article thumbnail

More Americans Became Equity Rich During the Pandemic

Pro Builder

The other states with the highest rates of home equity were Vermont (61.2%), Utah (60.9%), Washington (56.2%), and Arizona (53.2%). A home is underwater when the owner owes far more to the bank than the house is worth.) That money could then be used to start a business or pay for remodeling. New-Home Sales. New-Home Sales.

Equity 52
article thumbnail

You Have HUD-1 Statements And Your Bank Wants Financial Statements

Contractor Bookkeeping

You are a spec home builder in need of a construction draw and your bank or lender wants to see your latest financial reports and this time they want all of the current houses you are working on to be reflected in QuickBooks correctly as Work-In-Process (W.I.P.) Pay Application Invoicing For Remodel Projects. Does this sound familiar?

Banking 49
professionals

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

What Reports Do Contractors Really Need?

Contractor Bookkeeping

1 Cash On Hand - This report shows you how much cash do you have in all your checking accounts, savings accounts, payroll accounts, hip national bank (your wallet) and petty cash box in your office. Periodic Invoices For Bank draws. Previous year end bank, credit card and other account balances. QuickBooks Works Best If You.

article thumbnail

Leading the Home Building Industry: Pro Builder's 2021 Forty Under 40

Pro Builder

Topher M c Larty , 38, Director, Young Professionals Program, National Association of Home Builders, Washington, D.C. Education • BA, Business Administration, The George Washington University • MDes, Real Estate Development and Finance, Harvard University. Klynt Marcusse , 32 , Owner, Marcusse Construction, Hudsonville, Mich.

article thumbnail

Home Builders Who Need To Keep Track Of Specialty Contractor Costs

Contractor Bookkeeping

Spec Home Builders - Need people trained in construction accounting who understand how to put together a bank draw correctly, not someone with experience in regular bookkeeping. Pay Application Invoicing For Remodel Projects. We spent years and thousands of dollars developing a process that works with QuickBooks. We know what to do!

article thumbnail

Chronic Bookkeeping Headache Relief

Contractor Bookkeeping

The Strategic Side Of Your Construction Business - Bookkeeping, monthly and quarterly tax returns, sales tax returns, Labor and Industries payroll tax returns, reconciling the checking account with the bank to know how much cash is available, paying bills and collecting money gets in the way of the real work; the tactical side.

article thumbnail

Contractor Breakeven Analysis Using QuickBooks

Contractor Bookkeeping

This method is not useful for any contractor outside the parameters given nor is it of any value to contractors engaged in a mix of services for example: Residential remodel contractor that builds spec homes. Commercial tenant improvement contractor that does residential remodel projects. Click Here For More.