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THE SET UP
Set up your view as CLOSINGS YTD and you will be able to see your entire pipeline in this date based layout.
TIME TO WRAP THIS DEAL UP
Most of the data would have transferred from DISPO APP SECTION 6.
CHECKLIST
Basic guide on documentation you should always have after every closing. This in turn will help you keep clean records and less hassle during tax time.
- Settlement Statement (HUD): This is the closing statement for the seller and buyer. Your fee should be on it as an expense to the buyer. If the deal had a double closing, then you would have 2 of these HUD Statements and would be the buyer and seller on each respectively.
- Collect Payout from Title Co: This is the original deposit you put out for this deal.
- Store Docs on Google Cloud: Always keep your documents stored digitally and protected.
- Thank You Emails
YOUR TEAM
- Closing Manager: Usually, the owner of the company or the Dispo manager will be on this field.
- Buying Entity: The LLC that you used for this transaction. This will help you categorize easily what LLCs or entities you have used for different deals you have done.
- Team
- Title/Attorney: This will help you keep track of who is helping you close deals, send them a thank you email and keep in communication post-closing.
- JV Partner: This will help you keep your JV partner informed of the closed transaction and any pending monies due.
- Non-Agreement Referral: For people who sent you deals but never signed an agreement. Usually friends or family.
YOUR QUICK P&L
The Closings App in the real estate domain transcends its primary function of tracking transaction completions, offering an innovative feature as a profit and loss (P&L) statement tool. This capability is transformative for real estate professionals, particularly wholesalers, by providing a real-time, comprehensive view of the financial outcomes of their deals.
INCOME
- Wholesale Gross Profits: How much did you make on this deal before any expenses?
- Deposit Return: Our money coming back.
- Refunds: Any cost that you might have to give out is usually agreed upon with the end buyer at contract assignment signing.
EXPENSES / DEDUCTIONS
- Cost for Deal: Add all the expenses applicable by category. These are all known and usable expenses for Real Estate Investors.
- Total Deal Cost: Will add up all your expenses automatically.
- Other Money Paid Out: Any other expenses you might have incurred on this deal.
NET PROFIT / LOSS
NET PROFITS: What you actually made.
ROI: based on any output of money in relation to your net income
TIPS 🎩
GET YOUR TAx DEDUCTIONS
the Closings App's ability to function as a profit and loss statement tool is a game-changer for the real estate industry. It not only simplifies and enhances the financial management of closings but also provides strategic value that can contribute to the growth and success of real estate businesses.
- Financial Clarity and Insight: The app's P&L feature delivers clear insights into the financial health of each transaction. By automatically calculating the difference between the purchase price, selling price, and associated costs, it offers an immediate understanding of the profit or loss incurred on a deal.
- Streamlined Financial Management: Integrating the P&L functionality within the Closings App streamlines financial management processes. It eliminates the need for separate accounting software or spreadsheets, allowing for a more efficient and consolidated approach to managing real estate transactions.
- Data-Driven Decision Making: With access to accurate profit and loss data for each closing, real estate professionals can make more informed decisions. This data supports strategic planning, helping to identify which types of deals are most profitable and where there may be opportunities for cost savings.
- Enhanced Productivity: The automation of profit and loss calculations saves significant time and reduces the potential for human error. This efficiency not only speeds up the closing process but also frees up resources to focus on acquiring new deals and growing the business.
- Improved Transparency and Accountability: For teams and stakeholders, the Closings App's P&L feature enhances transparency by providing clear evidence of the outcomes of transactions. This accountability can be crucial for maintaining trust and alignment within real estate teams and with investors.
BE GRATEFUL
Gratitude emails are a crucial component of the closing process, reinforcing relationships, fostering goodwill, and paving the way for future successes. By integrating this practice with the use of the Closings App, real estate professionals can ensure that every transaction ends on a positive note, with all parties feeling valued and appreciated.
- Strengthens Relationships: Gratitude emails create a personal connection and strengthen relationships with all parties involved in the transaction. In an industry built on trust and repeat business, these strengthened relationships can lead to more referrals, repeat clients, and a solid reputation.
- Enhances Brand Image: Taking the time to send a personalized thank-you note reflects positively on your brand, showcasing your business as thoughtful and appreciative. This can differentiate you in a competitive market, making clients more likely to choose you for future real estate needs.
- Encourages Future Business: Expressing appreciation helps keep you top of mind with buyers, sellers, and third parties. A simple thank-you can be a powerful reminder of a positive experience, making them more likely to return to you for future transactions or to recommend your services to others.
- Acknowledges Team Effort: Sending gratitude emails to your team and third-party service providers acknowledges their hard work and contribution to the deal's success. This recognition can boost morale, encourage continued dedication, and foster a culture of appreciation within your organization.
- Cultivates a Positive Reputation: Word of mouth is incredibly powerful in real estate. Happy clients and well-appreciated partners are more likely to speak positively about their experience, helping to build your reputation as a reliable and considerate professional.
- Facilitates Post-Closing Communication: Gratitude emails can serve as a segue into post-closing communication, keeping the door open for future interactions. Whether it's for follow-up services, additional questions, or new opportunities, this continued communication can be invaluable.
- Reflects Professionalism: The act of sending a gratitude email demonstrates a high level of professionalism. It shows that you value not just the transaction but the people behind it, further establishing your credibility as a real estate professional.
YOUR ONE STOP SHOP FOR ALL THINGS
REI WHOLESALING 🏚️ 📍
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