Los Angeles, CA · Member since 2021 · 17 posts · 5 votes
Hello BP!
I need your guys helping advice on a few things before launching our 1st STR/MTR.
We have about 1 month until we launch our rental. We have found a Traveling Nurse who will stay in our condo (2bd/2bath) late march for 6 months!
I’m in the middle of sprucing up the place and doing minor renovations to provide a quality stay. We’ve been buying furniture, sinks, etc. our worry is staying organized with receipts to keep track of progress,expenses and most importantly tax deductibles
Question: what software is best to use to keep track of everything financial?ie.rent,expenses,receipts,etc. we have been saving receipts and jotting everything down in a notebook.(old school🥴)
We have heard good and bad about quickbooks, I also looked into Rentastic. Are there any good suggestions for a beginner like me for a reliable software?
We want to start as organized as we can and “perfect” from the gate. We understand things will be missed and lessons to be learned and there are minor mistakes that must be made to learn from and grow.
I use excel as well works great. I had my son's gf customize a spreed sheets that tracks revenue, expenses, repairs, improvements, etc...I use it all my properties as well.
I need your guys helping advice on a few things before launching our 1st STR/MTR.
We have about 1 month until we launch our rental. We have found a Traveling Nurse who will stay in our condo (2bd/2bath) late march for 6 months!
I’m in the middle of sprucing up the place and doing minor renovations to provide a quality stay. We’ve been buying furniture, sinks, etc. our worry is staying organized with receipts to keep track of progress,expenses and most importantly tax deductibles
Question: what software is best to use to keep track of everything financial?ie.rent,expenses,receipts,etc. we have been saving receipts and jotting everything down in a notebook.(old school🥴)
We have heard good and bad about quickbooks, I also looked into Rentastic. Are there any good suggestions for a beginner like me for a reliable software?
We want to start as organized as we can and “perfect” from the gate. We understand things will be missed and lessons to be learned and there are minor mistakes that must be made to learn from and grow.
thank you i will check it out! i was looking into rentredi,cozy,zillow for landlord software to get help with lease agreements, rent collection, and all other landlording tools, do you use any of these landlord software? if yes/no, why? I understand picking one would be the only way to find out what suits me, but i feel like im getting stuck with "analysis paralysis ". appreciate the help!
Cozy was bought by Apartments.com. Tried Apartments.com and did not like the service and thus considered and switched to Rentler. The various options have pros and cons and thus we chose Rentler and rejected the others because its pros aligned best with our needs. Best wishes Dunn
Quickbooks is great for general accounting but lacks some of the more industry-specific features like online rent collection, tenant screening, receipt scanning, etc. There are some great software options out there that will help you with your rental property accounting and all of the property management tasks.
@Dunn Dela Cruz you are right that you want to use the right software from the get go.
I have always said QuickBooks is a property management and financial management software.
The difference between software are the automation and the title of the fields. I would look for QB for tracking all your non related income and expenses for the property and use a similar software such as streamline for STR. And looking at screening extra, they partner and integrate a third party software and link it to thei software.
Make your list of needs and wants and select the right software.
With QuickBooks you can collect payments, attach documents, send invoices, and more. Our clients do use it for coat segregation, improvements, tracking repair request, STR, LTR, Flips, Syndication.