I own a handful of rental properties, some on my own and some with partners, and keeping my books in order has become way more painful than I think it should be. I usually have one property in active management with the bulk of my properties handled by a PM, so I don't have THAT many transactions every month. I learned Quickbooks early on, but when they moved to a subscription model, it got very expensive very fast. I used Quicken for Property Management for a while, but (while it was great for taxes) the Single-Entry Accounting didn't really track enough for me.
I feel like my needs are simple:
1) Set up a chart of accounts for double-entry accounting
2) Ability to look at whole company or break things down by groups like city, property, or unit. (In Quickbooks, I used classes for this.)
3) Quick, painless entry of data
4) Good reports, charts, and graphs
5) Easy to send data to my Accountant in a format they can use for taxes
Some things I DON'T need:
1) Billing and Invoicing.
2) Tracking vendors
3) Tracking payroll
I work in software, so I can't help but wonder if there is a need in the market for a simple, low-cost, easy-to-use bookkeeping tool?
What tools have other people used? Would YOU be excited to see something designed specifically for REI that lacked all the bells and whistles, but made data entry fast and easy?
Hi @Robert LaPrelle - Well said! The same motivations spurred us to build REI Hub- double-entry accounting software specifically designed for rental property and real estate investors. We also think that single-entry income and expense trackers are incomplete, and that QuickBooks is too expensive and not optimized for the average real estate investor.
Feel free to shoot me a PM or email if you ever want to connect and chat!
a) Does everything that I need.
b) Looks MUCH better than what I would have made.
Can't wait to try it out! Plus, supporting the Richmond software scene is a big bonus for me!
Glad to hear it, Robert! I hadn't even noticed that you're in Chapel Hill- not far at all from us. I appreciate the enthusiasm and look forward to connecting after you have a chance to check it out- would love to hear your feedback. Thank you!
It is a little harder to find on the quickbooks website, but you do not have to pay for the subscription model. There is a desktop version that it just a one time payment. The disadvantage is it is only on one computer and not mobile, but for me this doesn't matter. Happy to help you find it if you need. I love the class feature to separate out my properties.
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