I have a few questions about organizing and allocating rental payments.
Since I am new to this world, I wanted to see how others are keeping track of everything.
1. Is there a standard spreadsheet that everyone uses to keep track of a property, maintenance, and rent payments, etc?
2. How does a rent payment apply to a rental? For example, if I get a check for August 1st , do you put into the spreadsheet that it applies to July interest and taxes or is it for August? I guess I'm just trying to find out if the payment is for last month or the current month.
3. Where is everyone putting the money? Should there be a separate account for each house? Is there a checking and a savings for each house and I put the tax $$ coming in into the savings?
Thanks in advance for every ones advice/tips. I just want to learn what is the norm for keeping up with a rental on a spreadsheet and bank accounts.
For the bank accounts:
For the houses I own in my own name I deposit all the rent checks into the same account, and have a separate account for those security deposits. For the one property I own in an LLC I have totally separate accounts for main and sec. deposit. I don't see the point of opening separate accounts for each prop unless you own each one in a different entity.
Thanks for the response Bienes. Anyone else?
We are up to > 45 accounts as the majority are direct deposits with 2 different banks & several LLC's, S-Corps & trusts.
My wife keeps tabs with a spreadsheet I wrote for pmts, repairs, taxes, Insurances & year end totals for 1098's, 1099's etc etc.
Online banking is great & she was able to keep tabs on things while we were in Australia.
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