Flip Real Estate using QuickBooks 2017-10-13T06:43:00+00:00

The ONLY Resource You’ll EVER Need to Turn Your Buy-Rehab-Resell Business into a Thriving, Automated, Revenue-Generating Machine

A Simplified Accounting Solution for Real Estate Flippers & Those Who Support Them

Gita Faust

Hey Friend,

It’s Gita Faust here – Top Real Estate Accountant, QuickBooks Expert, and Trainer.

The fact that you’re reading this tells me you’re ready to make more money flipping real estate properties.

I’m pulling back the curtain on the flipping process and will show you exactly what you need to do in order to turn your house flipping business (or the one you support) into money-in-the-bank results.

Your success in real estate flipping depends on whether or not you have the right accounting, bookkeeping solution, and management team in place.

And while setting up your accounting system is not as glamorous as completing an actual rehab, it is absolutely necessary for the growth of your business.

So let’s get started.

Gita's Signature

House flipping is a HOT trend these days!
With the promise of massive profits and a freedom lifestyle – many are joining in on the frenzy.


However, here’s the brutal truth that no one likes to talk about.

Making a profit from flipping houses is risky business and while there is money to be made – the unwary can lose thousands of dollars and more!

The biggest mistake that most flippers make is not knowing how to manage a housing project.

  • Tax implications
  • Lost time and money
  • Lack of strategic analysis
  • Miscalculating repair times
  • Under-estimating repair costs
  • Over-estimating potential profits

Your Flipping Business might be at risk if…

You lack an accounting and management system

You’re struggling to acquire and manage your capital

You’re unsure how to accurately track expenses

Your project is always over budget (money and time!)

Planning for the unexpected seems impossible

You need help but don’t have the money to hire

You’re uninformed about real estate flipping tax

You lack the ability to perform a post-rehab analysis

Making a profit is harder than you thought

You’re quickly running out of time, money and energy!

I’m about to show you a SIMPLIFIED ACCOUNTING SOLUTION that will transform your risky real estate flipping business into one that is thriving and built to deliver AMAZING profits at
every flip – consistently and predictably.

Successful rehabs accounting and bookkeeping are not a mystery. There is an actual method to their madness. Organize, track and review each property!

It’s time to become the CFO of your business so that you can:

Masterfully manage your finances

Easily track inventory and expenses

Confidently acquire and track capital

Boost your bottom line profits – at will

Track customer and vendor information

Be in control of your projects at all times

Know how every dollar is being spent and earned

Confidently assess opportunities for profit potential

Avoid costly mistakes while mitigating potentials risks

Minimize tax consequences and potential tax hazards

Build vendors’ trust and loyalty

Always have access to the info you need

Conduct a post-rehab analysis

Make educated, fact based decisions

Are you facing any flipping challenges in your business and
wish your flipping experience was better?


If your answer is YES – keep reading. But first, let’s make sure we’re on the same page.

You’re in the right place if…

You’re a real estate investor or developer (new or seasoned) and want to INCREASE YOUR PROFITS by flipping real estate

You manage real estate investors or developers and want to implement an accounting system that delivers results

You want a highly customized, automated and reliable accounting and management system for streamlining the business

You’re ready to make some serious MONEY so that you can finally have the lifestyle you’ve dreamed of

This is NOT for you if…

You’re unwilling to take care of the details. (The words ‘accounting’ and ‘asset management systems’ make your eyes glaze over, and you’d rather just get on with the creative stuff)

Important: If you don’t want to handle the accounting and management of your flipping business then you’ll NEED to find someone to do it for you like a CPA, Consultant, Bookkeeper, Office Manager, CFO, Controller, Certified QuickBooks ProAdvisor or otherwise.

Make sure that whoever you hire has this information as it will save you a ton of money by making sure you get the right system in place and reducing the number of hours needed to get it done right.

You really believe you don’t need an accounting and management system. After all, you’ve watched more than enough reality shows to know what you’re doing. How hard could it be right?

TIP: If this is you, trust me when I say YOU NEED THIS!

