All Forum Posts by: Todd Lennig

@Zachary Engen. If the new property isn't owned by the llc then you will not want to put the income in the bank account nor pay expenses from it.  This is called commingling and its a big no no with bookkeepers and cpas.  I suggest to all my bookkeeping clients to open up a separate bank account for this property.  I further recommend, having an income, expense, property tax accounts at the very least.  Check out profit first and profit first for real estate investors for more info on those accounts.

Send me a dm if you or anyone else has a question.

@Taylor Cook - Lots of good information from all of the posters.  As a bookkeeper here is what I tell potential clients.  Its time to get a bookkeeper when it is costing you.... the cost is time away from family or finding the next deal no matter what field you are in.  

A good bookkeeper will take a lot of your plate, but as mentioned it will be hard with multiple properties to get it all of your plate.  

Like anything when you hire a professional and thats all they do, they will be able to provide more insite in to bookkeeping and your industry that the ROI is way more than what you are paying them.

As for who should be doing your books, I am a big believer that you should have multiple people looking at your books.  For example, don't have your CPA firm do your books, why because if there is a mistake they won't catch it.  Mistakes happen, more eyes on the books hopefully will catch those mistakes, and bookkeeping and tax mistakes cost money.  

Can you do your books yourself?  Absolutely.  Is bookkeeping hard?  Not for some people.  

Happy to talk to you or anyone else about bookkeeping.  Another great bookkeeper in this group is @Max Emory to talk to.

Hope that helps.

Relay Bank has worked well with my bookkeeping clients.  I use it and like it a lot.  Very profit first friendly, if you are doing that.  Happy to answer questions if you have any.

@David B.. I run a bookkeeping business that specializes in Real Estate investors.  Happy to talk with you about what we do and how we do it, to see if we are a good fit to work together.

@Tricia O'Brien. i have a bookkeeping client that uses inago.  We both like it a lot.  He also uses QBO at the plus level.  Innago for property management and then QBO for the accounting.

@Rory S. I have a bookkeeping client that just on-boarded using buildium.  It looks like it can do most everything you are looking for. The only item that I haven't found is how to account for loans on the balance sheet.  But they are using it as if they are a property manager and their properties are a cleint of the property management company.  So that might be why I haven't easily found it.  If you switch to it happy to show you around on what I have learned.  Also it looks like they set up demos.

@Julio Gonzalez I would add profit first for real estate investors to your list of books to read.  I find that a lot of my bookkeeping clients do not save money for taxes, repair or event those security deposits.  Profit first for real estate investors lays it our well on what should be put away.

Most of my bookkeeping clients use QBO at the plus level subscription

@Dan Goeckel. My bookkeeping clients that have multiple properties use quickbooks online at the plus level subscription with the "class" option.  The class option is what you need to put expenses and income to specific properties like you are looking to doThis currently runs around $80-90 a month.  Xero has told me that they have that same "class."  I currently don't have anyone using Xero to know if it will work the same.  

I am happy to spend some time on the phone or through google meet to show you how it will work.  Obviously, free of charge.  Offer is good for anyone interested.  

Let me know, happy to help.

@Brenda Hernandez. Happy to speak with you about what we can do for you.  We niche in bookkeeping for real estate investors.