Hello flippers, Melissa here!
A very important part of real estate investing that often gets overlooked (especially when you are first starting out) is the bookkeeping aspect of the business. True, it’s not the most exciting part. I’m sure most investors would rather run around buying and selling houses than spending some good quality time in front of the computer entering expenses and running reports. 🙂 However, taking the time to set up a good bookkeeping system is more important than you think. If you are not interested in doing your own bookkeeping, I would strongly recommend that you find someone who can.
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It is important to:
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Many of us get distracted by the bright and shiny and forget about the details that make this a business. Looking forward to more posts.
Thank you for this info! I am so enjoying what you an Danny are putting together for us. Please keep it coming.
I for one do think that this is important and fun as well and would love more posts that elaborate even a little deeper as to how you set up the “guts” of the buisness.
Great stuff here guys. Thank’s for sharing.
Taxes are my kryptonite. How cool to have a team where someone is actually responsible for prepping for them! Maybe one day if I’m lucky 🙂
I hear ya. I am SO glad that I don’t have to worry about it. My wife is the best woman in the world and I am glad she is as excited about this business as I am.
thank you for posting this financial reminder. It’s so important. Would you say the same could be accomplished using Microsoft Access or Excel?
Thanks, Bailey! You could probably do this in Access or Excel, but it could get very time consuming. I recommend spending the $100 on Quickbooks software. Consider it an investment in your business. It really is a great tool for managing the bookkeeping aspect of the business.
Great post! Tax time can be the WORST if you don’t have your act together.
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Thanks for the info Melissa. I am figuring this one out the hard way. I have completed three properties in the last 6 months and have only been putting receipts in folders. Now I have so many that Im pulling my hair out!!! Im working on getting someone to set up quick books for me now so I can get this stuff organized.
I’m considering starting up in operation either in Connecticut or Maryland Would you recommend any program or software that would be easily usable at this point
I’m assuming you are referring to software for bookkeeping. In that case, we use Quickbooks.