Software recommendations for property finances

[J P D]

Hey guys,

I'm about to close on my second multi-unit property. Up till now I have just been keeping track of finances for my 2-unit on paper and a very basic microsoft works spreadsheet layout. Now that I will be keeping after 6 units I would like to keep a more detailed account of each unit. I'm going to upgrade my spreadsheet to excel and get some kind of accounting software.

I have been looking into getting either quickbooks or quicken rental property manager. What are your thoughts on these programs? Anyone use the software program offered on the mrlandlord website? Would you recommend any other software to organize all financial info related to my rental business?

I'm leaning toward quickbooks so I can also use it to keep track of my personal finances. I have read some bad reviews of quicken's rental property program not being up to par. What do you guys use to keep track of property finances?

Any help would be appreciated.

 

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[MJ DeMarco]

Don't have any recs, but just a congrats on the closing. :eusa_clap:

 

[Banthaman]

If you want a quick and simple program for that I'd recommend GNU Cash its free and open source and actually fairly robust otherwise you'd probably want to go with QuickBooks. QuickBooks for under 20 accounts (apartments in your case) does have a free version as well though anything beyond that you'd need to purchase it.

 

[J P D]

Thanks for the reply,

I'm not too familiar with software like QuickBooks yet but would it replace the need for excel or would the two be used together?

I'm going to go with quickbooks and pick up a few books on how to use it for property management.

 

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[phlgirl]

Quickbooks would certainly replace excel, if that is where you are tracking your income and expenese now. Quickbooks can provide a full accounting solution - including financial statements (Balance Sheet, P&L, etc.).

If I had it to do again, I would have taken a class first. Instead, I fumbled through it, trying to figure it out myself (have a background in SAP software, figured how hard could it be?). I butchered the setup and, after 6 months of data entry, had to scrap the whole thing and start over. I am still not sure that I am using the system to the best of it's ability but my CPA and I have worked out a system and it is effective.

Diane Kennedy has a product for sale on her site - 'Easy Accounting for Real Estate Investors' - it is supposed to give you instructions on how to use QB, in order to get the best Tax Benefit out of your Real Estate. I have never used this product so cannot recommend it firsthand but, if I had known about it when I was starting out, I would have picked it up. I think it is even on sale - used to be listed at $299, I think.

Anyway, just a thought. Might be worth a look.

 

[J P D]

Phlgirl, thanks for confirming that QB would replace the need for excel. I am really not that good with computer stuff and I get confused with all these different programs sometimes.

I will most likely take a course at the local CC along with doing some reading on my own.

 

[Gita_QuickBooks]

It all depends on your budget for software and training. QuickBooks is the way to go over Excel and paper, pencil. You can use for investors, flip, rehabs and rentals properties. Search Google for property management QuickBooks, look and manage properties with QuickBooks for real estate. Find a QuickBooks Advisor who has knowledge about real estate.

Gita Faust

 

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[royemunson]

I also go with QB. It's quite easy to learn and takes out a lot of the accounting
for you. Plus a lot of small cpa firms use qb's and can just take your
data and integrate into their system to prepare taxes.

A simple online tutorial will get you rolling with qb's. I used it a lot for
our cpa clients when I was doing it from setting them up to teaching them
how to use it.

It's been a bit since I've done anything with it, but if you need help just
let me know.

Excel can be great if you know how to set up formulas and all that, but since
you aren't a computer person, you may just end up getting more confused.

Plus using QB's will save time and money down the road number one when
you are reviewing financials but also when/if you pass your data on for
tax reasons. we always charged a nice premium for folks who weren't organized.

JOe

 

[J P D]

Thanks for clearing this up guys, QuickBook it is.