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Managing Your Property

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William Bowers
  • New York
5
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11
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Looking for advice on tracking expenses, property acquisition...

William Bowers
  • New York
Posted Jun 9 2022, 17:01

Good Evening, I am 21 years old in upstate NY. I own 2 rental properties. 3 are long term units and 1 is an Airbnb. I am working on my third deal now! Anyway I am looking for some advice/ opinions on how to track my expenses. What are some good platforms/applications to track basically everything. I am currently looking at Stessa and Quickbooks. Does anyone have experience with either of these or maybe something better? Any input would be greatly appreciated!! 

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527
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510
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David Lee Hall, III
Pro Member
  • Rental Property Investor
  • Pittsburgh, PA
510
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527
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David Lee Hall, III
Pro Member
  • Rental Property Investor
  • Pittsburgh, PA
Replied Jun 9 2022, 17:17
Quote from @William Bowers:

Good Evening, I am 21 years old in upstate NY. I own 2 rental properties. 3 are long term units and 1 is an Airbnb. I am working on my third deal now! Anyway I am looking for some advice/ opinions on how to track my expenses. What are some good platforms/applications to track basically everything. I am currently looking at Stessa and Quickbooks. Does anyone have experience with either of these or maybe something better? Any input would be greatly appreciated!! 

I have QBO and honestly am seriously looking at Stessa. If you had an accountant keeping your books they would want such a tool, but honestly I don’t use 90% of the features and the cost just seems over the top when you can get good daTA from Stessa or landlord tools like Rentec or Avail.

User Stats

11
Posts
5
Votes
William Bowers
  • New York
5
Votes |
11
Posts
William Bowers
  • New York
Replied Jun 9 2022, 17:40
Quote from @David Lee Hall, III:
Quote from @William Bowers:

Good Evening, I am 21 years old in upstate NY. I own 2 rental properties. 3 are long term units and 1 is an Airbnb. I am working on my third deal now! Anyway I am looking for some advice/ opinions on how to track my expenses. What are some good platforms/applications to track basically everything. I am currently looking at Stessa and Quickbooks. Does anyone have experience with either of these or maybe something better? Any input would be greatly appreciated!! 

I have QBO and honestly am seriously looking at Stessa. If you had an accountant keeping your books they would want such a tool, but honestly I don’t use 90% of the features and the cost just seems over the top when you can get good daTA from Stessa or landlord tools like Rentec or Avail.

 Thank you David! 

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User Stats

288
Posts
138
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John T.
  • Rental Property Investor
  • Central U. S. A.
138
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288
Posts
John T.
  • Rental Property Investor
  • Central U. S. A.
Replied Jun 9 2022, 17:49
I use QuickBooks Pro 2020 desktop for all accounting.  QB easily helps you track expenses for individual properties.  I use Rentec Direct for rent payment, reporting and general management of properties.  I recommend both.

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200
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172
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Mackenzie Grate
  • Real Estate Agent
  • Ulster County, NY
172
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200
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Mackenzie Grate
  • Real Estate Agent
  • Ulster County, NY
Replied Jun 10 2022, 07:04

I use Stessa and love it. It actually has taught me a lot about book keeping specifically for real estate investors. It also helps me to ask better questions with my accountant as to what I can write off and what I can't. Plus... it's FREE! So I strongly recommend it. :)

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200
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77
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Jasmine Delves
  • Denver, CO
77
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200
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Jasmine Delves
  • Denver, CO
Replied Jun 12 2022, 16:45

I recommend purpose-built property management software over Quickbooks. QB is great for general accounting but lacks some of the industry-specific features like online rent collection, tenant screening and rental accounting.