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How to Handle Discounts in Accounting
A comprehensive list of tried-and-tested resources we have used for our growing business, presented in one place for you. I created this practical list of resources a toolbox you can use for your real estate business. I have personally used all of the websites, services, blogs, forums, products and systems mentioned below.
I hope these can be of assistance in your journey as well. I have used all the resources listed below and have had great experiences with each, but your experience may vary. I recommend these resources because they are helpful and useful, not because of the small commissions I make if you decide to buy something. Please do not spend your money on these products unless you feel they will help you achieve your goals. I would highly recommend it. In addition to being the dominant player in social media today, it has also grown into a very active and effective place to buy and sell real estate.
This site will give you an easy and free medium to do reach thousands of people in a matter of minutes. They offer a ton of additional services too that can help with due diligence, property research, title work and a lot more. If you want access to a substantial discount on their available plans, be sure to sign up through our affiliate link! AgentPro is another convenient way to download a targeted list of property owners in many of the counties around the United States.
If you choose to subscribe to this service , use Partner ID: ITI Direct Mail is another awesome option for executing a direct mail campaign especially when a mail merge is involved with your mail piece. They offer a lot more customization options and personal service to make sure your direct mail campaign is done right and on time. It only does a couple of basic things finds property owner information and sends them a tailored postcard message about their property , but it does them really well.
Not the best fit for every investor, but a VERY good fit for some. WPEngine is a higher-end hosting platform that can handle lot more traffic and offers very good customer service. This is currently the hosting service I use for all of my websites. For a detailed overview on how to get started with Lead Propeller, check out my review of the system in this blog post. Investor Carrot is another solid, all-in-one solution that can make it much easier for real estate investors to build one or more websites.
RingCentral is probably the most robust and well-known cloud-based phone and fax solution. Having a dedicated phone number for your business is very important. All said, this can easily be your all-in-one solution. See this blog post for an overview on how to get started. Most people respond very well to video emails, and this is the service I use to build instant credibility with my new prospects. This software is available with paid features as well, but the free version still offers a TON of value you can put to good use email tracking, notifications, deal management, conversation history and more.
Check out this blog post to learn more about what it can do. Cozy is quickly becoming one of the most valuable online resources available for rental property owners. Check out this blog post for a detailed overview of how it works. DealCheck is a deal calculator that can be used for more than just rental properties. If you spend a lot of time analyzing potential deals, this is a great tool to have at your disposal!
See this blog post for my full review on the website. Roofstock is a website that makes it extremely easy to find turnkey rental properties in several markets around the United States. They can also help connect investors with local property managers and lending partners in these markets as well. Be sure to see this blog post for a closer look at how it works. This kind of data is hugely important in the decision-making process for any rental property investment.
For a quick overview on how I use Google Earth, be sure to check out this blog post. This is pretty much the ultimate organization tool, because it allows me to sync files between multiple computers and even my iPhone. You can learn more about how it works in this blog post. Trello is a hugely helpful and mostly free online resource that can be used by teams and individuals to manage tasks, jobs and projects — among other things. Trello also has a very nice mobile app that can be used to add, update, move and delete tasks on-the-fly.
If you need a good primer on how Trello works, check out this helpful review as well. LandSpeed is a CRM system designed specifically for land investors. Whether you need help with web design, sorting through your lists, managing your social media profiles or fill-in-the-blank , pretty much any feasible service is available here. Be sure to check out my overview on how Fiverr works in this blog post.
The communication and payment platform of Upwork is also very easy to use. You can also see a video walkthrough of the system in this blog post. ZimpleMoney is another easy way to fully automate the collection of monthly payments for a seller financed real estate transactions. BiggerPockets Blog: Few other real estate blogs are organized and maintained as well as this one. Money Mustache: The Lighter Side of Real Estate: Inman Next: This guy is the real deal and he dishes out a ton of great information on the subject.
Flipping Junkie: He and his wife have been buying houses in San Antonio for over 13 years. Fix and Flip Hub: Definitely worth checking out! Sharon Vornholt is a real estate investor and blogger with some great perspectives to share based on her years of hands-on experience with home inspections, rehabbing, wholesaling and more. Scott Costello has a really cool concept with this blog. Get Rich Education Podcast: Best Real Estate Advice Ever: Joe Fairless is another well-known podcaster in the real estate space.
Coach Carson: You can land anywhere on his site and find a lot of great content that is worth paying attention to. If you want to get past all the annoying barriers that Craigslist has in place keep you from posting unlimited ads in unlimited markets, you might want to check out CLforLandInvestors. He explains how to set up the right systems to unleash the full power of this marketing platform. These guys have put together a fantastic set of information on how you can get started in this business by buying right, financing right and managing right.
Be sure to check out my review of their course in this blog post. Everything from the gear he uses, to on-the-job tips, to drone footage to editing advice is covered here. The market moves fast. Stay ahead with the latest tips in low-risk, high-return real estate investing for your business. Please add REtipster. Thank you for supporting.
We promise you will find ample value from our website. REcommended resources A comprehensive list of tried-and-tested resources we have used for our growing business, presented in one place for you. Want great content delivered to your inbox? A personal note from Seth Williams I created this practical list of resources a toolbox you can use for your real estate business.
Property Listing Services. AgentPro AgentPro is another convenient way to download a targeted list of property owners in many of the counties around the United States. WPEngine WPEngine is a higher-end hosting platform that can handle lot more traffic and offers very good customer service. Investor Carrot Investor Carrot is another solid, all-in-one solution that can make it much easier for real estate investors to build one or more websites. Communication Tools.
RingCentral RingCentral is probably the most robust and well-known cloud-based phone and fax solution. Rental Properties. Cozy Cozy is quickly becoming one of the most valuable online resources available for rental property owners. DealCheck DealCheck is a deal calculator that can be used for more than just rental properties. Roofstock Roofstock is a website that makes it extremely easy to find turnkey rental properties in several markets around the United States.
Legal Resources. Research and Organization. Trello Trello is a hugely helpful and mostly free online resource that can be used by teams and individuals to manage tasks, jobs and projects — among other things. Finding the Right Help. Payment Collection. ZimpleMoney ZimpleMoney is another easy way to fully automate the collection of monthly payments for a seller financed real estate transactions.
Money Mustache Mr. Inman Next Inman Next: Landlordology Landlordology:
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A comprehensive list of tried-and-tested resources we have used for our growing business, presented in one place for you. I created this practical list of resources a toolbox you can use for your real estate business.
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There are two primary types of discounts that might occur in your small business -- trade discounts and cash discounts. A trade discount occurs when you reduce your sales price for a wholesale customer, such as on a bulk order. This type of discount does not appear in your accounting records or on your financial statements. A cash, or sales, discount is one you offer to a customer as an incentive to pay an invoice within a certain time. You must record cash discounts in a separate account in your records and report the amount on your income statement. Debit the accounts receivable account in a journal entry in your records by the full invoice amount of a sale before a cash discount. Credit the sales revenue account by the same amount in the same journal entry. A debit increases accounts receivable, which is an asset account. Unlike an asset account, sales revenue is increased by a credit. Subtract the amount of the sales discount from the full invoice amount to determine the amount of cash you receive when the customer pays the invoice. Debit the cash account in a new journal entry in your records by the amount of cash you received from your customer. Debit the sales discounts account by the amount of the discount. A debit increases both of these accounts. Credit the accounts receivable account in the same journal entry by the full invoice amount. This removes the invoice amount from accounts receivable.
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