All Forum Posts by: Bill B.

@Bill B.

Bumping in hopes of a response.

Thank you.

Hi,

I’m attempting to help a family friend selling a home and need a referral to a CPA who specializes in real estate, or Real Estate Tax specialist in Ventura County California.

Thank you for your time and assistance.

Bill

@Courtney Fricke  

Hello Courtney,   

I'm currently working in the Greater Lafayette area.  I appreciate your time and assistance.

Bill

@David Hite

I’ve only done three notes, so beware.  

Also, I’m using Quicken instead of Quickbooks.  I can’t imagine they are too different.  

I book the notes as assets, not equity.....but......while my thirty plus year old degree was in accounting, I’m not a CPA.  

There are a couple of things to consider.

Do you own the note outright, or do you have one or more investors?  If you have investors, I’d suggest starting a separate and distinct QB file for each note.  This allows you to back up and share the file for that particular note with your investors quite easily.  It you book all your notes into one QB file, you have to generate reports that pull out a specific note.  That can be far more time consuming....and mistakes can reveal information that can cause myriad problems.  

Related to that last point and true whether you use one or more QB files, I create a unique category for each note.

Because I have ZERO creativity, I use the address of the collateral securing the address as the category.  e.g. 123 Somewhere, Metroplis, XX.

The accounts then appear after the category.  That is true for all revenue and expense accounts.  If you keep all your assets (notes) in one QB file, you can run reports based on the category.  This allows you to isolate the single note to easily determine profit or loss.

Separate QB files may have to be consolidated for tax purposes, but that should be far less frequently than reporting to JV partners.

That’s my “solution”

I hope it helps.

Hello,

I have a bid on a NPN in Cook County IL.

I've completed a deal in OH and two in MI, but never in IL.

Can anyone give an "oh no!" list? 

The items that I've already learned 

- Tenant friendly state

- must register as a bill collector (fee is $700 a year?)

- what else?????

Thanks!!!

Bill

@Chris Jackson 

Thanks for the kind words.  

And congratulations on your success.

I’m making progress, but haven’t gotten to your level......yet.

Continued success!!

@Jose Sanchez

This website

http://www.exeter1031.com/

has great information and describes the process well.  They also work nationwide and have a great reputation.

I am not compensated for this in anyway. Just passing along a great resource that helped me greatly.

@Bob Malecki 

After reading the Housing Wire article a couple of times, it remains unclear how many of the assets they purchased from the GSEs have been worked through.  Therefore, it is unclear if they are done buying.  Most probably, they are not done buying

It also is not clear what percent of UPB was forgiven. So, it seems we must either find additional information that may help us determine the amount that remains to be purchased.

.......or we just wait until supply rebounds, signaling that GS is done with the program.

I know.....this is not helpful.....but current status is unclear to the point of being useless.....

Thanks for the heads up as it allows us to seek out information going forward that may help us estimate when the deals will begin to flow again.