All Forum Posts by: Markus Shobe

Yes that is overkill having separate bank accounts for each property. I would do a bank account for each LLC. It will make the bookkeeping a little bit harder but its just not sustainable to keep adding bank accounts for each property.

You most likely need a bookkeeper to take care of this for you. You want your books to be 100% accurate. There is accounting software that can help you but you still will need to do most of the work manually. Are all these in 1 year or do these go back years ago?

Yes my clients usually separate them themselves. We expense the normal/small repairs and put the big repairs into an account called improvements and the CPA takes it from there.

Quickbooks can definitely work for you. It just needs to be setup the right way. It's pretty easy to connect your bank and credit card accounts to Quickbooks. 

Yes Quickbooks is very expensive and also can be tricky to setup as it's not really made for real estate investors. Stessa is good along with Quicken. You will still have to enter in your transactions manually if you are using your personal credit card. 

I don't think it is step, seems very reasonable to me. You were probably just getting a great deal with the other accountant.

Yes you want to get an accountant. They can help you out with bookkeeping, tax prep, and tax planning. These are things you want to get as soon as possible. 

You need to let the client know and they can talk to the CPA about what they want to do. Don't overthink it, your job is to do the books, you shouldn't be worrying about if they will file an amendment or not. 

Spreadsheet will probably be your best bet until you move to an accounting system. 

Sounds like you need to get a bookkeeper and you want to get one that specializes in real estate. It may cost more but it will be worth it in the long run. Ask your accountant for some suggestions or look here on BP. That is where I would start.