All Forum Posts by: Daniel Hyman

If you are looking to scale, you'll likely want to outsource this task at some point. If that is the case, QBO will be the software that most bookkeepers and tax professionals are familiar with. Just something to consider for the future. 

There are many talented real estate tax professionals that work with investors all over. As long as you are comfortable working remotely, you may want to expand your search area so you can find a specialist. 

If you want to keep it simple, go with Stessa or a simple spreadsheet as a P & L. No need to get too complex unless the portfolio size warrants it. 

You may want to seek advice from your CPA. A real estate CPA should be able to advise you on bookkeeping, setting up a document retention system, and overall compliance. For example, our clients are provided with a  customizable bookkeeping template optimized for rental real estate. I'm sure other firms would do the same.

There are some great tax pros here on the forums. Search around and reach out to see who is taking on new clients and how they might be able to help.

Hopefully you have a CPA on your team for tax advisory and compliance. If not, I would start there and then ask the firm if they have recommendations for bookkeeping or if they can do it in house.

I recommend reaching out to a tax professional for advice. There are some complexities with multiple states but nothing a competent real estate focused tax pro shouldn't be able to handle. As for the bookkeeping, keep it simple until it makes sense to build out complexity. Spreadsheets or easy software like Stessa is a good place to start.

Thanks for the mention @Corina Eufinger.

@Leah Larson - Remer - Feel free to be in touch if I can be helpful.

Most of the real estate CPA's work with investors across the country. It might be tough to find one that is still taking on clients, but try the network tab above or run a search on the top right of BP by typing in "CPA." Look for reliable providers with references and a long history on BP.

Most real estate CPA's work with investors across the country.

Try the network tab above or run a search on the top right of BP by typing in "CPA." Look for reliable providers with references and history.