Bookkeeping for my rentals

[Tyler Henkel]

Hey BP nation! I’m hoping to get some recommendations on what platforms I should look into for my bookkeeping or if I should go talk to a CPA. I’m searching for my first rental property as we speak and I want to have all my ducks in a row so I can be a successful landlord! Thanks in advance. 

[Jake Baker]

@Tyler Henkel

At the bare minimum, you should do the following to make your bookkeeping easier:

1. Dedicate one checking account and credit card exclusively to real estate. Keep personal and business finances separate.

2. File all receipts in a dedicated Google Drive folder. Digitize physical receipts for easy storage.

Additionally, you can track income and expenses consistently, using software or spreadsheets. As you scale, if bookkeeping isn't fun for you, consider hiring a bookkeeper for a couple hundred bucks per month.

I use QuickBooks Online for all of my clients. For most real estate investors, a Plus subscription is needed. It is the most popular software in the industry and all CPAs know how to navigate it which is nice.