Income Digs

By Nick Baldo

"Income Diggs" is a podcast focusing on the use of technology to help real estate investors and bookkeepers expand and streamline their operations. The show provides insights into technological soluti... more

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FAQs about Income Digs:

How many episodes does Income Digs have?

The podcast currently has 118 episodes available.

Income Digs episodes:

September 29, 2023 How to Setup Mortgage Escrow in Quickbooks Online
In this episode, Nick Baldo provides a comprehensive guide to understanding and managing escrow accounts in real estate investment. He details the use of QuickBooks Online, breaks down origination fees, closing costs, and escrow, and shares tips on tracking payments and loan balances. Nick also warns listeners about common escrow mistakes and demonstrates how to correct them, as well as how to pay property taxes and record transactions efficiently. He discusses the importance of tracking escrow for an accurate balance sheet and introduces the Real Estate Accounting Boot Camp 3.0.
End to End RE Accounting Training: https://www.incomedigs.com/reab (Code YOUTUBE50)
Free QBO MiniCamp: https://bit.ly/3uNlesQ
Download the FREE Ultimate Chart of Accounts: https://www.incomedigs.com/chart-of-accounts
Many mortgages require that you pay a monthly amount toward Tax & Insurance every month. Check out this super simple method for recording these escrow payments as well as the payments coming out of the escrow account
How to Purchase a Property with cash: https://www.youtube.com/watch?v=mA5CJH8tRbE
How to Purchase a Property with Financing: https://www.youtube.com/watch?v=8C1LQciF77Q
(0:00) Introduction to QuickBooks online, Real Estate Accounting Boot Camp, and escrow accounts
(3:24) Detailed breakdown of origination fee, closing costs, and escrow
(5:16) Guidance on dealing with monthly statements and tracking payments
(8:10) Checking loan balance, tax, and insurance escrow
(11:59) Common mistakes with escrow account and how to correct them
(14:19) Procedure for paying property taxes and recording transactions
(16:05) Accounting for interest on escrow and making journal entries
(17:13) Adjusting amounts, saving transactions, and copying for different months
(18:03) Checking escrow balances, assigning tasks to a VA, and monitoring changes
(19:34) Importance of tracking escrow for accurate balance sheet and checking net income
(20:11) Introduction to Real Estate Accounting Boot Camp 3.0
...more
21min
September 15, 2023QB Online for RE Investors - Purchase Property with Cash
In this episode of Income Digs, Nick Baldo simplifies QuickBooks for real estate accounting, explains how to handle property purchases, deposits, and taxes. He also clears misconceptions about closing statements, price allocation between land and buildings, and the impact of transactions on balance sheets. Future topics include financing options and an accounting boot camp.
Real Estate Accounting: https://www.youtube.com/playlist?list=PL89qBCL2vU2sab5dEzpwJTZi0zTLjCDXJ
End to End RE Accounting Training: https://www.incomedigs.com/reab (CODE YOUTUBE50)
Let's get back to basics with a quick-hitting demonstration on how to record the purchase or property in QBO.
Generic Chart of Accounts
Record the Purchase Deposit Ahead of Time
Differentiate between Capitalized and Expensed Closing Costs
Check out Part 2 here: https://www.youtube.com/watch?v=8C1LQciF77Q
(0:00) Introduction to the episode: Basics of real estate accounting
(1:16) Simplifying QuickBooks online for real estate accounting
(3:13) Entering property purchase details on the balance sheet
(6:06) Addressing misconceptions about dealing with deposits in real estate
(8:20) Understanding the closing statement in property transactions
(10:09) Allocating the purchase price between land and building accounts
(14:13) Handling taxes in real estate transactions
(15:53) Finalizing journal entries in QuickBooks
(17:32) Impact of real estate transactions on your balance sheet
(19:22) Introduction to upcoming topics: Financing options and real estate accounting boot camp
(20:18) Check out resources available on IncomeDigs.com and join the Real Estate Accounting Boot Camp.
...more
21min
