REAL ESTATE ACCOUNTING SOFTWARE HELP FOR CAVEMAN!

Norfolk, Virginia
Real Estate Technology
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REAL ESTATE ACCOUNTING SOFTWARE HELP FOR CAVEMAN!

Steve T.
Real Estate Investor · Norfolk, VA · Member since 2014 · 33 posts · 43 votes

My name is UGG and I live in the stone age.  I do all of my rental transactions and accounting with paper and pencil on columnar sheets. I pay all expenses out of a checkbook with each property having a separate account. My only income is from rents received. My accountant is Ok with this.

I want to upgrade to the 20th century and keep my records on computer, but am unsure of what type of software to buy. I currently have 14 properties. To say I'm bad with technology is an understatement.  I finished dead last in all my computer classes, I was passed just so the instructors wouldn't have to look at me anymore.

What recommendations do you have?  I need something simple and easy to understand.

ps  I started reading Bigger pockets years ago when it first came out, applied what I learned, and am now a multi-millionaire, despite eating Bronto-burgers and Tetradactyl eggs! 

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  • Chris SeveneyBusiness Member
    Moderator
    Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
    3y
    Quote from @Steve T.:

    My name is UGG and I live in the stone age.  I do all of my rental transactions and accounting with paper and pencil on columnar sheets. I pay all expenses out of a checkbook with each property having a separate account. My only income is from rents received. My accountant is Ok with this.

    I want to upgrade to the 20th century and keep my records on computer, but am unsure of what type of software to buy. I currently have 14 properties. To say I'm bad with technology is an understatement.  I finished dead last in all my computer classes, I was passed just so the instructors wouldn't have to look at me anymore.

    What recommendations do you have?  I need something simple and easy to understand.

    ps  I started reading Bigger pockets years ago when it first came out, applied what I learned, and am now a multi-millionaire, despite eating Bronto-burgers and Tetradactyl eggs! 


     HIre a bookkeeper, you can hire one for $100/mo +/- and they do it all for you. 

    7e investments53 Reviews
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  • Evan Tuuk
    Member since 2021 · 32 posts · 13 votes
    3y

    @Steve T. First of all, congrats on the obvious success! 

    Of course I'm biased since I am a bookkeeper, but it's not a bad idea to outsource the bookkeeping and then you don't have to spend hours and hours simply learning how to use a new software. One of the great things about having a bookkeeper is you get the results of organized finances that help you optimize your business and rentals, as well as freeing up your time to manage your assets, buy more assets, or simply spend more time doing exactly what you want to be doing.

    Stessa.com is a fairly easy to use online property management software that has basic accounting built into it that is pretty much set up for you, but I wouldn't necessarily say that it's super great. There are other property management softwares with accounting built in (RentRedi, Buildium, Yardi, etc.) but I personally haven't used them so I can't really give a good answer.

    I love YNAB (You Need A Budget) for my personal budgeting and even business budgeting. While you can use it to keep your books, it is designed more for budgeting and cash flow management vs. bookkeeping/accounting. It's fairly simple to get the hang of and has some resources on YouTube and their website.

    Of course Quickbooks Online is what you're always going to hear about, and while it's simple to use as long as you do everything right, there is definitely some nuance to figuring it out and learning all the ins and outs of how it works. This is what I use.

    With 14 properties and doing it all on paper I'm sure you are very organized so best thing to do is to try and take the organization you already have and translate it into a software. Happy to help in whatever way I can.

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  • Scott Mac
    Austin, TX · Member since 2019 · 5k+ posts · 5k+ votes
    3y

    Pass the bookkeeping to a bookkeeper recommended by your accountant.

    Sit in the hot tub instead of doing the books.

    Spend time on the cellular reviewing the reports (while in the hot tub) with the accountant.

    When finished, go make more money--or head out to dinner at your favorite place.

    Good Luck!

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  • Scott Mac
    Austin, TX · Member since 2019 · 5k+ posts · 5k+ votes
    3y
    Quote from @Steve T.:

    My name is UGG and I live in the stone age.  I do all of my rental transactions and accounting with paper and pencil on columnar sheets. I pay all expenses out of a checkbook with each property having a separate account. My only income is from rents received. My accountant is Ok with this.

    I want to upgrade to the 20th century and keep my records on computer, but am unsure of what type of software to buy. I currently have 14 properties. To say I'm bad with technology is an understatement.  I finished dead last in all my computer classes, I was passed just so the instructors wouldn't have to look at me anymore.

    What recommendations do you have?  I need something simple and easy to understand.

    ps  I started reading Bigger pockets years ago when it first came out, applied what I learned, and am now a multi-millionaire, despite eating Bronto-burgers and Tetradactyl eggs! 


     Hi Steve,

    You seem proud of your accomplishments (and you should be)!

    Maybe sharing your first 5 deals with everyone would help some people just starting out.

    For instance, why did you pick #1, how did you finance it, where did the down come from, how much fixing did it take, was it near you, do you still have it, etc....

    And then so on for the next four or so.

    Good Luck!

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  • Markus Shobe
    Accountant · Indianapolis, IN · Member since 2019 · 247 posts · 135 votes
    3y

    My clients use Quickbooks online and since each property has its own bank account that will make accounting for it much easier. 

    0Reply
  • Bill B.
    Investor · Las Vegas, NV · Member since 2013 · 8k+ posts · 10k+ votes
    3y

    Click on the magnifying glass in the upper corner for previous discussions. If you have less than 20-30 rentals quicken (Quickbook’s little brother) is overkill. It auto downloads bank and credit card transactions, divides expenses by reason and property, etc etc. It’s $50/year for updates and online access. 

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  • Basit SiddiqiBusiness Member
    Accountant · New York, NY · Member since 2015 · 8k+ posts · 3k+ votes
    3y

    If you are bad with technology, it will be a bad idea to try to do your own accounting using an accounting software without taking a course to learn how to properly use the software.

    I would suggest continue doing it how you been doing it(if it aint broke, dont fix it) or hire a bookkeeper to help you.

    [email protected]917-280-8544
    Basit Siddiqi CPA4.880 Reviews
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