Good morning! I am a newer investor from PA. Focused on multi units and currently own two through commercial financing (LLC) with 5/1 ARMs. I own two properties that cash flow well, needed some maintenance but I'm ready to buy a 3rd. I owe roughly $110k total and have roughly $190k in total appraised value. My question to the group is, what could I do for financing, should I remortgage for the next property? Also, does anyone recommend a good tool to track finances? Ive heard of some software but want to get some opinions.
Thanks and I really look forward to joining some discussions.
@Michael Ruane Hello Neighbor,
I would start with QuickBooks now than later. Take the stress out and get to know insights on each property, reconcile, and special file those tax returns in time.
I agree with @Gita Faust . Quickbooks is the industry standard. There is a learning curve, but very doable with some tube tutorials.
@Daniel Hyman @Gita Faust Thank you both for the quick replies. I looked into Quickbooks a month ago and it seems expensive. Is the Property Management version recommended at my size (2 units) or could I just use Pro which is more affordable?
I’m not as concerned with management and just looking for a good accounting software to keep track of income/expenses.
@Michael Ruane QuickBooks Pro is just fine. It is not expensive at all considering how much you worry about not getting your books done and seeing your bottom line and compare it year by year, month to month. Top of it use one software that does all but marketing.
Thanks Gina! I agree pro is not too expensive, I was looking at their property management version which was around $500. All the best!
I typically recommend Quickbooks Online (Plus version). Features are constantly updated, and if you plan on working with a tax professional, you can provide him/her with separate log in credentials. There is a monthly fee, which I view as a cost of doing business.
Also with QBO Plus version you'll have class tracking to help track individual properties.
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