All Forum Posts by: Markus Shobe

Usually if you are going to have CPA do your bookkeeping it is going to cost more money but it can work. In my opinion I think it is best to separate the two as you have two different people looking at the books. I have caught CPA errors before and they have caught mine. 

What do you mean by affordable bookkeeping? Everybody's definition of affordable is different. Some may consider $700 a month affordable and others may not. A good bookkeeper in the long run is going to save you money. There are a lot of good bookkeepers here on BP as you want not just a normal bookkeeper but one that specializes in real estate. 

Excel or Quickbooks to track income and expenses. Google storage or dropbox for documents. 

Are you already using software, if so which one are you using? You want to make sure that the bookkeeper understands the software that you are using.

Yes definitely get another checking account and a separate credit card also if you aren't using one already. It will make bookkeeping and cash management easier. 

There are a lot of bookkeepers here on Bigger Pockets who can help. As you see, good bookkeepers are hard to find. My team is available if you would like to discuss further. 

Just get a separate account specifically just for your rentals. It will make your life so much easier. This will make record keeping and tax time much easier.

I agree that the bookkeeping and tax should be done separately. Less chance for errors. I would not limit yourself just to New Mexico as their are great virtual bookkeeper and tax preparers out there starting with Bigger Pockets. 

I agree there are positives and negatives to both approaches. 

You need to at least have two bank accounts. One for operating and one for the security deposits per LLC. You do not have to have a bank account for each property.