All Forum Posts by: Markus Shobe

You do not need a local accountant for that. You can hire a remote one for that. There are plenty of them on BP. 

You want to keep personal and business transactions separate. Whether you use paypal, venmo, cashapp, or etc just make sure to use it just for business. You can just have one business account and run all business transactions through there. There is nothing wrong with that.

If it overwhelms you it is time to hire someone to take that off your hands. It's not going to get any easier the more properties you add. If you are worried about how much it cost I would look into having one do updates every quarter. I have a few clients that do that. 

You could use the projects feature in Quickbooks or you could use excel. Since you are already using Quickbooks I would suggest using the projects feature in Quickbooks. 

Both can be a good choice. Just make sure that they understand real estate inside and out. 

Open up an additional account to keep everything separate, never want to commingle funds.

If it is becoming to much either get a property manager or a bookkeeper. You will be glad that you did as you keep growing. 

Use Quickbooks and download the app. It will track the mileage as you drive. If you want something free excel would probably be best. 

If you are struggling with 5 properties. I would look for a property manager. 

It depends there are a lot of factors that were left out. Are there mortgages? Short term or long term? Are there other loans? How many bank/credit cards? For example if you have 10 different bank accounts with 6 different loans than it would cost more than a business with 4 bank accounts and no loans. We start at $250 per month. That's for a straightforward real estate business.