Bookkeeping Basics for Wholesalers
Disclaimer: This article provides general bookkeeping guidance for informational purposes only. It is not tax or legal advice. Consult a CPA or tax professional for advice specific to your situation. Tax laws vary by state and change frequently.
Track income by deal (assignment fees, double close profits), expenses by category (marketing, skip traces, earnest money forfeited, gas, phone, software, VA costs), quarterly estimated tax payments, separate business bank account, and records to keep (settlement statements, assignment contracts, receipts).
Key areas to understand
Simple tools: spreadsheet or QuickBooks Self-Employed..
Your profit calculator can help streamline this aspect of your business.
Your deal tracking can help streamline this aspect of your business.
Your outreach records can help streamline this aspect of your business.