Keeping track of receipts?

[Carrie A.]

I was wondering if there's a better way to keep your receipts together? Is better to keep them together by month, by vendor, or something else? I want to work smarter, not harder!

[Pauline Zhao]

This is a great question and it is very important to keep record of the invoices. Usually we recommend invoices should be kept for at least 5 years, and legal documents should be kept permanently. It will come in helpful if you use a software to help you, but there are so many to choose and it can overwhelming to try out one by one. Here are a few options I think works very well depends on what type of investor you are:

Stessa - If you are a buy and hold investor, you don't have an LLC and you have a property manager takes care of the rents collection for you. You can use Stessa. It is free to use.

Cozy - If you are a buy and hold investor, but you manage the property by yourself. 

Quickbook - If you are an active investor (Flipping house, Airbnb, construction, etc.), or you have an LLC. I recommend quickbook.

Hope that's helpful.