All Forum Posts by: Dan V.

Have your own record (quickbooks or excel) to log the information the PM is sending you. You should set it up in a way that you can see the trend (by month by property) so that you can see what's going on like missing rent, recurring expenses, missing/duplicate expenses, etc. Doing your own record will also help you verify the amount they're sending you and the breakdown of it.

Quickbooks Online Plus is a good accounting software, if setup correctly. You should activate Class Tracking feature, setup each property as a class, and assign a class for each transaction (this is the key). All expenses paid for the property from the time you purchase to the time you have it up for sale needs to go to Inventory (asset account) and once sold, you move everything to Cost of Goods Sold. You can breakdown further your inventory account into Acquisition costs, Rehab costs and so on by creating sub-accounts under it, same with COGS. 

You don't need a separate bank account for each property, as long as you are assigning class and properly categorizing each transaction, you should be able to generate good reports for each property.

There are professionals here in BP who can help you out with that, feel free to reach out to them. 

@Sean Rooks Thank you for the recommendation. I'll keep that in mind. 

@Sam H. I would recommend reaching out to your accountant to help you with the clean up and also guide you to the proper way of entering transactions. There could be different reasons why your balances are incorrect so the answer to your question will depend on how were the past transactions entered. 

For mortgage payments, the entry should be split between principal (notes payable, a long-term liability account) and interest (expense account). 

Again, I would recommend seeking professional guidance, not only they will tell you the "proper way" to do it, but might as well help you improve your process. Make sure he/she is familiar (certified) with the software you are using so they can also guide you on how to utilize all the available features of the software. Good luck!

I have a potential investment property which fits my criteria. It will be my first and planning to have it as rental property. Any lender recommendation? I will reach out to my local credit union but would like to have some options. 

Any investor friendly lender in Hampton Roads area?

Edit: Sorry, I was doing it on my phone and it posted to wrong thread. 

Here are the  IRS regulations that will answer your questions whether to capitalize or expense certain expenditure. 

Here is also a good resource for owners of residential rental properties. 

Since you want to keep track of each property, choose the Plus version to activate the "class tracking" feature. Also, since you are using the online version, you can reach out to any CPA/accountant (search the keyword) here in BP and certainly, they can guide you thru the process and access your QBO account, if necessary. 

Hope you'll find the right professional for your needs. :)

Quickbooks online version is a good option and can be customized to fit in real estate industry. It's a cloud-based software so you can access anywhere with internet connection. It also has an app that you can download on your phone. For multiple properties, it is recommended to subscribe to Plus version you can keep track of each property, it will cost more than $15 though. You test drive it for 30 days to get a feel if it fits your need. 

There are few other options out there but I never used them, to be honest. 

Daniel Hyman from Milwaukee.