All Forum Posts by: Jake Baker

@Artur Kadesh

Buildium feels more tailored to property managers, DoorLoop might be a better fit for landlords. It has built-in 1099 e-filing, expense tracking, and tenant management, making it more user-friendly for what you need.

DoorLoop also offers a one-way integration with QuickBooks Online (QBO)—meaning transactions, rent payments, and expenses sync to QBO, but changes made in QBO won’t sync back to DoorLoop. This setup allows you to use DoorLoop for property management while keeping QBO for full accounting and tax reporting.

This combo could give you the best of both worlds—tenant management in DoorLoop and full financial control in QBO. Would you prefer an all-in-one solution, or does this hybrid setup sound like a good fit?

@Alex Schumer

Bookkeeper – Handles day-to-day financial tracking, including expense categorization, reconciliations, and generating reports like P&Ls. Essential for keeping organized records.

Accountant – Focuses on higher-level financial strategy, tax planning, and compliance. They interpret financial data, file taxes, and help structure entities for tax efficiency.

When to hire a bookkeeper? - You can get away with doing it yourself forever. As @Daniel Hyman said, getting into the 3+ property range can overwhelm people and take too much time. By then, you have a cash flow that can support hiring a bookkeeper.

I recommend staying away from companies that outsource bookkeeping overseas. Many firms will offer bookkeeping, but they outsource overseas and mark up the price. Most of the time, quality is sacrificed. I recommend finding a US-based bookkeeper who specializes in real estate and doesn't have too much on their plate.

@Tom E.

I agree with the others that a simple spreadsheet is excellent. For material participation tracking, your spreadsheet should include:

Date & Time Spent – Log the exact dates and hours you worked on the property. Be detailed—track start and end times to clearly show your involvement.

Task Descriptions – Be specific about what you did. Instead of just writing "property maintenance," note activities like "installed new light fixtures" or "deep cleaned kitchen for guest turnover." This helps prove your direct participation.

Proof or Documentation – Keep receipts, invoices, emails, or even before-and-after photos as evidence of your work. If you’re messaging guests or contractors, save those communications in a folder.

MileIQ is great for tracking Mileage. Clockify or Toggl are great for tracking time in an app. 

@Kristie Nguyen

Welcome to BP!

AppFolio is great for property managers, but investors often use Stessa, REI Hub, or Buildium for tracking income, expenses, and tax reporting. Many of these platforms integrate directly with QuickBooks Online, which I use for my clients. That way, investors can manage their properties in a real estate-specific system while keeping their accounting streamlined in QBO.

@Kyle Thomas

I use QuickBooks Online (QBO) for my flipping business, rental businesses, and bookkeeping clients. QBO has every feature you need to run a business, excellent reporting features and integration with other software. It is the most popular software in the industry, and most Tax Preparers are familiar with it, which makes tax season easier. Melio is great for paying contractors. 

For my flipping business, I prefer to use fewer software programs to streamline things. It's easy to get bogged down by too much software in today's world. We use DealCheck to underwrite deals and QuickBooks Online for everything related to accounting and numbers.

@Benjamin Larabee

I'll be honest - most bookkeeping companies are not worth the money, so vet them carefully. However, if you partner with the right one, they will be instrumental to your real estate growth.

As @Angie Keefe mentioned, your bookkeeper needs to specialize in Real Estate or thoroughly understand the industry because it is very balance sheet-heavy. I recommend staying away from companies that outsource bookkeeping overseas. Many firms will offer bookkeeping, but they outsource overseas and mark up the price. Most of the time, quality is sacrificed. I recommend finding a US-based bookkeeper who specializes in real estate and doesn't have too much on their plate.

@Blair Ross Jr

Backflip is a solid tool for analyzing flip and BRRRR deals. It helps estimate ARV, rehab costs, and potential returns and offers funding options.

@Joshua Martin

Since you might sell next year, a HELOC is probably the better short-term option—lower upfront costs and flexibility to pay it off when you sell. A cash-out refi has closing costs, and if you sell soon, you may not benefit enough to justify the expense.

Also, remember that doing a VA cash-out refi will reset your loan terms, and you'll still pay realtor fees if you sell. If interest rates drop later, you could use the IRRRL to lower your rate, but that's more useful if you plan to keep the home as a rental long-term.

@Scott Vaeth

If you live in part of the home and rent out rooms, you might be able to keep the lower 4% owner-occupied rate.

Instead of a long-term rental that barely covers half the mortgage, could you do a rent-by-the-room model or target traveling professionals to increase cash flow?

@David Robert

Severe nicotine damage can require extensive cleaning, sealing, and even replacing drywall or HVAC ductwork. Get a firm quote before committing.

If appreciation is low, ensure rents are strong enough to justify the effort. Market Appreciation is the least predictable, but historically, where you will make the most money. So I prefer to have more of that in the deal.