Start Up Property Management/Beginner Landlord
Well I close in a few weeks on my first rental. It is a duplex with a current tenant and I will occupy the other side (owner occupy). I have tons of books all of which I have read cover to cover, however I would like some been in the trenches feed back from the members of the forum. I have a few questions but please feel free to give any other tips and suggestions in reguards to landlording and property management. sorry if any of my questions are no brainers, I am a super newbie :oops:
1). In order to start off on the right foot, should I open a checking account separate from my personal checking account? And should it be a business checking account?
2) I can’t afford an accountant right now and have very little to no bookkeeping experience, so I was thinking about purchasing Dr. Landlord Real Estate Software http://www.dr-landlord.com/gold-cd-rom.htm to help me run the property. Does anyone suggest otherwise?
Thank you
Most Popular Reply
Whitney this is a very old thread. I do agree that there are a number of ways to learn bookkeeping as well as a number of relatively cheap ways to track your income and expenses especially when you are just starting out.
I agree with Jeff that a business should set up a separate bank account. Co-mingling business and personal income and expenses is a bad idea. It only takes one audit to make one wish that they had kept their business and personal dealing separated.
Even if you choose not to become a business and investments activity like this should be kept separate. It makes it far easier to prove that all your rental expenses are truly investment expenses.