Any good apps for tracking income and expenses?

Question

Hi my names Mike and ive been saving to pick up my first ever investment property. I'm not sure if I should go multifam or out of state as Ct is kinda expensive. lots of ideas in my head but I'm looking for advice. I'm not a handy person just wanna put that out there lol. Would also love if someone local to the area would mentor me as well

Filipe Pereira · Answer

Hey @Michael Maltese,

There's quite a few different directions that we can go here based off of your post title as well as the post itself. Since you are just starting out, Google sheets offers a great online, cloud-based option to run your income and expenses. For day-to-day property management cozy.co offers a great solution for landlords that are looking to self-manage.

In regards to location of a potential investment, if you are going to self-manage it is probably best to find something within 30 minutes or so of where you live. While CT may seem expensive to you, it is quite cheap for others. The debate of cost is subjective to what each person is used to. You will also want to consider landlord-tenant laws, as Connecticut is more landlord friendly than some of our neighboring states (NY and MA).

You don't have to be handy to be in real estate, that's just a myth that is propagated by HGTV, LOL. Once you have your list of contractors in place, and a robust tenant screening and rent collection system, you will be off to the races.

Ika Sargeant · Answer

@Michael Maltese I use the excel spreadsheet because it allows me to visually see items on the spreadsheet but I have also started using Tenant Cloud. I like it a lot too.

James Wise · Answer

Property Management software works great. I've used RentecDirect and Buildium before. I stuck with RentecDirect over Buildium as I felt it was easier to navigate. Many others out there as well and if you've got a small portfolio they are usually free for you as most of these software's operate on a freemium model.

Michael Maltese · Answer

I have no excel experience ever but looks like I’m Going learn lol, anyone recommend a tutorial? Maybe something on YouTube, thanks for the feedback everyone

Nick Peters · Answer

Same as others, I use excel to keep track of my properties.

John Underwood · Answer

I easily track all my rental income and expenses for my properties with Excel. I use a different tab for each property. I have Excel on my phone and on my desktop.

Any good apps for tracking income and expenses?

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