Bookeeping your income and expenses
Hello All, as I get closer and closer to my first deal (that is to say once one of my many, many offers is accepted) I am in need of some advice of good bookkeeping strategies, tools, programs, etc that you have used in your business. In my profession I am proficient in EXCEL and that is how I do my day-to-day bookkeeping, but is there a more RE specific program, strategy, or template that is useful when it comes to keeping track of RE specific items? I will be flipping and long-term rentals.
Thank you all in advance.
Most Popular Reply
@Mason Carter First of all, congratulations on your first accepted offer! As most startup do (and even pro's), Excel is a good tool to start with, in keeping track of the transactions for your RE investing. Since you are already familiar with bookkeeping, you will need to expand your knowledge in the proper accounting for real estate (flips and rental have different accounting/tax treatments) and also make sure to keep track of the transactions by property. The good thing about using a software (like Quickbooks), you can automate certain things which will save you some work.
Good luck and I wish you the best on your first deal.