Rehab Purchase Order System Pitfalls?? - Posted by Gene S

Real Estate Investing
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Posted by Eric C on January 25, 2001 at 10:53:07:

nt

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Rehab Purchase Order System Pitfalls?? - Posted by Gene S

Posted by Gene S on January 24, 2001 at 21:34:10:

Hello Everyone:
My specific question is how to implement a purchase order system for materials on rehabs. We are getting ready to do our first rehab & we have opened up a 30-day commercial charge account with Home Depot. We are going to fax a numbered PO to HD & their Pro Contractor Team will pull everything & have it ready the next morning at the contractor’s desk for my handyman/contractor. What pitfalls should I look out for from inception all the way thru final accounting and archive of the file after sale? I really don’t even know what questions I should be asking? How do I treat the filing internally of my PO? Is there an article or book on administrating PO’S? My wife has just bought QuickBook Pro & we are going to use their accounting system on rehabs. I know this financial control is critical!! As always, any advice is greatly appreciated. What a site!!!

Thanks creonline!
Gene

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Re: Rehab Purchase Order System Pitfalls?? - Posted by DougO(NM)

Posted by DougO(NM) on January 25, 2001 at 09:00:01:

I suggest you consider several things:

  1. Look at “Customized Bookeeping for Real Estate Entrepreneurs” by George Yeiter. www.yeiter.com -or- http://www.istfp.com/stores/yeiter/Item2.asp?ID=2993&CatID=198&Type=291
  2. If you have an Accountant, get them or a local Quickbooks expert to work with you to set up your books and to help set up your system and business operations. It is far less of a hassle to have them on board at the start than it is to go back and “re-do” things. Trust me on this

Best of Luck

Doug