what is the best book keeping software for rental properties?

Question

I am building my portfolio with rentals. I now am percentage owner of 5 doors and owner of 3 doors. In the future I might be interested in other opportunities like wholesaling, flipping, lease to own. But now it is being a Landlord with a passive income. I need to keep better records and keep more organized for myself and for my CPA. And I would really like to hear your input to educate my future. thank you in advance!!!!

Thomas

Nathan Gesner · Answer

Rentec, Cozy.co, and TenantCloud are free or nearly free and good enough for an amateur investor.

Once you've used something for a while and figured out the weaknesses, then you can shop around for something that meets your specific needs.

Ned Carey · Answer

@Thomas Orth I see it is your first post so welcome to BP.

I use Quickbooks. It is a powerful program that can do more than I use it for. Yet my business is pretty complex. We have many companies and sub companies.

One reason I like it is it is a pretty standard program that others know and can work with. It is what my accountant told me to use.

An advantage to being a known program is it is easy to Google search for answers.

Thomas Orth · Answer

Thank you for your reply! I will be doing research!

Have a great day!

Gita Faust · Answer

Free is good: if it can: (in my opinion)

• can reconcile all your bank account
• view Profit & Loss by property
• view Balance Sheet by property 
• cost segregate for escalating depreciation - tax savings
• and pull all the details you need
• all the detail is in one place

Entering data into multiple places (software) is time-consuming and you are prone to missing details and errors. You end up spending way to much time and money while trying to save some.

Just me. Gita

Ayne C. · Answer

I was under the understanding that there's general ledger software (QuickBooks, fresh books) and there's property management software (Buildium, cozy).  Please correct me if the wrong.   Because I use a property management company I thought I just needed the first kind (QuickBooks in my case) to facilitate record keeping for my accountant.  Is that accurate,?

Kristopher Hanks · Answer

@Thomas Orth

Rentec Direct.

Peter Pratti · Answer

Appfolio is really good, but they require 50 units or more

James Wise · Answer

Buildium & RentecDirect are popular options. If you're portfolio is small enough I believe they are both free.

Thomas Orth · Answer

Thank you Ned! I appreciate your time!

I have heard good things about Quickbooks. But there is also different programs through them. I also heard Quickens and excel. I’m hoping to get the correct program the first time. If there is programs that are taboo also I would like to know. Every program out there is good for someone but not necessarily for rentals.:)

what is the best book keeping software for rental properties?

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