Just bought our first house!! - Posted by Sandi

Posted by michael on April 08, 2006 at 12:33:15:

Google John Hyre

Just bought our first house!! - Posted by Sandi

Posted by Sandi on April 05, 2006 at 09:05:53:

I have posted here before gathering info and loving all the knowledge this board has! We incorporated in January and have basically fumbled our way into our niche. We have gone the foreclosure route, the tax deed route, the pre-forclosure and the basic MLS route. We have not really decided which one fits us best but this house was found through the MLS and fits our needs for right now. The current owner basically used it as a rental property and it looks as if the tenant up and left and the owner is basically saying “I’m done” and put it on the market. He was asking 85K “as is”, we put an offer in for 65K (cash) since there was no utilities on at all and we could not check them out. He countered with 75K and would let it be contingent on our own inspection which we have scheduled. We accepted that offer. The comps in the area are 130K-160K and we have estimated 15K-20K put into it. SO it won’t be a bad deal at all. We have agreat RE agent that we work with and with any luck, this will all go smoothly.

What I need from you pros is some accounting knowledge. I have my Bachelor’s in accounting but no real experience. I have base knowledge and can muddle my way through just about anything. I use QuickBooks for other clients I have and am pretty adept at the program. Is there a website out there that has REI accounting info?? Basic stuff, the best way to set up the COA, and coding procedures for this business? ANy info would be greatly appreciated and any words of wisdom would be awesome too!