Rentals and Financials Management Software

[Brad Fausett]

Hi Team,

I was wondering what / how everyone manages their rentals and money in/ out.   Do you use quickbooks?  Is there another software?  I want to start right now as we are in the process of adding several units.  No money has traded hands yet but we are in contract and I want to make sure i have a clean shot to p&l statements for each property.    Thanks

[Taylor Brugna]

Brad,

I would absolutely recommend quickbooks for most investors. It has the a feature called "class tracking" which allows you to track he income and expenses by each property separately. When the time comes to generate a P&L, you can generate reports by class. Hope this helps.

[Brad Fausett]

Thanks Taylor.   I did some further research and see how quickbooks can be set up to be used in a rental scenario.

[Brad Fausett]

I have also been looking at Quicken Rental Property Manager.   I love that it is setup to easily track mortgage info, asset value etc.   I am kind of leaning that way and let quickbooks for my other company.   

[Brynn Misener]

@Brad Fausett I agree with @Taylor Brugna!  Quickbooks is a life saver.

[Tomer Ravid]

@Brynn Misener, @Jonathan Wolter , I have a similar problem with my small portfolio of rentals. I own about 30 rentals all managed by great property managers (I have about 4 different managers). The problem is that every manager uses a different software to manage the properties and I get very multiple versions of reports. 

I use Excel to consolidate my reports, for cash flow analysis, expenses, make sure that I have cash in all the different bank accounts. It's a very cumbersome process. I have never used QuickBooks, could it help me consolidate my reports?

[Angela K.]

Tomer Ravid quickbooks can definitely help you consolidate your process. You can set it up to import much of the data and ultimately save yourself a lot of time and generate the reports you need.

[Tomer Ravid]

Thanks, @Angela K. ! do you have a tutorial or some guidance for how to do this? 

[Brad Fausett]

Thanks Everyone.  We ended up choosing quickbooks.  I have found some tutorals online but it seems you have to know that you are searching for to find the tutorial.  When you dont know what it can do you dont know what to search for.   So, as Tomer asked if anyone can point us to a tutorial for landlords that would be amazing.  Maybe one of you will get bored and decided to create one?  Who knows....  Happy Friday everyone!

[Gita Faust]

There are few out here on the forum from CPA, Accountants, Bookkeepers and QuickBooks Consultant. Use the search feature on the forum.