#2 Goals, Business Plans & Entities Contributor
- Realtor
- Boston, MA
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Bookkeeping software for owner-occupied duplex?
#2 Goals, Business Plans & Entities Contributor
- Realtor
- Boston, MA
What are those of you who house hack or live in unit and rent out another doing for bookkeeping?
I live in one unit (40% of building). My tenants live in the other (60% of the building). Their rent is less than my mortgage and expenses, so I deposit their checks into my personal account and pay bills from there.
Not one software package out there seems to be able to handle this. Even if I open a separate account and transfer money into it from my personal account to pay the mortgage and other bills, nothing works. Quickbooks can't cope with divvying up my new roof or my insurance and water bills 60/40 while also allocating 100% of my unit turn costs to Unit 2. Nor Quicken Home and Business. Nor Stessa, Personal Capital, Mint, YNAB, Xero, Wave, Expensify, or pretty much any other software package I've tried.
Yes, I could just go back to keeping a spreadsheet. But I have 2 other rental properties, 2 schedule C businesses, and bank accounts and credit cards to match, and I want to be able to import transactions and manage everything all in one place, instead of having a completely separate spreadsheet based bookkeeping system for the house I live in.