You think flipping is a quick path to cash and you’re about to get rich quick and you have no time to waste on the boring back-end details

You believe that flipping real estate will always be unpredictable and you don’t believe “a system” has the power to eliminate challenges

You’re not willing to do what it takes (which is doing the things most people WON’T DO – in order to have the life that most people will never have)

You’re not interested in becoming an expert in your profession and would rather wing it. Average results (at best!) are good enough for you

Are You Saying “An Accounting & Management System” Is Going To Help Me Grow My Real Estate Flipping Business?


YES! You’ve got it!

Successful flipping properties are not a mystery. There is an actual method to their madness!

Having the right accounting systems in place is the only thing that separates average investors from great ones.

The system is the engine behind your success, and the one you choose to use will be the determining factor in how well you do in the buy, rehab and flip business.

Now You Can Implement a Premier Accounting System
Without Having to Spend a Fortune in Time and Money


I like making things easy for people.

The accounting and asset management system I am about to show you is the same one I use for my private clients who pay me tens of thousands of dollars to implement it for them.

But not everyone has $10,000+ to spend on hiring me nor do I have the time to help everyone who needs it!

That is why I created a simple and do-it-yourself method for implementing the right systems into your business.

It’s like I transferred all of my knowledge and experience (25+ years of it) to you so that you can instantly promote yourself to CFO of your flipping business.

From average and struggling to PRO and PROFITING in no time!

Here’s How To Go Pro as a Real Estate Investor


Step 1: Get my MUST-HAVE time-tested and PROVEN system.

Step 2: Implement the system using easy to follow step-by-step instructions.

Step 3: Use your new system – again and again – for the life of your business.

Step 4: Build tremendous wealth, love what you do and WIN BIG in life and business.

Want a sneak peek? Click Here!

It really IS that simple.

So simple in fact that most people overlook the hidden power that having a scalable system can bring to a real estate flipping business.

But not you!

If I Don’t Do This, Will My Flipping Business Sink?


Frankly speaking, the answer is YES.

In any business, it is nearly impossible to stay afloat without having the right foundational support you need – and this is especially true in the real estate flipping business.

The Deciding Factor is in Your Asset Management System


Real estate investor, can you make it or not? Sounds harsh I know. Those who know me, also know that I am not one to mince my words or sugar-coat the truth. However – there is some REALLY GOOD NEWS here.

You get to choose which outcome you want for your business.

IMPLEMENT A SYSTEM that will streamline your deal flow, track expenses and maximize profits in your Real Estate Investing Business.
DON’T IMPLEMENT A SYSTEM and risk your profits or worse, the demise of your business, your savings, and your dream.
Who I Am and Why You Should Follow My Advice


Over the past 25+ years, I’ve had the privilege of helping thousands of real estate professionals grow and maintain sustainable real estate companies.

I’ve mastered how to use the power of QuickBooks specifically for Real Estate, and as a result, I’m now considered the #1 QuickBooks professional for Real Estate Professionals in North America.

I’m an expert Accountant, the recipient of the coveted QuickBooks award for the “Top Niche ProAdvisor in Real Estate and Property Management” and have been included in the “Top 100” three years in a row.

In other words, I’ve got bragging rights.

Clients hire me when their business is either on the verge of devastation or heading that way quickly, or they’re ready to up-level their results but don’t know how to do it.

You’re in good hands because I understand the unique needs and challenges that exist when operating a BUY-REHAB-RESELL business like no one else.

My experience over the years has shown me time and again that Real Estate flippers and the people who support them don’t realize just how risky it is to improperly manage a flipping project until it’s too late.

(With all this money at stake, the unknown tax implications alone are enough to wreak havoc in your business and life – not to mention your credit, reputation, liability and more).

Moreover, I’ve seen way too many would-be flipping stars just “winging it” and ultimately, end up losing massive amounts of time, money and energy!

I couldn’t stand by and let this happen – so I created a do-it-yourself method for turning YOU into a PRO CFO for your real estate flipping business.

Introducing Flip Real Estate with QuickBooks Desktop

An affordable step-by-step guide to setting up an accounting and asset management system that will streamline your deal flow, track expenses and maximize profits in your Real Estate Investing Business!

I teach you everything you need to know to unlock the untapped power of QuickBooks so you can make more profit buying, rehabbing and flipping properties.

