My question is I work full-time and our own properties. Having a difficulty separating the money. I wanted to bank my full-time job income and live by my rental income. Does anyone have a way of tracking all your expenses and income. May be a good app or some other way.
You probably should be operating and owning your properties in some sort of business entity for many reasons. In that case and even if not you should have separate bank accounts for security deposits and operating funds. Quickbooks works great for the business end. Each property is given a class and all money is then tracked by class. Your accountant will like that much better as well.
I would recommend setting up a separate bank account for the rental property (even under your name) and use that exclusively for business transactions. If you may need to take money out to pay for personal expenses, transfer the money from the business account to your personal account, then pay your personal expenses from your personal account. From that point on, should you need to track your business transactions thru an app/software, you will only need to refer to the business account since you already knew that you are separating them from the beginning. As Ed mentioned, you might also need a separate bank account for the security deposits (if any), it depends if your state law requires it, go check.
Awesome, thanx for the advice👍
I’m really interested in doing my first flip. I live in Philadelphia, PA. I’ve been doing rentals for about 10 years. Any ideas on where and how to start?
......and most importantly, how to start?
I completely agree with @Dan V.
@Ted S. If you set up a separate bank account for the rental property it makes it much easier to track income & expenses.
Another option is Kitt (I'm biased) but it has the important tools from Quickbooks and is much easier to use for real estate investors.
Another option would be using an Excel or Airtable expense tracking template while you're starting out.
Just remember, if you plan to grow your portfolio you'll eventually need to upgrade to something else.
I haven't tried kitt.io personally but it appears to provide the service you need. They have a trial version so it wouldn't hurt to give it a shot.