Rental Property Accounting 101 – A Simple System for DIY Landlord
I have been a
real estate investor for several years now, and I can’t think of a time when anyone has gotten excited about the topic of rental property accounting.
There are a few things that every real estate investor (or any business owner) needs to get right to set their rental property bookkeeping system up for success.
Separate Your Business and Personal Finances
If you haven’t heard this a million times before, let me say it again. Do not mix your business and personal finances!
Consider Having Separate Accounts for Each Property
While this is not a requirement, if you have 1-4 properties or so, you can make things really easy on yourself by setting up a separate bank account for each property you own.
In the digital age we live in, there is no excuse for not taking advantage of all the efficiencies to be gained by automating as much as you possibly can.
There are a million apps and tools out there to help you digitize receipts and keep your documents in order.
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