closed in early 2015; under remarks it states "Settled - less than full balance".  

I asked the potential tenants about the credit cards and he stated that he had a major medical issue 2 years ago and told the credit card issuer that he couldn't make payments, then he never heard anything else about it and didn't ever receive any more bills.

To me this seems like some pretty significant red flags, yet the automated recommendation is suggesting that I should accept the tenant.  There are a number of other accounts in good standing, but those charge offs were just last year.  

Anyone out there have any experience with the SmartMove service that could give me any advice here?

Thanks for the response Denise.  In followup to the part in bold above, are these investors purchasing the right of redemption from the foreclosed party in order to exercise that right to "snatch" another investor's deal? If so, would someone in my position be able to track down the former owner and purchase the right from them as an assurance that the owner or anyone else can't redeem? Or better yet could the former owner just sign something legally waiving their right of redemption? 

I'm hoping someone can help provide some clarity to me regarding the right of redemption law in Alabama.

Say a property is foreclosed and sold back to the bank on the courthouse steps.  The bank turns around and sells the property to a 3rd party for a lesser amount.  If, still within 1 year from the original foreclosure sale, the prior owner elects to redeem the property, would they owe the 3rd party the amount that the bank bid to originally take back the property?  Or, would they owe what the 3rd party had paid to purchase the property from the bank?

I realize that the owner of the right of redemption would also owe interest, taxes, insurance premiums, and "necessary permanent improvements".  What constitutes a necessary permanent improvement?

@Charles Marchiondo, do you have an update about this?

@Fernando Aires, would you mind sharing which companies you found that provide these plans?

This is an interesting thread lacking some very key information.  It is impossible to make any judgement on this particular claim without any facts of the loss.  I understand that the broker does not influence how the claims are paid....at the same time if the program is underwritten by a carrier known for denying legitimate claims then customers should be aware of this.  Regardless of whether the denial is warranted or not, extended delays indicate poor customer service.