Best Way to Keep Track of Property Expenses During a Fix & Flip? My Experience

[Carlos Gonzalez]

I wanted to share a method that’s really helped me stay on top of my property expenses during fix and flip projects — and hopefully get some feedback or tips from others doing the same!

When I started flipping, I found it way too easy to lose track of receipts, go over budget, or forget who I paid and when. That stuff adds up fast — and eats straight into your profits.

Here’s how I track my expenses now:

1. Google Drive Folder System

I keep everything organized per project in Google Drive. Each flip gets its own folder with subfolders like:

• Contracts & Permits

• Invoices & Receipts

• Scope of Work & Change Orders

• Budget Tracker

• Lien Waivers

Everything is uploaded digitally and shared with my GC and bookkeeper. Super easy access.

2. Master Fix & Flip Budget Tracker (Google Sheets or Excel)

This is the heart of it. My tracker includes:

• Purchase price + acquisition costs

• Hard money loan breakdown (points, interest, etc.)

• Holding costs (insurance, taxes, utilities)

• Rehab budget by category (demo, framing, paint, plumbing, etc.)

• Actuals vs Budget tracking

• Profit/loss summary

I update this weekly as invoices and receipts come in. Bonus: color-coding makes it easy to see if I’m on budget.

3. Use a Business Credit Card & Banking for Tracking

All expenses go through a dedicated business credit card or checking account for clean tracking. This makes it easier come tax time — and I earn rewards while doing it.

4. Bonus Tip: Create a "Daily Log"

My contractor (or I, depending on the day) writes down what work got done, what materials were purchased, and if any payments were made. It’s a quick snapshot of the day that saves me from surprises later.

Would love to hear what systems or tools you all use! Do you prefer an app like Stessa, QuickBooks, or something else? Always looking to improve.

[Jared Martz]

Good tip, thanks!