Small multi-family owner needing to clean up books

[William Cronan]

Hello BP community,  

I have to admit I am one of those 'Mom & Pop' multi-family owners who's books are not very tight.  I have heard it enough times on the BP pod-cast, Rookie pod-cast and On The Market, that Mom & Pop owners don't keep good enough books to accurately represent their properties.  I am the furtherest thing from an accountant and I am looking for any resources or suggestions on what documents I need to better managing closely to gain better insight on our multi-families performance.  And possibly a P&L sheet that is turn-key and easy to use.  So, I am looking for any insight that can be provided.

More about me, I've owned rentals for ~23yrs and have seen the value in this asset class.  I was house hacking at 25 back in the 90's before the phrase even existed, but it made perfect sense, my friends that lived with me were paying my mortgage. The next purchase was out of state, in the Green Bay market my in laws told me that properties cash flowed well.  Recently, my wife and I made a big step and cash-out refi-ed our primary residence to buy another duplex in San Diego.  Now with our six doors, I need to keep better books...

We are now living in Truckee CA and if I can do anything for you, please just reach out to me. Thanks for your help and consideration.

Sincerely,

Will Cronan