(New to QuickBooks? Don’t worry – you can use this training manual even if you’ve never used QuickBooks before. It was designed for QuickBooks users of all levels: basic, intermediate and advanced.)

This book is jam-packed with tips, tricks, and techniques


Everything you need to know about implementing your accounting and management system is included into one DO-IT-YOURSELF and EASY-TO-USE Manual.

480+ pages of step-by-step jargon-free instructions along with 250+ screenshots that clearly explain each step so you can get your system up and running in no time.

170+ industry specific customized reports for your flip business. (These are the SAME reports I give to my private clients and will save you 30+ hours and $4500 in consultant fees).

A customized QuickBooks Company Template File and an industry specific Chart of Accounts ready to go! (You’ll immediately be able to start recording data that is specific your company like customers, vendors, expenses, profits, losses, and transactions.)

My premium checklists. (These popular checklists will save you precious time and brain power by making it easy to track all the moving pieces in your flipping business.)

By the time you are finished implementing what I teach you in this manual, you will be equipped and empowered to MASTERFULLY manage your BUY-REHAB-RESELL business.

Plus you’ll also get FULL SUPPORT with two AMAZING Bonuses


Bonus #1

Exclusive Access to My Ever-Growing Video Library

Do you prefer to watch, listen and learn? Watch the videos where I show you EXACTLY how to implement the system!

With over 100+ training videos already waiting for you – you’ll have the information YOU need when you need it.

Think of this as of a LIFETIME education.

Value: Priceless

Bonus #2

One Year Access to My Private Facebook Community

You’ll also get access to a thriving community of like-minded people just like you.

This private Facebook group is AMAZING – and I want you to be part of it.

This means access to ME — directly for all of your questions.

Value: Priceless

The Promise


When you invest in Flip Real Estate with QuickBooks Desktop, you’ll get my total system formula for your BUY-REHAB-RESELL Accounting and Asset Management System that will transform your business into a streamlined, stress-free profit powerhouse.

This comprehensive guide shows you step by step how to painlessly set up your new system without needing to pay outrageous fees to a consultant to do it for you!

Having this information at your fingertips will help you grow your business and will show you the exact steps you need to take to move your business to the next level.

This means:

No more flying by the seat of your pants
No more running over on expenses
No more racing against the clock
No more unexplained losses
No more leaky profits
No more guesswork

Instead, you’ll have immediate access to the most important financial considerations that you need to know to succeed in real estate.

With the right system – you’ll have the power to literally move your flip project and profit forward.

Note: QuickBooks software must be purchased separately. Recommend QuickBooks Premier, Accountant or Enterprise version to view Balance Sheet by Property



“My partner and I started flipping and last year we finished our first project. When we went to our accountant to file our tax return he was not very happy with us. He indirectly told us to grow up, shape up and get on with a program. After discussing with him he told us to use QuickBooks. After doing due diligence we found your website.

Wow! Why does not anyone tell us to get your system before we buy our first flip? Real Estate Investor, IF you are reading this, MAKE this investment NOW! It is surely a lifetime education. Gita, thanks for convincing us to go with QuickBooks Desktop version.” – Bryant S.

Now Let’s Get to the Investment!


I am going to show you how to set-up the EXACT accounting and management systems that my private clients pay me thousands of dollars for.

And if you hire me at that price –believe me, it would be worth it as my clients tell me all the time that my systems are PRICELESS because they pay for themselves over and over again – with every deal done.

I have yet to have a single client ask me for a “refund” on my work.

You can’t get this information, anywhere else.

This is not just a simple book on theory. This is a hands-on, get-it-done manual complete with customized reports, company file, chart of accounts and everything else you need to get your system up and running.

It has taken me over 25 years and thousands of clients to perfect this system. I’ve got the QuickBooks for Real Estate market cornered and am proud to say that I am the best! (Go ahead and google me – you’ll see :))

      If you were to hire me personally you’d need to spend OVER $10,000.00 to get this system.

      If you hired a consultant to create your own system – $10,000 later you would still only be “hoping” they did a good job and that your brand new but still untested system worked.

      If you hired someone to set up just your company file and build a customized Chart of Accounts PLUS the must-have customized reports, it would cost you $5000+ (and that is only part of what you get when you invest in my book).