September 15, 2023QB Online for RE Investors - Purchase Property with Financing
In this episode, Nick Baldo delves into cash purchase and settlement charges in QuickBooks, managing property taxes, security deposits, and prorated rent. He also explores private financing, construction escrow, and their impact on conventional mortgages. The episode wraps up with an introduction to Real Estate Accounting Boot Camp.
Real Estate Accounting: https://www.youtube.com/playlist?list=PL89qBCL2vU2sab5dEzpwJTZi0zTLjCDXJ
End to End RE Accounting Training: https://www.incomedigs.com/reab (Code YOUTUBE50)
Check out Part 1 here: https://www.youtube.com/watch?v=mA5CJH8tRbE
Following up on the Cash purchase, this video demonstrates how to purchase a property with financing. Specifically, we'll hit
Capture the Loan as a LT Liability
Differentiate loan costs from closing costs
Fund the Tax & Insurance Escrow Account
How to deal w/ Construction Escrow
Adding in Private/ hard Money Loans
(0:00) Introduction and recap of part 1
(1:13) Cash purchase and settlement charges in QuickBooks
(3:50) How to handle various fees and escrow account funding
(8:57) Property taxes, security deposits and prorated rent management
(12:15) Balance sheet reflections and transactions
(13:08) Deep dive into private financing and construction escrow
(15:37) Role of construction escrow in loans and related adjustments
(17:02) Introduction to private loans and their impact on conventional mortgages
(18:47) Comparison between private loans and conventional loans
(19:05) Recap of scenarios and introduction to Real Estate Accounting Boot Camp
(19:56) Closing remarks and additional resources on incomedigs.com
...more
21min
August 26, 2023 How to Move Payroll Costs to Cost of Goods Sold (COGS)
In this episode, Nick Baldo discusses the nuances of payroll expenses and cost of goods sold in real estate investing. He explains how to use QuickBooks for payroll, analyze a Profit and Loss statement, and calculate total gross pay. The impact of transactions on cost of goods sold and expenses is also explored. Finally, he introduces the Builder Book Academy course.
By default, QBO will categorize all your payroll costs as Expenses. But what about the labor that we sell to our customers? We should be accounting for that as Cost of Goods Sold. Check out my super quick trick to move a portion of monthly payroll costs from Expenses to COGS
Check out our end-to-end QB courses: Real Estate Accounting Bootcamp http://bit.ly/reabcourse and Builder Books Academy http://bit.ly/builder-books use Code YOUTUBE50 for $50 off!
(0:00) Introduction to payroll expenses and cost of goods sold
(1:11) Running payroll through QuickBooks
(2:42) Analyzing a Profit and Loss statement
(3:58) Calculating total gross pay
(5:44) Impact of transactions on cost of goods sold and expenses
(7:00) Introduction to Builder Book Academy course
...more
8min
August 12, 2023How to Super-Power your Building Business with QB Online
In this episode, Nick Baldo discusses using QuickBooks for business growth in real estate. He explains concepts like markup, margin, and gross profit, and the importance of cost codes. Nick also covers tracking project properties and building processes with virtual assistants and bookkeepers. The episode concludes with a Q&A on technology in real estate investing.
QBO Training for Building/ Renovating Businesses: https://www.incomedigs.com/bba code (YOUTUBE50) for $50 off
QBO is not just for Taxes! Use it to super-power your business! This video will demonstrate:
The difference between Markup and Margin (and why most get it wrong)
The power of cost Codes
Projects, Classes or Both?
Check out our end-to-end QB courses: Real Estate Accounting Bootcamp http://bit.ly/reabcourse and Builder Books Academy http://bit.ly/builder-books use Code YOUTUBE50 for $50 off!
(0:00) Introduction by Nick Baldo and QuickBooks as a tool for business growth
(11:13) Understanding markup, margin, and gross profit in real estate
(18:46) The value of reporting and applying cost codes in QuickBooks
(26:14) Enabling products and services in QuickBooks for accurate tracking
(31:37) Differentiating and tracking project properties in QuickBooks
(38:18) Building processes with virtual assistants and bookkeepers
