Quickbooks vs Excel for expense tracking

[Matt Davis]

Hi all, just closed on my first property last month and have been tracking all associates expenses in excel. Have been reading the Tax Strategies for Savvy RE Investor book and they recommend using Quickbooks Pro.

Was wondering if it is worth the price or if it is feasible to keep track via excel or other means. Any insight/experience would be much appreciated.

[Steven Hamilton II]

For your first several rentals, you could definitely just utilize excel. I recommend that you look at ways to keep copies of your receipts that won't fade. That is a big priority.