All Forum Posts by: Owen Fogarty
Owen Fogarty has started 2 posts and replied 3 times.
Post: Single Family Home flip
- Investor
- Seattle, WA
- Posts 3
- Votes 0
Investment Info:
Single-family residence fix & flip investment.
Purchase price: $390,000
Cash invested: $100,000
Sale price: $600,000
Single Family Home flip
Post: Townhome flip held for just 51 day
- Investor
- Seattle, WA
- Posts 3
- Votes 0
Investment Info:
Townhouse fix & flip investment.
Purchase price: $445,000
Cash invested: $78,000
Sale price: $600,000
Townhome cosmetic flip.
Post: Accounting for house flippers
- Investor
- Seattle, WA
- Posts 3
- Votes 0
Quote from @Marty Boardman:
That is correct. I do not break them down into categories, however I explain what work was done in the memo line so if I want to know later I can print the report and add to an Excel spreadsheet.
Attached are screenshots of a sold property. There are 2 journal entries for this. I also included the P&L so you can see how it looks once I take the house off the books.
Hey Marty, the pictures are not loading on here. Any chance you could send the screenshots again, or send direct to me? I am doing a flip now and trying to wrap my head around the bookkeeping. I purchase some of the materials myself and provide them to my contractor and some I am paying my contractor for material and labor. Not sure if you would separate the items I am purchasing or they all go into "WIP"