All Forum Posts by: Brock Roorda

I am under contract ($575k) to buy a lakefront condo that allows STR and will be paying cash for the purchase. I thought I'd mention since it's a condo there is an HOA which would assume a large portion of the risk for shared amenities such as the pool/hot tub/grill/beach area/etc.

I have an existing LLC that owns (2) LTR and also a long term hold that's a large piece of acreage. These existing assets are free and clear of debts and worth around $1.4M.

With owning other non real estate businesses, I really don’t love the idea of another business but would love to hear thoughts on at what point do I need to separate assets versus just buy more insurance.

Hello,

We had some land that we purchased earlier this year and went through the platting process with the county to subdivide.  We sold a few parcels off already in a traditional fashion but I have one that has me scratching my head on exactly how to record in QuickBooks.

I am unsure of how to record the parcel that we just sold for $165k where we we offered owner financing note of $135k as interest only with a 36 month balloon. (Texas attorney drafted up the note documents and the transaction went through a Title Company).

My uncertainty is in QuickBooks and is around the recording of the sale.  I understand the normal Debits/Credits.  For the $135k owner financed note, do I start by creating an item in my chart of accounts as an “Accounts Receivable” or should it be an “Other Asset” or something else and then what should the tax-line mapping be set as?  We operate on a cash basis and since we did not take in this $135k as cash this year I am not certain what I would need to change so that it does not show as net profit on the P&L Statement.  (Obviously we would record interest payments as income when they come in).

Thanks in advance to any of you QuickBooks/Real Estate gurus.