How do you keep up on paying on all your private lenders?
Jay asked his good friend Dan Mewhorter to answer this relevant question.
“ The same way how we keep up on paying on our mortgages, we use QuickBooks and we have an assistant that does all the accounting for us.” – Dan Mewhorter
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Jay Conner:
Well, Dan, did Crystal get power back on or she's still like no power?
Chaffee-Thanh Nguyen:
No. She attempted to jump on multiple times and has not been able to get back on.
Jay Conner:
Okay. So Dan, you get this one as well. This is a question from the live event, the reason I'm asking you this question, is because you and Crystal have got like a hundred houses or so in inventory, and the majority of them are subject to deals. Right? So, everybody knows that. Here's the question. How should we organize our business to keep houses and private lenders paid appropriately? So let me rephrase the question that comes in from Patrick. How do you keep up with paying all them private lenders?
Dan:
Oh, well the same way we keep up with paying all the mortgages. So, we use QuickBooks and we have an assistant that does all of the accounting for us. So, you don't think I'm sitting there every single day going through every single making sure everybody makes a payment, all that.
Dan:
No, sir. You've got to have a team in place, that handles that portion of it. So that you can handle your portion of it. So, that's the key to it. Good accounting. You got to find yourself somebody who can take care of it, that's it.
Jay Conner:
And you all don't write checks either do you?
Dan:
No.
Jay Conner:
It's all online, ACH, whatever, all those subject to mortgage payments. They're going out the first of the month. And your bookkeeping assistant is handling that through QuickBooks. And you're having to keep a few dot, you're having to make sure there's a few dollars in the checkbook the first of the month.
Dan:
Good point. Yeah. So, we have weekly meetings with every single one of our staff. So, whether it be the assistant that's doing, you know, handling all the stuff coming in off of Facebook now.
Dan:
Whether it's the one that's handling all the accounting that says, Hey, everything's balanced. Everything's good. You guys got, here's your three, because we have three LLC's right now, I think. So, here's what each LLC has in the accounts. This is what's been going out. They give us a list of it. We log into QuickBooks to look at and say, okay, that's all the outgoing, this is all the incoming, everything looks good, more incoming than outgoing. Yay. Thanks. That's great. And then, and the banks are happy again. We'll go back with the VA thing. As long as you make your payments on time, the banks are happy. If you miss a payment, you're going to take a chance that they're going to call the note due. So let's not do that, make all your payments on time, make everybody happy. And then you're good. So,
Jay Conner:
Awesome.
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