Basic accounting software
My wife and I started an LLC and I've just emailed our lawyer to draw up a sales contract for a duplex. So, we're going for it!
I also just listened to podcast show 88 and they discuss software a bit. I've been looking at apps like Quickbooks, AppFolio and Buildium, but they seem way more complex (and expensive) than what we may need at this point.
So my question is, for those who aren't managing the property themselves (we will use a management company to start) does something like Excel suffice? If so, do you have any templates you recommend?
For example, I've gone to the property a few times to meet with inspectors, etc. so that should be written off, but I've not tracked it anywhere as of yet. Even before the LLC, we paid $330 to a home inspector to see if we even wanted to go with this house. Once it checked out, that's when we decided to form the LLC, etc. so I paid it out of pocket, so how do I record that? I do have an appointment setup with a local CPA and will run all this by him, but in the meantime, I don't want to let stuff go and forget about it. I guess at worst, I should be keeping a word document of activities.
Would love input on software / basic Excel and how those with smaller portfolios do things. Thanks everyone!