Updated 5 months ago on . Most recent reply
How do you do bookkeeping and financial reporting for your rentals?
It's almost that time of year again... No, not the holidays. I mean tax season! I've been an excel bookkeeping person for a while but I think it's time to level up now that I'm doing my first BRRRR. I'm planning to get a bookkeeper to help keep me organized and on top of things as I hope to expand my real estate portfolio in 2025. I'm curious what you all do for your do bookkeeping and financial reporting for your rentals?
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#5 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
- Flipper/Rehabber
- San Diego, CA
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#5 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
- Flipper/Rehabber
- San Diego, CA
I use QuickBooks Online (QBO) for my flipping business, rental businesses, and bookkeeping clients. QBO has every feature you need to run a business, excellent reporting features and integration with other software. It is the most popular software in the industry, and most Tax Preparers are familiar with it, which makes tax season easier.
My Recommendation: Spreadsheets are usually fine for your first 1-3 properties. 3+ properties, you should use a software. If you plan to scale at all, I recommend QBO. If you do not like bookkeeping/accounting/technology, hire a bookkeeper specializing in real estate investors.
- Jake Baker
- [email protected]