(52:31) Q&A session about real estate bookkeeping and leveraging technology in real estate investing
(1:07:01) Closing remarks, recap, and preview of next episode
(1:12:01) Sponsor: QuickBooks
...more
39min
July 02, 2023 How to Master your Cashflow Projection with Google Sheets
In this episode, Nick Baldo discusses how to leverage technology for real estate investment. He covers topics such as using Google Sheets for cash flow projection, utilizing builder trend for invoice management, and tracking expenses with pivot tables. He also introduces the new course, Baldo Book Academy.
Tracking Rehab Expenses in Quickbooks Online: https://www.youtube.com/playlist?list=PL89qBCL2vU2uG03qnF_SPUw_NX7ZtauNQ
Forecast and analyze your cashflow with this simple but powerful Cashflow Forecast template. Download the free template here: https://www.incomedigs.com/cashflowtemplate
Enroll to Real Estate Accounting Bootcamp: http://bit.ly/reabcourse (Enter Code YOUTUBE50 for $50 off!)
Join the Waitlist for Builder Books Academy: https://www.incomedigs.com/bba-wait-list
Enroll to Super VA: https://www.incomedigs.com/sva
(0:00) Introduction and overview of the episode
(2:23) Using data validation and lists in Google Sheets for cash flow projection
(6:03) Leveraging builder trend for invoice and purchase order data
(8:08) Adding sample data and using filtered totals in Google Sheets
(13:01) Monthly template for regular expenses and ledger tracking
(15:11) Using pivot tables and slicers in expense tracking
(19:03) Calculating gross and net profit using pivot tables
(21:11) Efficient data filtering with slicers
(23:20) Ledger's role in creating dynamic dashboards
(24:26) Introduction to the new course: Baldo Book Academy
...more
26min
June 24, 2023 Super Simple Guide to Importing Renovation Cost Codes to Quickbooks Online
In this episode, Nick Baldo delves into the use and importance of cost codes for real estate investors and bookkeepers. He provides a guide on importing cost codes into QuickBooks online, tracking expenses, and the analytics possibilities they open up. He also highlights the significance of the Builder Books Academy course.
Save a ton of time by importing your Cost Codes into Quickbooks Online. If you are in the building industry (flipping, renovating, building), you need to track expenses by Cost Codes. Check out my super easy demo on how to get these codes into QBO QUICK! Download here: https://tinyurl.com/productserviceimport
Enroll to Real Estate Accounting Bootcamp: http://bit.ly/reabcourse (Enter Code YOUTUBE50 for $50 off!)
Join the Waitlist for Builder Books Academy: https://www.incomedigs.com/bba-wait-list
Enroll to Super VA: https://www.incomedigs.com/sva
(0:00) Introduction and tutorial on cost codes and their importation into QuickBooks online
(1:04) The use of cost codes in estimates and actuals
(3:07) Importance and tracking of cost codes in QuickBooks
(4:43) Adding a list of products and services (cost codes) in QuickBooks
(6:21) Process of importing cost codes into QuickBooks online
(9:01) Considerations on the number of cost codes to maintain
(9:42) Tracking expenses using cost codes in QuickBooks
(11:38) Adding categories in products and services manually
(13:14) Analytics possibilities opened up by cost codes
(14:07) Continuation on cost codes and the importance of mapping
(14:24) Audience engagement and availability of free resources at incomedigs.com
(14:40) Importance of Builder Books Academy course for bookkeepers, remodelers, and builders
...more
16min
June 17, 2023 The Ultimate Amortization Calculator: Step-by-Step Guide for RE Investors
In this episode, Nick Baldo delves into creating a loan amortization schedule using Excel for real estate deal analysis. He covers everything from understanding the present value and monthly payment, to adjusting principal payments based on loan balance. The episode also explores visual representation of loan data and concludes with resources available at Income Digs.
Real Estate Accounting: https://www.youtube.com/playlist?list=PL89qBCL2vU2sab5dEzpwJTZi0zTLjCDXJ
Real Estate loans always come with an amortization calculator. This video dissects the calculator as I show you step-by-step how to create and customize a loan amortization schedule in Google Sheets or Excel. Download the free template here: http://bit.ly/amortizationcalc
