Accounting for new investor

[Evelin Montenegro]

Hi everyone, I’m under contract for my first investment property and my mind is racing with everything that I need to get done. One of the items I’m specifically focused on is accounting. I plan to hire a property management company, but I’m not sure if I should have my own separate accounting software to track expenses to make it easier at tax time. 

Any feedback would be greatly appreciated! Thanks! 

[J Zev J.]

@Evelin Montenegro - Congrats on being under contract. In the beginning, your property manager should provide you statements that will contain most of your transactions. For the transactions not in the pm statement, you can keep track of in a spreadsheet or use something free like Stessa, just to get started. Then as you scale, you can migrate to something more sophisticated.