All Forum Posts by: Soh Tanaka

I never used Xero, but it looks like there are add-on property management software you can use.

However, generally speaking, if you have 10 or less properties, Excel will do it.

Thanks for all your interest and comments. I'm currently working with few investors to make sure that it works for everyone. Once I polish it up a bit more, I'll get back to those who showed interest.

Thanks again,

Soh

@Ronald Black - (I know I'm not Nancy) You just need one software, no need to get 3 user versions. You can create 3 different LLC books (which I believe is what you technically have to do, as you don't want to comingle the books from different companies), or create one book and enter different classes for each of your property.

If you are going to use QuickBooks for the first time, I highly recommend getting a how-to book written specifically for a landlord, such as (which I used and found it very helpful) or @Account Closed's book (which I haven't tried myself but looks really good). They are more expensive than general QuickBooks guide but is worth it, as it's very hard to use QuickBooks correctly without any guidance for a beginner.

Soh  

@Max T. - I love the idea of using a bank account as part of the way to keep track of the in and out of the money. I check the bank account once a month to make sure that the account balance and the spreadsheet balance match.

Let's be honest here, just using the bank account has a limit. It won't tell you what the vacancy rate is, it doesn't tell you what the ROI is, it doesn't tell you what the average expense is (without using, for example, a spreadsheet), it doesn't tell you what the total equity you have, etc.

This is why I created a spreadsheet that tells everything above (and more) without doing anything, except the data entries of money in and out, and also when tenants moved in and out.

There might be people out there who are happy with just looking at the bank account balance to see how the property is performing. I'm one of those people who like to see more numbers in graphs.

Soh

I'm looking for a small number of people who own/manage between 2 - 10 rental units and looking for a good Excel spreadsheet to keep track of the income and expense. I would like to share the sheet I'm using and trying get some feedback.

Thanks in advance,

Soh 

@Ali Boone - I agree. It's OK to look at lists but have to also consider other things.

@Eric Grant - Actually things are a bit more complicated that the difference in interest rates, right? How big is the HELOC? How much cash flow (extra money) are you going to have every month? How much is the HELOC interest going to change in the future?

@Eric Grant - That is not necessary true, as HELOC has the benefit of applying larger amount of sum to the principal now, while if you make additional principal payment every month, it may take years before you get to the HELOC amount.

@Nicholas Armstrong - Good numbers, even after splitting the profit!

@Nicholas Armstrong - Great job there! It helps that you put the pictures both before and after. How does the number look like? You are absolutely right that we all can find some extra time, if we make a commitment to find it.