Bookkeeping Strategies for House Hackers

[Jacob Guttman]

Hi everyone,

I am getting very close to closing on my first house hack in Tampa, FL. It's a 4 bed / 2 bath SFH in South Tampa, and I will renting by the room. One thing that I have been stressing over a is bookkeeping. I don't want to spend money on bookkeeping services, so I'd prefer to use Excel (I am decent with Excel). Do any experienced house hackers/ rental property investors have any advice on bookkeeping through Excel? What to/not to keep track of? Tax-deductible expenses? Using detailed journal entries? Etc.

[Markus Shobe]

Excel is fine for now. Export your transactions to excel and code them. You need to keep track of all your inflows and outflows and split it 75% and 25%.