You can invest thousands of dollars having others do it for you – OR you can do things the easy AND affordable way… and invest in my easy to follow Flip Real Estate with QuickBooks Desktop.

Purchase Flip Real Estate with QuickBooks Desktop Now!


Value $4,000

for QuickBooks Desktop29999
  • QuickBooks File Setup
  • This Desktop version is Plug and Play
  • Standardize Industry Chart of Accounts
  • 170+ industry specific customized reports
  • Including Bonus checklists and forms
  • 470+ pages of step-by-step instructions for future reference
  • Distributed as a Printed Book
  • Free Shipping

Value $4,000

for QuickBooks Online29999
  • Learn to setup and customize file
  • Standardize Industry Chart of Accounts
  • Learn to customize reports
  • Step-by-step instructional videos
  • Including Bonus checklists and forms
  • Access to my Video Training Library

Note: QuickBooks software must be purchased separately. Recommend QuickBooks Premier, Accountant or Enterprise version to view Balance Sheet by Property

Want a sneak peek? Click Here!

Do you have a question before purchase? Give us a call 215-579-1465.

My Risk-Free Guarantee


When you properly implement the strategies found within Flip Real Estate with QuickBooks Desktop and access the untapped power of QuickBooks for your business, you’re guaranteed to increase your efficiency and BUY-REHAB-RESELL profitability.

This system works – 100% of the time.

So, if you have questions or get stuck on one of the steps, we encourage you to reach out and ask for support. We’ll help you identify the issue and suggest ways to fix it.

We are here to help – each step of the way.

Order Flip Real Estate with QuickBooks Desktop RISK-FREE and get ready to take control of your flipping business you own or support!

“If you are looking for an accurate and efficient way to track investment property financials, this is the book for you. I love the fact that this book came with a CD that included a template of accounts and reports that are designed specifically for the real estate flipping business. This book walks you through the process step by step from initial profit projections to acquisition to rehab and resale. The reports tailored for the flipping business provide instant access to make educated financial decisions. I would be lost without this book.

The author, Gita Faust has also been instrumental in helping me through the rough spots. She has been there every time I needed help. Her knowledge of this business and how to translate that into QuickBooks is amazing. Thanks, Gita!”

– Roger Partridge, Pear Tree Investments, LLC

“I would just like to thank you for your assistance and willingness to get me an expedited copy of your book. It came this morning. You have been extremely helpful and provided an amazing service. ”

– Ashley Helfyre – Finance Manager, Residential Equity Partners, LLC.

What Will You Learn? Here’s the Table of Contents


This manual is designed for QuickBooks users of all levels: basic, intermediate and advanced users. Some readers may have more experience, and others may be using QuickBooks for the first time.

Whichever category you fall into, we recommend that you read each chapter even though you may believe that you can skip one. This is because many chapters are interrelated and include specific instructions, which build on one another.

To start, you will learn how to copy the template file, as well as backup and restore files. Upon opening our custom designed template, you will enter basic information about your Company and begin to apply best business practices.

Before you dig into customizing your company’s file and using QuickBooks for your financial recording, you need to understand the basic layout and functions of the software. Although QuickBooks is user-friendly, becoming acquainted with its various functions will help you to improve the efficiency of your daily operations.

In the following chapters, we will explore both basic functions and special features of QuickBooks. You will see how easily adaptable the software is for managing your finances on a cash or accrual basis, and how it allows you to produce basic financial reports for your Company easily. You will learn how to use the time management tools within QuickBooks, as well as familiarize yourself with some basic and advanced transactions such as invoicing, reconciling, and deposits.

To prepare for entering your information into the template file, gather all company information, including your tax ID number. Depending on your state, rent may be taxable, requiring you to file the appropriate sales tax and/or tax returns. These city and/or county returns are typically due monthly, quarterly, or annually.

Once you have your Company’s information together, we will show you how to modify the template file and customize settings based on your business procedures. Having the correct settings and entering data and transactions appropriately produces accurate reports.

Now that you have learned the basic layout of QuickBooks, and have restored your Company’s file. You will learn to enter equity owners, financiers, properties, and vendors. By adding and organizing these players correctly in QuickBooks, you will be able to record transactions and evaluate your business through specific reporting.

