Systems For Self Managing

[Ade Akingbade]

Hello everyone,

Self-managing landlord here , will have 2 properties by end of 1st quarter . I’m doing research on how we all track our rentals and I keep hearing people say they’re frustrated with their current setup - whether that’s spreadsheets, QuickBooks, Stessa, Buildium, or whatever else.
I’m curious: what specifically drives you crazy about what you’re currently using?

[Chris Berry]

Congrats on your 2 properties! I have been self-managing since 2016. I set up a very simple excel spreadsheet for each property. I just add a new tab for each year. Simply have rental income/expenses. I add the expenses for the year and the mortgage paid for the year and subtract that number from rental income. Use that as my profit/loss for the year and send that to the accountant. I have 8 properties that I manage, and it does not seem overwhelming at all. I use apartments.com to set up the rental payments with the tenants that have a lot of good features and its free. Let me know if you have any more questions.