It’s the beginning of a new month which means it’s time to pay all of the bills on my rental properties. This includes multiple mortgages, multiple HOA dues and payments to owners of some of my lease option properties. So, how do I keep track of all this without going crazy?
First, I use online bill pay. If you’re still writing checks you are unnecessarily wasting a lot of time. Before I started paying my bills online I would sit down once a month for what seemed like hours to pay all the bills.
I Recommend this Rental Property Software
After I pay all of my bills online, I next record my HOA, mortgage and rent payments in Quicken rental property manager. This is the simplest property management software I have found. Plus, when tax time comes around, all you have to do is hit “print”, then hand your accountant the rental documents and he/she will take care of the rest. If you don’t have an accountant yet and you own multiple properties, ask for referrals from other investors you meet at your local real estate meetings. Or, you can use BiggerPockets.com (this website) to locate investors near you.