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Updated over 8 years ago,
Bookkeeping / Accounting For DIY Landlord
Hey gang,
I know there are plenty of threads on this topic throughout the site, but I'd like some advice/guidance specific to my situation here.
I will be buying my first rental (duplex/triplex) spring '17. I plan to manage the properties on my own for my first few units and will eventually hire a PM. I have a CPA that I will use to file my taxes, but I want to determine the best way for me to track everything throughout the year to simplify tax preparation. I am leaning towards establishing an LLC as well at this point.
Excel? Quickbooks? Other software? Hire a bookkeeper?
I'm slight OCD and don't mind investing the time to at least start everything out on my own, and I'd rather not pay someone to do something for me that I know I'm capable of doing on my own (at least for now).
Any feedback/input would be much appreciated. Just looking to get started off on the right foot and avoid headaches down the road.