Updated about 3 years ago on . Most recent reply
Setting Up Rental Management/Bookkeeping
What's up guys,
I am looking to close on my first duplex within the next month and I am in need of some advice. What is the best way to keep track of all income/expenses? Should I set up a new bank account for just my rental property? Is there a landlord software I can use that will serve as a portal as well as keeping track of income/expenses? I am hoping to stay organized and keep all rental money separate from my personal funds. If anyone has some advice for a first-time landlord it would be greatly appreciated! Thanks to all!
Most Popular Reply
@Thomas O'Donnell I think as @Billy Daniel mentioned, you could use QB. My clients who use Buildium have over 30+ doors at a minimum. Since this is your first rental, using QB would suit you well. You do need a separate bank account for your rental, you do not want to mingle personal funds as you mentioned above. Just watch some videos on youtube about setting up your rental and how to maintain it. Learn the business so when you get bigger you can hand it off (financial side) and you have a good grasp of what's going on. Reach out if you have any questions! Good Luck and Congrats on your first duplex!