All Forum Posts by: Kristen Ambrose

@Bob Dole I will send you a message! 

Congrats on your first multifamily, that’s a huge milestone! Getting your finances set up right from the start will make a big difference long term.

I run a bookkeeping firm that works exclusively with real estate investors, so we're very familiar with multifamily rentals, LLC setups, and everything from HUD statements to tracking rehab costs. A lot of investors come to us after realizing their books are behind or that their bookkeeper doesn't fully understand real estate.

If you’d like, I’m happy to share what a clean setup looks like and give you a few tips for getting started. 

Most of my clients use QuickBooks Online for accounting and tracking expenses. Some also use Stessa or AppFolio if they want extra features like rent collection or property reporting. A lot still start in spreadsheets and move over once things grow. I help them set it all up so they can see real numbers by property and stay organized for taxes and decisions.

Yes it's accurate. I track land as inventory until it's sold. Then I move it to COGS and set up a note receivable. Payments are split between principal and interest. Principal lowers the note and interest is income. That's how I do it for my real estate clients.

You are on the right track. Slightly negative cash flow can be okay early on if you are building equity and learning, but make sure you budget for repairs and vacancies.

House hacking is a smart first move. Get good at tracking your numbers now. It will make scaling way easier later. Keep learning and connect with people doing what you want to do.

Totally hear you. We work exclusively with real estate investors and see this all the time.

Most loan portals and tools like Appfolio do not sync cleanly with QuickBooks. Even when they say they do, the data is messy or incomplete. What works best for our clients is setting up clear monthly systems. Reconcile loans manually using statement uploads and use rules in QBO to save time. It is not perfect but it is way more streamlined than spreadsheets once it is dialed in.

Happy to share what we have seen work if helpful.

Totally normal to start with books and podcasts. Real progress comes from analyzing deals and talking to people in your market.

Zillow and Redfin are good for practice, but the best deals come through relationships.

Run numbers, talk to agents, go to meetups. Be upfront if you're new. People respect effort.

Yes, managing 6–10 single family homes yourself is a viable strategy. I know investors who have replaced their full-time income doing exactly that. If you’re organized, handy, and don’t mind being on call, it can work well and save money.

That said, it can become a lot to manage as you scale. Things like tenant screening, maintenance calls, rent collection, and bookkeeping add up. At some point, many investors bring in help so they can focus on growing the business instead of being in the weeds.

As for property managers, the right one can bring real value. They handle tenant issues, showings, leasing, rent collection, and maintenance coordination. That frees up your time and can help avoid costly mistakes. But it depends on the manager. A good one is worth the fee. A bad one isn’t.

It comes down to your goals, time, and personality. Some investors like full control. Others prefer to build a team so they can scale or step back.

Congrats on the decision to self-manage. RentRedi is a solid option for leases, rent collection, and maintenance tracking. Avail is another easy one if you want something simple. Hemlane is more full service if you want extra help. Any of these can work well for one property. Just make sure you’re keeping the books clean each month to make tax time easier.

Congrats on the first property. That’s a big step. I work with a lot of investors, and the one I hear the most positive feedback on for rent collection and basic property management is RentRedi. It’s affordable, easy to use, and handles payments, maintenance requests, and tenant communication in one place. If you’re managing just a few units and don’t need all the bells and whistles of something like AppFolio, it’s a solid option. Cozy used to be a favorite too but it’s now part of Apartments.com so the experience has changed a bit.