Feb 20, 2021
You can make a lot of money in real estate. You can also end up owing the IRS a lot of money if you don’t keep good records. I’m going to tell you how to keep those records today in an episode called, “Counting Your Chickens”
Of course you can only really count them after they hatch. But how do you do it? I've encountered Certified Public Accountants who know Quickbooks well but do NOT know how to book flip houses. Today we are doing a quick overview from the Real Estate Investing Tech Guru himself, Nick Baldo. Nick is an active investor with an amazing grasp of the technology and how it can be used to benefit our businesses. He is going to make sure you know how to record what you're doing and not make a big mess.
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Questions
- Warren, Duluth, GA, “How can I get a list of foreclosures in Georgia?”
- Peter, Tampa, FL, “What are the financial arrangements for buying at the foreclosure auction? How much money do I need to bring?”
- Connie, Decatur, GA “The ad says cash or certified funds. I guess that means official checks, but if I don’t know how much I’m going to bid, how do I know how much to make out the check for?”
- Demetrius, Macon, GA “What type of Deed will I receive? Will it be free and clear?”
- Presley, Milwaukee, WI, “From a list of more than a hundred properties being sold -- and I can’t believe it’s so many -- how do you begin to sort it all out to decide what to buy? Do you look at all of them?”
- Collette, Douglasville, GA “How do you get into the houses to see what kind of work they will need? I’ve driven by a few and it looks like people are still living in them.”
- Earl, Hoover, AL “What is the right of redemption? It sounds like a reason I would NOT want to buy at the courthouse steps but perhaps I am misunderstanding.”
- Cynandra, East Point, GA “If I buy a house and people are still living there, what do I do with them?”
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- Cash for keys
- Eviction
- Sell back to them for better deal?
- Jennifer, John’s Creek, GA “I just heard that it takes 30-60 days to get the deed from the foreclosing attorney. What is my legal status in the property during this waiting period and what can I do with it?”
Motivational Quote:
“Smart people learn from everything and everyone, average people from their experiences, stupid people already have all the answers.” – Socrates