Property Managment Software/ Quick books

[Patrick H.]

Hello! I am wanting to find out what is the most popular software or program you guys are using to keep track of income and expenses with your rentals. I own 12 units now and looking at around 40 more units in two different buildings with 3 or 4 LLC's holding them. I have heard alot of good about Quick books. Thoughts?

Patrick

[Matthew Gillespie]

Update

I spent a while on the phone with a quick books consultant and he recommended entering the properties in by "location" rather than classes. I had to upgrade to quick books pro in order to do so, but feel it was worth it. For multi units I listed the main building as one location and each unit as sub locations. This way I am able to keep expenses categorized by specific units and also the building itself. Then I created "classes" for the type of expense. So fixing a plumbing issue at one unit could be recorded to that specific location and then I could also categorize that expense in my "repairs" or "plumbing" class, so I can see the total amount I spent on that expense across all buildings. Tenants are still customer, and I set up their rents as reoccurring invoices so that way it keeps track if they are past due or whatever else. I'm not a property manager and just use it for my personal properties. But perhaps this would be helpful for PMs as well.

Cheers,

Matt