We are “tweaking” QuickBooks’ use of Customer:Job in the following manner:

• Customer: Properties, Investors, Title Company
• Job: Individual name and properties
• Customer:Job of Job: Track individual units cost (optional)

To understand this better, let’s say you are a contractor. You have several customers, and for each customer, you have multiple jobs. Similarly, we are using Customer and Job to mean where each player fits in the puzzle.

Entering balances is the first step to accurate financials, giving you access to accurate reports in QuickBooks. You will have your financial information on demand, rather than guessing or attempting to combine multiple Excel sheets and/or paper reports. Additionally, tracking a budget and forecast for each property and your Company is crucial to the growth of your business.

Add the balances for all unsold properties to record the current value of the property and associated costs.

Before you begin entering opening balances and property values, compile the information about your business operations and properties in one place.

When you begin with a new file, it is very important that you enter all the opening balances the day before your start date. For example, if you are going to start entering data from July 14th, then your balances should be entered on July 13th.

It is very important you follow the steps in order.

Ready, Set, and Go. Learn to estimate costs and profits to decide whether or not to purchase a lead. If you need to put a deposit on a property, record it so you can track the refund if the purchase does not occur. If you decide to purchase the property, learn everything that you have to do when closing from applying the deposit toward your purchase to settlement checks, HUD-1 settlement sheets, and the closing statement for your company’s books.
This section details every step of tracking and receiving payments.

Learn how to create an invoice and record payments for money owed to you or how to generate a sales receipt to track money instantly received. If the customer overpaid, learn how to issue a refund, apply it to their account, or hold onto the extra money for a future transaction. If you receive a check that bounces, record it and reinvoice the transaction. Then collect the money by sending emails and monthly statements.

You may hire employees or subcontractors to do work or provide services. Track their job, and either pay them by time or by task completed.

Orders can be used for the purchase of supplies, to keep track of maintenance, or for noting repairs expected to occur. Enter an order to track supplies and/or avoid overpaying a supplier. When you decide to rehab or repair, complete an order to track the need and finally completion of the work.

Track orders by a property. If you have a similar problem later, you will know when the problem was reported, the date of the original repair, and who did the work. Also, track whether you provided proper notice and/or received permission to enter the unit.

As money comes in, it also goes out!

Your business is likely to split between managing properties and vendors. As you purchase goods, supplies, and services from insurance companies, contractors, utility companies, and other suppliers, track these products and services, bills, and payments.

The following chapters will show you how to track every interaction with vendors from deposits at the beginning of a job to credits after paying for completed work. We will cover how to enter and pay bills, either online or by using a credit card, petty cash, or your checking account.

As a business owner, you will most likely find your Company in the position of borrowing or invest money at some point. The source of these funds may be an equity holder or a lending institution. Account for all loans to make sure your Company does not miss any payments.

Soft Money

Soft money is any money that is loaned to your business by private investors or a partner of the enterprise. You will learn how to track such investments, pay off the principle and interest, and reinvest the interest back into your business. Then learn the procedure for tracking to and from the company’s partners.

Hard Money

Hard money is any money that is loaned to your business by a bank or lending institution. You can track your loans and escrows by recording bills or checks. You will learn the difference procedures construction loans, a line of credit, loans, mortgages, and refinancing, and how to track them. Account for all loans to make sure your company does not miss a payment. Finally, if you refinance your loans, update your QuickBooks file, so you have all the current information.

As a real estate investor, you buy and sell a property. When this occurs, you will need to record values from the HUD-1 Settlement Statement, create an invoice, and enter payments and deposits from the buyer. Then transfer costs from the property’s Balance Sheet to the Profit & Loss report to assess profitability. If applicable, divide profit between your investors and partners once it has been calculated and analyzed.
Regular banking tasks, like writing checks, cross-checking your bank and credit card accounts with online statements, moving money from one account to another, and reconciling accounts, are valuable to your business if done properly. A simple mistake can quickly wreak havoc on your books. Learn how to perform these simple procedures the right way and do so regularly to easily manage your bank accounts and business.
There is always more to do than meets the eye. Performing miscellaneous and regular tasks will enable you to operate efficiently, put everything into action, and run a smooth and organized business! If you are stuck, please reach out and contact the author with any questions you may have.