I am a Real estate Agent licensed in CA and AZ, and now a newbie investor. My business is growing and I can't keep up with the bookkeeping on my own.
Does anyone have any good recommendations for a real estate knowledgeable bookkeeper? Possibly in Arizona's Phoenix/Maricopa county area?
Any rec's would be much appreciated for this newbie!
@Haley Scott , good to have you part of BP community!
I don't think you need someone local... so if you are open working with someone remotely I can give you a recommendation
Thanks ! Yes I’m open to remote
@Haley Scott send me direct message
if you are simply looking for bookkeeping then do yourself and get familiar with Stessa yesterday! You can certainly hire a bookkeeper, but make sure this is necessary and not due to lack of technological assistance. Stessa will make it easy to track expenses, categories, and performances in a way that bookkeepers can do, but it's not their primary purposes and they'll be a bit clunky.
Do your future self a favor and get Stessa. Oddly enough, it's free! (insert note of suspicion: free for now)
Thanks Will, I will look into it.
Hi @Haley Scott ! You received great advice from Dmitriy that it doesn't have to be someone local since bookkeeping can be done remotely. I am a bookkeeper who works with investors from St. Louis, MO and Albuquerque, NM.
Here are some tips in how to differentiate a good bookkeeper for REIs from a bad one:
1. They should know real estate. It helps the communication to make working together easier. Some accountants/bookkeepers think that just because they've lived in a house before, that they can handle REI books, but that's not the case at all when they get hit with the terminology.
2. They’re available. When you’re hiring a bookkeeper, you want to make sure that their availability and business model match what you need. Bookkeepers are like any other contractor: the good ones are hard to get ahold of. Although, there are good bookkeepers out there who find ways to make themselves available!
3. They don't just use a P&L/income statement. Real estate requires a balance sheet! Your bookkeeper should know why assets, liabilities, and equity are important so that they don't screw up your taxes OR your ability to get financing.
I hope this helps you! If you have other questions, let me know.
Finally, congratulations on getting to the point of needing to hire one. It's a problem when you can't keep up anymore, but it also means you've progressed so much in your journey. Keep crushing it!
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