New member — self-managing landlord glad to be here

Jacksonville, Florida
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New member — self-managing landlord glad to be here

Kim Gray
Member since 2026 · 77 posts · 25 votes

Hey everyone — glad to be here.

My name is Kim Gray. I've been self-managing rental properties long enough to have made most of the mistakes landlords make — receipts everywhere, spreadsheets that fell apart by March, showing up to my CPA embarrassed.

I'm here to learn from others who have figured this out and share what I know along the way.

Looking forward to being part of the community.

— Kim

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Denise SuppleeBusiness Member
Realtor · Willow Grove, PA · Member since 2017 · 979 posts · 642 votes
4mo

Welcome, @Kim Gray. Honestly, the fact that you’ve made mistakes and kept going probably means you’ve learned more than many. A lot of long term success in landlording comes from building better systems over time.

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  • Denise SuppleeBusiness Member
    Realtor · Willow Grove, PA · Member since 2017 · 979 posts · 642 votes
    4mo

    Welcome, @Kim Gray. Honestly, the fact that you’ve made mistakes and kept going probably means you’ve learned more than many. A lot of long term success in landlording comes from building better systems over time.

    Spark Rental Co-Investing Club577 Reviews
    WebsiteView Page
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  • G. Brian DavisPro Member
    Investor · Hatboro, PA · Member since 2016 · 2k+ posts · 854 votes
    4mo

    Welcome @Kim Gray. One of the investors in my group always says to look at messes and mistakes as failing forward. Honestly, that mindset is a huge part of long term success in real estate. And of course, being here on BP is one of the best places to get real world advice from people who have actually been through it.

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  • Aaron ZimmermanBusiness Member
    Accountant · Chicago, IL · Member since 2018 · 2k+ posts · 1k+ votes
    4mo

    I'd recommend doing your bookkeeping monthly. Fundamentals:

    1. Use one bank account and credit cards for your rental property activity owned in the same entity.

    2. Use a spreadsheet or bookkeeping system such QBO, Stessa

    If you want, I can send over a spreadsheet that I use and also make my clients fill out if they don't have a bookkeeping system. 

    3. At the end of the year, match mortgage interest, property taxes, and insurance to the 1098. 

    4. for property purchased in the year you're doing taxes for, have your cpa calculate the basis of the property. If you did rehab, you'll need to add all of those costs in. 

    [email protected]
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  • Mark Fries
    Contractor · Jacksonville, FL · Member since 2017 · 1k+ posts · 2k+ votes
    2mo

    Kim, nice to meet you and welcome! I'm also an investor/contractor that makes mistakes all the time, your not alone LOL

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