Enroll to Real Estate Accounting Bootcamp: http://bit.ly/reabcourse (Enter Code YOUTUBE50 for $50 off!)
Join the Waitlist for Builder Books Academy: https://www.incomedigs.com/bba-wait-list
Enroll to Super VA: https://www.incomedigs.com/sva
(0:00) Introduction to creating a loan amortization schedule
(1:23) Using Excel for Real Estate Deal Analysis
(2:25) Personalizing and Building the Loan Amortization Schedule
(5:35) Understanding the Present Value and Minimum Monthly Payment
(10:59) Locking Cells and Dealing with Additional Payments in Google Sheets
(14:29) Impact of Additional Principal on Loan Payoff Period
(18:32) Adjusting Principal Payment Based on Loan Balance
(21:57) Cleaning Up and Finalizing the Amortization Schedule
(24:43) Finding the Payoff Month, Year, and Date
(29:02) Visual Representation of Loan Data with a Chart
(31:38) Closing Remarks and Availability of Resources at Income Digs
...more
33min
May 20, 2023 Quickbooks for Contractors- Why You Need to Use Products & Services
In this episode, Nick Baldo explores the significance of QuickBooks' products and services feature for real estate investors. He elaborates on setting up cost codes, managing multiple transactions, and tracking rehab costs. The episode also discusses linking cost codes to builder trends, separating expenses, and exporting data for external reporting.
Join the Waitlist for Builder Books Academy: https://www.incomedigs.com/bba-wait-list
Enroll to Super VA: https://www.incomedigs.com/sva
Enroll to Real Estate Accounting Bootcamp: http://bit.ly/reabcourse (Enter Code YOUTUBE50 for $50 off!)
Download our guide: https://www.incomedigs.com/qbosetupguide
One of the most underutilized features of Quickbooks Online is Products/ Services. In this video, I demonstrate why you MUST be using Products/ Services for your construction business.
(0:00) Introduction and importance of using products and services feature in QuickBooks
(1:07) Detailed explanation of products and services (cost codes) in QuickBooks
(2:06) Why categories aren't enough for detailed tracking and job costing
(7:40) Setting up your list of products and services in QuickBooks
(10:52) Utilizing the products and services feature for detailed tracking and clean profit & loss sheet
(14:15) Detailed use case: managing multiple transactions and rehab costs
(15:20) Linking cost codes to builder trend and utilizing NAHB's list for more detailed cost codes
(16:02) Importance of separating out expenses on materials, labor, and subcontract
(16:25) Exporting data from QuickBooks online for external reporting
(17:10) Sponsor: Baldo Books Academy
(17:20) Closing remarks and invitation for listener's feedback
...more
18min
April 22, 2023 ClickUp Automations - Super Power your CRM
In this episode, Nick Baldo introduces ClickUp as a CRM tool, discussing its features and how to set up automation. He explores the use of Virtual Assistants in task preparation and delves into advanced automation techniques. The discussion also covers follow-up tasks in CRM, the versatility of CRM in business, and the promotion of the SuperVA course. The episode wraps up with a mention of resources available on incomedigs.com.
Enroll to Super VA: https://www.incomedigs.com/sva
Enroll to Real Estate Accounting Bootcamp: http://bit.ly/reabcourse (Enter Code YOUTUBE50 for $50 off!)
Download our guide: https://www.incomedigs.com/qbosetupguide
ClickUp automations are super powerful and really easy to use. Check out how I use some simple automations to super power my CRM.
(0:00) Introduction to ClickUp as a CRM tool and its functionalities
(3:18) Setting up and customizing automation in ClickUp
(7:33) Leveraging Virtual Assistants in CRM and task preparation
(10:06) Advanced automation: Subtask creation and task assignment
(14:45) Follow-up tasks in CRM: Concept, automation, and testing
(18:00) Discussion on the versatility of CRM and its business advantages
(18:56) Engaging with listeners and promoting SuperVA course
(19:14) Closing remarks and promotion of incomedigs.com resources
...more
20min

FAQs about Income Digs:

How many episodes does Income Digs have?

The podcast currently has 118 episodes available.