Book keeping for first time landlord?

Question

Hey guys!

I am in contract on my first property ever! (A duplex) I am planning on house hacking it! I am inheriting a tenant on the other side and am worrying about what to do about book keeping. I have thought about using google docs, but I am not sure. I am trying to get ahead of staying organized here! Appreciate it! Any help would be much appreciated!

Jeremy Nault · Answer

With only one property you should be able to get away with an excel sheet.  The most important thing is that you stay on top of it and avoid having to do it all at tax time. Good luck with your investing!

Cynthia Carlson · Answer

@Jasmine Delves.  Can you name some of those property management software programs?  Thanks

Jasmine Delves · Answer

There are lots of good property management software out there that have built-in accounting features. You can link your bank feed, automate income and expense tracking and generate reports, etc.

Plus, you can take advantage of additional features like online rent collection and tenant screening. It's worth looking into!

Nicole Heasley Beitenman · Answer

I use waveapps.com.

Markus Shobe · Answer

With only one property you can use excel or wave accounting. They are both free. The most important thing is to stay on top of categorizing your transactions. That way tax time will be a breeze and you won't have any problems.

Meridith Wardle · Answer

I used to just keep books in Excel but have switched to QuickBooks, which was recommended to me by my CPA.  I've been extremely happy with the switch!  You might talk to your CPA and see what they recommend.  Good luck and congrats!

Basit Siddiqi · Answer

bookkeeping for a house-hack can be extremely complicated.1. certain costs can be 100% deductible2. Certain costs are pro-rated3. Certain costs are non-deductible(Those that are paid towards your specific unit)Will you be able to organize your books so each category is easily identifable?

Best of luck, congrats on getting under contract!

Book keeping for first time landlord?

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