Seeking Advice on REI Bookkeeping

Member since 2024 · 10 posts · 5 votes

Hi everyone,

As a newbie in the world of Real Estate Investing (REI), I'm eager to establish a strong foundation for managing my finances.

To streamline this process and stay organized, I'm seeking recommendations for user-friendly online bookkeeping tools specifically designed for REI. Ideally, the tool would help me effectively track:

Income generated by each property
All associated expenses for each property (e.g., mortgage payments, repairs,maintenance)

I'd appreciate any insights you have on reliable and user-friendly tools that meet these needs. Additionally, if there are any resources or tips you'd recommend for a beginner like me to excel in the REI bookkeeping realm, I would be grateful for them.

Thanks in advance for your guidance!

Mo.

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Daniel M.

Investor · Brooklyn, NY · Member since 2024 · 66 posts · 39 votes

Quote from @Max Emory:

Hey @Mo Nueman, I agree with Jake on this one. QBO isn't "REI-specific" but we use it for all of our Clients and prefer it due to its superior reporting features and integration capabilities.

I use QBO for my portfolios as well (been investing since early 2019).

As long as QBO is set up correctly by someone or a firm that understands what's needed for an REI business it works great (better than the REI-specific software in my opinion).

I'm happy to discuss in more detail if you'd like.

Here to help!

We also have a Bookkeeping for Real Estate Investors Course based on using QBO for REIs who want to do their own books (prior to having the cashflow to outsource).

@Max Emory, I'd be interested in learning more about your Real Estate Investors Course based on using QBO for REIs who want to do their own books.

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Jake BakerBusiness Member
Flipper/Rehabber · San Diego, CA · Member since 2020 · 1k+ posts · 696 votes
2y
@Mo Nueman
Excel should work just fine for your first property. Make sure to have dates, descriptions, and amounts.
When to outsource it? - You can get away with doing it yourself forever. Typically, getting into the 5-unit range can get overwhelming for people and take up too much of their time.
I use QuickBooks Online for all of my clients. For most real estate investors, a Plus subscription is needed. It is the most popular software in the industry and all CPAs know how to navigate it which is nice.
[email protected]
BookkeepingRE - Bookkeeping for Real Estate & Service-Based Businesses52 Reviews
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Mo Nueman
OP
Member since 2024 · 10 posts · 5 votes
2y

@Jake Baker, Thank you for the feedback. I like the idea of the QuickBooks online. I really do not like Excel. it's just too much work. I would rather pay a little more now to build a foundational system for growth.
1 Reply
Max Emory
Accountant · 100% Remote · Member since 2019 · 497 posts · 216 votes
2y
Hey @Mo Nueman, I agree with Jake on this one. QBO isn't "REI-specific" but we use it for all of our Clients and prefer it due to its superior reporting features and integration capabilities.

I use QBO for my portfolios as well (been investing since early 2019).

As long as QBO is set up correctly by someone or a firm that understands what's needed for an REI business it works great (better than the REI-specific software in my opinion).
I'm happy to discuss in more detail if you'd like.
Here to help!

We also have a Bookkeeping for Real Estate Investors Course based on using QBO for REIs who want to do their own books (prior to having the cashflow to outsource).

0 Reply
Mo Nueman
OP
Member since 2024 · 10 posts · 5 votes
2y

@Max Emory. Thank you for the feedback. I think I am leaning towards QBO.
0 Reply
Max Emory
Accountant · 100% Remote · Member since 2019 · 497 posts · 216 votes
2y
Quote from @Mo Nueman:

@Max Emory. Thank you for the feedback. I think I am leaning towards QBO.

Sure thing, Mo!
0 Reply
Daniel M.
Investor · Brooklyn, NY · Member since 2024 · 66 posts · 39 votes
2y
Quote from @Max Emory:

Hey @Mo Nueman, I agree with Jake on this one. QBO isn't "REI-specific" but we use it for all of our Clients and prefer it due to its superior reporting features and integration capabilities.

I use QBO for my portfolios as well (been investing since early 2019).

As long as QBO is set up correctly by someone or a firm that understands what's needed for an REI business it works great (better than the REI-specific software in my opinion).
I'm happy to discuss in more detail if you'd like.
Here to help!

We also have a Bookkeeping for Real Estate Investors Course based on using QBO for REIs who want to do their own books (prior to having the cashflow to outsource).

@Max Emory, I'd be interested in learning more about your Real Estate Investors Course based on using QBO for REIs who want to do their own books.
1 Reply
Max Emory
Accountant · 100% Remote · Member since 2019 · 497 posts · 216 votes
2y
@Daniel M., I'll connect with you!
0 Reply
Jason MalabuteBusiness Member
Accountant · Los Angeles, CA · Member since 2016 · 2k+ posts · 916 votes
1y
Many investors use tools like QuickBooks or similar systems with a class or project feature to separate each property’s activity. The key is choosing something that’s easy for you to maintain consistently so you can stay organized as you grow.
Malabute & Company CPAs527 Reviews
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