Quickbooks or something else?

[William Huston]

Hello All, 

So i am in this ever learning adventure to better my investments, i recently asked about managing the properties myself, i have always hired PM in the past so far and one very detailed post mentioned that she recommend that i purchase Quickbooks Pro and start learning the software now before i start self managing so i could do things right from the start. Since this would be all new to me, is there truly a better alternative or a reason i would really need to use quickbooks? Just curious as i have spent some time learning Podio and i am thinking i may be able to do the functions i need to do with quickbooks with podio for free or is there something specific i need the quickbooks for that i am unaware of since this is all new to me. 

Also if there is something better please give suggestions, i use an accountant to do my taxes on my current properties, i just send them the info. 

[Account Closed]

Okay, all this talk has triggered my buttons.  

Whether you own one house or 100 houses you are a "Business".  The IRS will see you as a "Business".  You should have an accountant and they will view you as a "Business".  

If you don't recognize yourself as being a "Professional Business Person" then don't expect your tenants to view you as a "Professional Business" as well.  You will be just some person that's renting your home.  

Whether you own one house or 100 houses, you want to keep track of your finances with a software program that will grow with you as you grow.   You will want a software program that will give your "hard money lender" a look as how professional you really are, and that is done through organization, with a good and detail record keeping.  

Sure you can buy cheap junk software that will keep track like an Excel Spread Sheet or online programs, but when it comes down to protecting yourself with documentations in regards to an eviction, nothing will compare to QuickBooks when it comes down to evidence that you will need in a court of law.  

Whether you have one property or 100 properties, you should always present yourself as a "business person" who has it all together, right down to the penny.  Who can provide data to anyone who asked, whether a court, an inspector, a tenant, a money lender, or whatever,  you will have it ready for them in seconds and it will be organized, and it will be perfect, and they will look at you as someone who they will listen too and take seriously.

If you think being a Landlord is a Hobby whether you have one property or 100, you better think twice about that.

YOU are responsible for the neighborhood, (depreciation of it, it's safety) and you are responsible for the people who live there, in your home, to have a safe and comfortable experience while they rent from you.

YOU have more responsibility than most other Industries.  Whether you have one property or 100 properties, people will look at you as either a good landlord or a bum.  

This is a SERIOUS BUSINESS, and you deserve to have the best software program out there for OUR INDUSTRY, that will protect you and give you the evidence and documentation that you need and when you need it. 

I was a landlord for many years in a very tough city, if I hadn't have had Quickbooks to help document everything that went on in my business we wouldn't have lasted 30 years in the business.

I highly recommend QuickBooks Pro Desktop !!!

Nancy Neville