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they use a good quicken program and a good turbo tax and never never manage their own properties ever. all that did not follow this rule are now ex property owners.
1. Learn your state's rental laws
2. Learn the tax laws for rental properties
As for software, I started with Excel and I wrote a series of macros to ease the entry/organization. I have since moved to Quicken Rental Property Manager. It doesn't organize as well as my Excel setup, for one, it doesn't do depreciation. But it does scan documents easily and imports the data into TurboTax easily (except the depreciation items). I even scan documents with my phone and it synchs with my computer. I am now completely paperless.
We have 50+ units and get by on Quick Books with the help of a CPA. No matter what you use, learn the applicable laws or your accounting practices may wind up being the least of your concerns.
I currently use Quicken Rental Property Manager for 4 properties, 12 units total. Its ok but there are some shortcomings. But for your use it would be more than adequate.
Also try to setup a new checking acct and use it only for the rental. Keeps it clean when you have to do your taxes at end of year.
This app seems pretty good too. It's a bit ugly, but is made with Java, so will basically run on any OS. I would use it, but I only have one rental house. So I decided it would be a bit overkill for me. I just use iBank for my personal finances and then copy over the transactions that have to do with the rental into another file (I'm on a Mac, so Quicken isn't a great option for me). There are definitely things a standard personal finance app can't handle (such as depreciation, late bills/rent, etc.). I did try out the landlordMAX demo and one of the best built in features is the reporting. It has a lot of pre-built in reporting scenarios. I'd say try it out for 30 days to see if it's what you want. Quicken may work for you too, but they don't offer a demo for it AFAIK.
anyone willing to share their spreadsheet? (obviously can delete out personal info). PM me if so.
How many transactions do you anticipate needing to keep track of?
Of these (5 or 6 per month?) how many are NOT repetitive in nature?
A single manilla envelope and 2 sheets of paper are enough. Really.
How many transactions do you anticipate needing to keep track of?
Of these (5 or 6 per month?) how many are NOT repetitive in nature?
A single manilla envelope and 2 sheets of paper are enough. Really.
I don't like to deal with paper if I can avoid it. i love spreadsheets if they are well thought out and organized.
I can always tweak a spreadsheet with minimal effort and no re writing.
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