All Forum Posts by: Account Closed

@Dana Nay

I’ve closed a few through Pat at Big Country Title. Ask for Patnand tell her I referred you.

@George Genovezos

Awesome job. Let me know if your ever in the market for SFR in that area

@Paul Ewing You can also check with Cindy Cunningham. I've refereed all my buyers to her until she tells me not to anymore lol.

@Riley Holt welcome to the BP community and the crazy world of real estate. I operate in Abilene and Wichita Falls. Feel free to let me know if there’s anything I can do to help.

@Dan V. that makes a lot of sense and thank you so much for your help and explanations

@Dan V. FOr got to put your name at my reply above so you would get the notification

I put in a random expense under that job but did not click the job item tab and input it there. When I ran a job profitability report it listed the expense expense amount but just listed it as No Item under the report. When I ran a P&L Report by Job it did list the expense and the expense name.

I guess this is where I get a little confused. Your saying to use the Class-Customer-Job for my wholesale business and Class-SubClass for flips. Would it be better to use class and subclass for both. Class-Fix & Flips , Sub-Class Property Address and Class-Wholesale Dals, Subclass-Property Address?  If I did use Class-Customer-Job for wholesale business which what would each be (What is Class Name, What is Customer Name, What is Job Name)?

Sorry and not to over complicate everything just trying to start using better books before I start the flip

@Dan V. Thank you for the advice. When I was doing job costing I would have to make sure to right click and edit the transaction and click on the item tab vs just the expense tab and input the expense or else it wouldn't assign that transaction to that job if I left it under the expense tab. The challenge would be that I would then have to create an item code for each expense or income which basically just meant I would have to copy over the majority of the expese accounts from the Chart of Accounts. When I choose the class button it still gives me the expense or job item code. Do I just leave it as an expense and the class system automatically classifies it under that class or subclass when I run the P&L Class reports?

To throw a third ringer in the mix my wife is also starting a interior design business that will have its own DBA but will still be under my parent LLC. Would I just create another Class for that and subclasses would be the different jobs she gets? Thanks for your help

Hello BP World.

I currently have a Bachelors degree and a MBA so I understand basic accounting ( although sometimes I have to google a few things as I am a little rusty lol) but I need some help on Quickbooks.

At this point in time I have only Wholesaled properties through Assignments and one double close. I've set up the Title Companies that I use as Customers and have had each Wholesale Deal listed as a Job with the property address listed as the Job Name.

Example:

Customer Name: Big Country Title Company

Job Name: 123 Main St-Abilene, TX 79603

Listed Within the Job

Invoice to Big Country Title for Assignment Fee

Payment from Big Country TItle for Assignment Fee

Any additional Item expenses such as closing costs, expense for lockboxs, photographer, etc. are also added

Run the P&L to find out total profit for the deal.

I've actually been thinking about changing this to the Assignments as the Customer and then each property as a job versus having the title company be the customer.

As you know for Job Costing you have to set up every "item" for it to go toward the job in order to run a P&L which is not a big deal for Wholesale deals as there are not that many line items to add.

I'm now about to take down my first property to actually keep and flip which will entail a lot more line items such as buying and selling costs, rehab costs, holding costs, etc and all the individual charges for each of those. I would have to go into Quickbooks and create a Item and classification for each charge.

I've read up a bit that a lot of you are using the Class option for Quickbooks and I wonder if I should switch over to that or just keep with the Customer-Job system I have been using. I dont really understand the Class system very well either. If I switch over to the Class system I would want to go back and recode all the Wholesale Deals I've already done as well (about 31) to be using one system across the board.

Which is easier to use in the long run? How come?

Anyway any and all help is appreciated.

I 100% agree with Josh. Stable market, tough to find labor. Most of the deals I sell easily produce 2-3% rules for my buyers. Anyway I’m from the area and heavily market there so feel free to hit me up if there’s anything I can do to help.

Btw hey Josh haven’t talked to you in a bit. I hope all is well.