New Landlord needing some pointers

[Ranga Lewis]

As a brand new real estate investor, fresh off the Bigger Pockets podcast high, I'm reaching out to my fellow Dallas landlords for some sage advice! I've just closed on my first property (huge thanks to BP for all the incredible guidance!), and now I'm diving into the nitty-gritty of landlording. My most pressing question is about expense tracking: what are your go-to methods or free apps that you've found most effective for keeping tabs on all those ins and outs? Also, when it comes to leases, what's the best software you'd recommend for drafting agreements? Or have you found that a general lease agreement template suffices? Any insights you can offer would be incredibly helpful as I navigate this exciting new venture!

[Alecia Loveless]

@Ranga Lewis Personally I like having a separate checking account for each individual rental property.

It’s a bit tedious at times but since I’ve got all my bookkeeping separated this way it makes it super simple at any given point to see exactly where each property stands.

I keep all my accounts at the same bank so I can just use one App to look at things.

For years I did all my own bookkeeping and when I hit 7 properties my CPA said it was time to hire a professional bookkeeper. So for the past 2 tax seasons things have gone much smoother.

If I was smaller I would look into some of the property management softwares to deal with my bookkeeping.