The longer I own rental properties (about 8 years now), the more fellow landlords I have the pleasure to meet and converse with on the pains (many) and pleasures (few) of this great, wonderful and often frustrating business. One area that seems to separate successful landlords from unsuccessful ones is in their ability to get a handle...
One question that I have repeatedly gotten is if accountants are worth it or should a landlord just do it on his own, when it comes to income tax preparation. Now, this has nothing to do with QuickBooks. Quickbooks is an excellent example of accounting software to help you track your income and expenses,...
The first year I purchased a rental property, I think the “shoe box” method was what I had used most of that year to track the property’s income and expenses. Basically, I saved all of the receipts and rent envelopes that I received in a shoe box (actually I think it was an expand-a-file)....
Invariably, one common question that new landlords almost always ask is, “What is the best way to track my rentals’ income and expenses?” Basically, there are three ways to routinely track rental property income and expenses: 1. The “shoebox method” 2. Use a spreadsheet 3. Use a database The Shoebox Method Now, the “shoebox...
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