Gentofte, Copenhagen · Member since 2017 · 16 posts · 2 votes
Hello, im new to investing in real estate and thanks for this site for being extremely helpfull.
I keep wondering how you guys keep track of your properties. When you reach a certain limit of properties (rental) im thinking it will get difficult to keep track on rental income, taxes, payments etc.
For someone whos not an accountant and not Excel expert, do you have some tool(s) and/system for keeping track of all this?
Hello Peter Hoeck glad you are here. You are in the right place to get lots of good info and direction.
I do not have many properties, but I recommend an accountant. I also pay a CPA who is also an investor. They tell me how to keep finances in order and they save money ( and their fees are deductible).
I have a separate bank account for my personal and rental expenses. I was directed to keep things separate to ease the tax time bookkeeping. That's the main concern, and I also have a spreadsheet to allow tracking expenses and income for each property and tenant.
Stay here on BP and learn as much as you can.