Should I keep my own set of books or rely on the PM's books?

[Johnson Lo]

Hi all,

Newbie investor hoping to buy my first rental property out of state.  I was wondering if I should keep my own set of books or rely on my property manager's books?  A friend of mine who invests out of state says I don't need to keep my own set of books since the property manager provides them for him.  

If I do keep my own set of books, should I use an excel template for real estate to start off or should I invest in Quickbooks?  I think if I have more than 3 to 4 properties it might be a good investment to use Quickbooks but not sure if it is worth paying for it when I'm starting off.  

Thanks!

Johnson

[Nathan Gesner]

A simple spreadsheet should suffice. As @Jay Helms said, you should be checking up on the PM regularly to ensure everything is on track.