All Forum Posts by: George Omae

Hi - I need help! I have grown my small portfolio to 6 properties (13 doors) and been using DoorLoop to manage the properties myself. I'm having a had time keeping up with the bookkeeping even though most of the income/expenses are automated. I still have to use a separate software (Stessa) to categorize and align income & expenses and then prep for year end Schedule E. I need to stay on top of the bookkeeping monthly so year-end is not so painful as it always is. I have a mix of short-term and long-term rental which makes it maddening to track. Any suggestions for affordable bookkeeping services to clean up my books and either run them monthly or get me setup correctly?

I agree with others here that using Excel for one property will suffice. I’ve done the same for my now 5 properties for many years. However, it means you have to track leases, manually enter ad hoc expenses, mileage, etc over the year. It’s a pain at year end for taxes if you didn’t keep up with monthly entries. If I were you I’d go with something like Stessa which connects to your bank, stores leased, updates property value, and does reports. Just start right from beginning and save yourself headaches later. If I knew what I know now I’d have started with such a consolidated software right away.