Multi-Family and Apartment Investing

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Erica Gregory
  • Rental Property Investor
  • Baltimore, MD
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Accounting software questions

Erica Gregory
  • Rental Property Investor
  • Baltimore, MD
Posted Dec 8 2019, 10:00

I have one SFR with no property management company but I will be closing on 3 more doors in the next couple of weeks. I want to hire a property management company and get accounting software to stay organized.

Which software would you consider and does the property management company need access as a user for accounting purposes?

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Jim Pellerin
  • Real Estate Coach
  • USA
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Jim Pellerin
  • Real Estate Coach
  • USA
Replied Dec 8 2019, 10:08

@Erica Gregory The property management company will have it's own software and will give you access to it if they are set up right.

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Erica Gregory
  • Rental Property Investor
  • Baltimore, MD
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Erica Gregory
  • Rental Property Investor
  • Baltimore, MD
Replied Dec 8 2019, 10:09

@Jim Pellerin Okay wonderful! I assume that I should still get some type of accounting software for myself, right?

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Jim Pellerin
  • Real Estate Coach
  • USA
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Jim Pellerin
  • Real Estate Coach
  • USA
Replied Dec 8 2019, 10:29
Originally posted by @Erica Gregory:

@Jim Pellerin Okay wonderful! I assume that I should still get some type of accounting software for myself, right?

It depends on how active you want to be. If you have a bookkeeper or an accountant. they will have their own. 

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Erica Gregory
  • Rental Property Investor
  • Baltimore, MD
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Erica Gregory
  • Rental Property Investor
  • Baltimore, MD
Replied Dec 8 2019, 10:33

@Jim Pellerin I see, alright! Thank you so much for the information!

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Bill Brandt#2 General Landlording & Rental Properties Contributor
  • Investor
  • Las Vegas, NV
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Bill Brandt#2 General Landlording & Rental Properties Contributor
  • Investor
  • Las Vegas, NV
Replied Dec 8 2019, 11:05

I use quicken ($50?)  (basically quickbooks lite.) it’s overkill for personal finance and 13 doors. It can tell you income and expenses for any time period by type of expense or by property.

It auto imports from bank and credit cards so almost zero data entry. 

I only use it because I love numbers and comparing year to year. It also saves me CPA billable hours when I can provide all the numbers on an easy to read sheet per property. 

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Erica Gregory
  • Rental Property Investor
  • Baltimore, MD
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Erica Gregory
  • Rental Property Investor
  • Baltimore, MD
Replied Dec 8 2019, 14:34

@Bill Brandt That makes sense. I’m going to look into that. Thanks so much!

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Replied Dec 9 2019, 05:32

@Erica Gregory

I have heard a lot of really good things about Stessa. They have a free version that can go a pretty long ways, in addition to offering a paid option for additional features.

Add that to your list of options to consider. It is also a cloud product, so it does not need to be downloaded to your computer and could be accessed by multiple devices.

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Erica Gregory
  • Rental Property Investor
  • Baltimore, MD
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Erica Gregory
  • Rental Property Investor
  • Baltimore, MD
Replied Dec 9 2019, 05:38

@Ben Raygor Thank you so much! I’ve never heard of it but I will definitely look it up!

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Eugene Choe
  • Columbia, MD
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Eugene Choe
  • Columbia, MD
Replied Dec 9 2019, 05:58

Hi Erica,

I'm a CPA in the Columbia, MD area and just wanted to add my few cents. Like a few mentioned above, your property management company should have accounting software included in their fee.

Apart from that, there are a lot of accounting software to choose from if you were to do it individually. I am personally biased as my software of choice is QuickBooks online, just because it's the one I'm most familiar with. If you have any more questions, feel free to reach out with a pm!

-Eugene

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Erica Gregory
  • Rental Property Investor
  • Baltimore, MD
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Erica Gregory
  • Rental Property Investor
  • Baltimore, MD
Replied Dec 13 2019, 17:52

@Eugene Choe Thank you so much for the info!

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Barb Asay
  • Rental Property Investor
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Barb Asay
  • Rental Property Investor
Replied Dec 18 2019, 18:33

I use Quicken for Home Business and Rentals and really like it.  Before that we were using YNAB, which is a fantastic personal finance platform but was useless for rentals once we got past 2 doors. We have 19 SFH and 1 duplex now that I self manage.

I like that I can quickly print reports for any specific property or an over all picture.  Reports are ready to go at tax time with no stress.  When my bank asks for a current rent roll or P and L...I can send it right away.  I use it to track all our properties, tenants, all our accounts, both personal and business and even our retirement accounts.  It’s been all inclusive for us.

So my process is a combination of Quicken and I also use Cozy for rent collection and tracking.