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Updated over 6 years ago on . Most recent reply

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Ted S.
  • Real Estate Investor
  • Philadelphia, PA
1
Votes |
13
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Budgeting rental income and job income

Ted S.
  • Real Estate Investor
  • Philadelphia, PA
Posted

 My question is I work full-time and our own properties. Having a difficulty separating the money. I wanted to bank my full-time job income and live by my rental income. Does anyone have a way of tracking all your expenses and income. May be a good app or some other way.

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630
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Ed Emmons
  • Specialist
  • Milford, ME
378
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630
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Ed Emmons
  • Specialist
  • Milford, ME
Replied

You probably should be operating and owning your properties in some sort of business entity for many reasons. In that case and even if not you should have separate bank accounts for security deposits and operating funds. Quickbooks works great for the business end. Each property is given a class and all money is then tracked by class. Your accountant will like that much better as well.

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