All Forum Posts by: Bryce Andrews

Hi @Taylor Cook,

Lots of great information on this thread. Just to reiterate, probably good to have a bookkeeper/CPA preparing your books in addition to the work your PM does. There are lots of good property managers out there, but a lot of the value of a good bookkeeper comes from having your financials in order, accurate, and ready for tax filing at the end of the year.

Hi @Julien Payne,

I guess it depends on how involved you would like to be to say which strategy would be best. Generally, for a long-distance investor, I would say long-term rentals are best. Not sure if you'd like to self-manage or not, but either way you'll need to build out a good team - realtor, property manager, contractor, bookkeeper, etc. If you'd like to establish a holding company for your properties, I'd say an LLC of the state the properties are in is best.

@Zachary Engen I would open up and additional account to keep things separate. This will keep things cleaner for bookkeeping and for when tax time comes around.

@Carl Rowles Agreed. From a bookkeeping and tax perspective it is best to keep your personal and business accounts separate. You'll be glad you did when tax time comes around.

@Kyle Castle as long as your bank account(s) that you receive rent $ into and pay expenses out of are integrated to QuickBooks you shouldn’t need anything to bridge the gap.

Hi @Zachary Reiff,

From an accounting/finance standpoint, QuickBooks Online is your best bet for an all-in one software. You may need something from a property management/rent collection standpoint to complement QBO. But as far as bookkeeping and reporting goes, QBO will do the job.

Hi @Nitin Gove,

I use QuickBooks for bookkeeping and generating monthly financials (Revenues, expenses, etc.). As far as more technical financial analysis you mentioned above, I have found it is easiest to track these items in excel - I just update the workbook each time I analyze. For expiration dates that require action on my end, I build reminders into my calendar. Hopefully, that's helpful!

Hi @Daniel M.,

You may have already found a solution, but I came across your post and thought I could be helpful. I have a very similar structure in terms of LLCs, property manager, etc with my own properties. I started out managing everything in excel, then switched over to QuickBooks Online at 3 properties. If you're looking to grow your portfolio, I'd recommend switching over to QBO sooner rather than later.

Hi @Carlo D.,

The short answer is it depends. To give a ballpark: Aside from clean-up and set up fees, for CPA reviewed bookkeeping you can expect to pay $100+ per month (per property) for an LTR, probably 20-30% more for an MTR or STR. Depending on how many properties you have with a bookkeeper, those prices go down with economies of scale.

Hi @Erin Babnik,

I agree with the above. Depending on how savvy you are with excel, it can be a great option. I used excel for my first 3 properties, then scaled to Quickbooks Online. Might be worth just starting with Quickbooks if you plan to use it for other properties beyond your commercial property.