What’s the best way to track expenses when doing multiple flips. I have been doing one flip at a time, with a little overlap but able to keep receipts separate and organized. This method seams to be much harder now that I’m working on 3 at once. Any good apps or suggestions? Thanks.
I’m following this also. I’ve done one at a time up until now. I have 3 under contract. These will be rentals but they all need rehab.
I will say I have quickbooks that I have been using to track everything in the past. A lot to learn, but it’s been useful.
At any given point I have 3-5 deals going between rehab or listed for rent/sale and I use resimpli.com. @Sharad M. created it and you can probably connect with him directly to learn all the ins-and-outs. I just use the free version to keep track of deal progression (from under contract, to rehab, listed, closed...etc) and upload all my files and receipts into the folder structure I created. Others use it to create and track their direct mail, I've only used it as a light-weight CRM to keep up to date on leads I've contacted and set follow-up tasks so nothing slips through the cracks. It's a good product for guys my size and helps systematize the process and provide a nice dashboard of how everything is progressing.
My GC has used Builder Trend as he has a lot more going on and also handles some heavier commercial rehabs. He swears by the tool as and it syncs up nicely with QuickBooks. Frankly, I don't know much about it, but according to him it's the right tool for guys running a larger operation.
Are you just looking for a place to store and organize images of your receipts? Or are you looking for a way to track a running total of all of your expenses so you know how much you've spent on each project and can calculate profitability?