Just purchased 1st duplex. Do I need Quick Books?

Question

Hi all,

We recently purchased our first duplex and will be closing shortly.  We were planning on using Quick Books and I just found out that it's a subscription service rather than a one time payment.  All I can think about is how it will eat into our monthly cash flow now.  Any advice out there if this is needed with just 1 property?  Keeping in mind that we do plan to purchase more properties in the future.  Also, if you do use it, which version do you recommend?  Thanks in advance!

Anthony

Jeremy Stanfield · Answer

I'd recommend just using a spreadsheet...google,excel, etc.  For just one property it won't take too much to record your revenue and expenses manually.

Spence Kal · Answer

@Anthony McKeen

Quickbooks is pretty expensive, if I used it for my one rental it would be half my cash flow! I used a free iPhone app called BizXpensTrkr then export it to a spreadsheet, but just a spreadsheet works fine and saves $50-80 a month. I believe freshbooks is a one time purchase still, but I’m not sure how great it is for rentals. I’ve been thinking about using the Mint app and connecting it to my checking for house projects. It’s more of a personal budget app, but it would at least categorize charges and show me what I’ve spent quickly. Not a substitute for spreadsheet though. Would love to know others thoughts as well