Recommendations on organizational tools/spreadsheets for rehabs/flips

[Jan Neruh Kelsey]

New BP Pro member here. Does anyone have any recommendations, or even better any spreadsheets, excel or web-based, they use to keep track of all construction expenses for Flip/BRRRR properties? I BRRRR several properties in the past but wasn't very organized. I really want to do things differently to maximize profits, help contractors, and track all expenses & data for each property. Thanks in advance for any recommendations, or spreadsheets that anyone uses.

[Jake Baker]

@Jan Neruh Kelsey

If your just getting started, you should be fine with the following: 

1. Dedicate one checking account and credit card exclusively to real estate. Keep personal and business finances separate. This alone will create less headache.
2. File all receipts in a dedicated Google Drive folder. Digitize physical receipts for easy storage. Use a consistent naming convention - ex. 2024.03.25 Home Depot
3. Maintain proper records - Contracts, Settlement Statements, Agreements, Promissory Notes etc.

Additionally, you can track income and expenses consistently, using software or spreadsheets. As you scale, if bookkeeping isn't fun for you, consider hiring a bookkeeper for a couple hundred bucks per month.

We do 20 out of state Flips/BRRRRs per year and use QuickBooks Online to manage all of our finances for rehabs. 

I also use QuickBooks Online for most of my clients. For most real estate investors, a Plus subscription is needed in order to have separate by class(property). It is the most popular software in the industry and all CPAs know how to navigate it which is nice.