How do you handle repairs and expenses while keeping good accounting records?

I keep a separate bank account and one credit card that is used only for your rental properties. You may own your properties in an entity like an LLC, or you may just have them in your personal name. Either way is fine to start.

This makes it simple because at the end of each month, to do your accounting, you can just go to one bank account and see all the money that you've spent. For many years, all I did was use one bank account, one credit card, and a spreadsheet. Each time I had an expense, I would mark it in a spreadsheet, putting which property it was and a notes field to describe the item. As we started getting more properties, though, I started using property management software. I currently use Buildium, which is robust - but it's overkill if you only have one or two properties.

For accounting, we use QuickBooks and bookkeepers who keep track of everything for us, but PM software like Buildium and other high-powered ones can do the accounting just in that software.

If you have any other questions or want to work with us, email me: greg@gregorygrouptx.com.