For investors with <10 units, what are your systems?

[Joe M.]

I currently have one rental, thinking about growing slowly. Im curious to see how others do it in terms of number of accounts, record keeping, ect.  I figured there could be some good info, systems, and hacks for smaller landlords/investors.  

Do you have one account for reserves, then individual accounts for each rental with just enough to pay mortgage?  Or just individual accounts with reserves for each rental in them along with incoming rents?

How do you keep records?  Important documents? Expenses?

Just curious to hear how others do it

[Dennis M.]

@Joe M.

One bank for personal one for business . Being your in Erie I’d recommend Marquette savings bank for business . I keep my business stuff seperate and use my business account strictly for purchase related to real estate . My business accounts are checking and saving and other ones for security deposits so they don’t intermingle . I would not create an account for every property . After about a dozen properties that would be a huge accounting headache . I do most of my own book keeping and use filing cabinets mostly . Old school yes but I know where everything is. It’s not that hard but you do have to have a good memory if your not using quickbooks .