Blog Post

How to Track Expenses for your Rental

Trisha Goodale • October 19, 2020

Every cent counts...

In the real estate world, there are a million different ways to do every task. Keeping track of expenses for your rentals properties is the most important, in my opinion. You can spend all of your time, energy and resources into finding the best tenant, repairs, etc, but if you don't keep track of your expenses and manage your books, you are fighting a losing battle. Here are a few ideas to get you going in the right direction:

Spreadsheet--basic, easy, and inexpensive. If you have 1 property, this may work well for you to get your footing.
Quickbooks-- This option works well and your accountant will love you. You can setup each property as a "Class" and be able to track every cent. I also like this option because your bank account is involved and it makes reconciling statements easy peazy. The reports you are able to pull are very helpful; you can find out very quickly if your properties are performing like expected.
Separate bank account for your rentals--please, please please do this the minute you buy a rental account. There just isn't another way to do it. There are plenty of banks and credit unions that offer free accounts, so there isn't a reason not to! Treat your rentals like a business, because they ARE!
Separate credit card--again, if may feel redundant, but it makes life so much easier, to have a credit card you only use for rental expenses. You can also sync it with QB or any other software, so you aren't spending your precious time with data entry.
Property Management Software--this may not be feasible due to cost without a large portfolio, but there are a few out there that are inexpensive and make life easier! Plus, being able to collect rent electronically, is the only way to go.

Knowing your expenses and being able to track the profitability of each property at the touch of a button will make you a better investor and will help you grow your wealth faster.

Happy Investing!

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Best Tips for Self-Managing your Rental Properties

By Trisha Goodale • March 17, 2023

Owning and managing rental properties can be a lucrative business, but it comes with its own set of challenges. From screening tenants to handling maintenance requests, property management requires a lot of time and effort. Here are some tips to help you effectively manage your rental properties and maximize your returns. Set clear expectations Before a tenant moves in, make sure to set clear expectations about the rental agreement. This includes the rent amount, due date, late fees, maintenance responsibilities, and any other rules or regulations. Having a clear agreement in place can prevent misunderstandings and disputes down the line. Screen tenants thoroughly A thorough screening process can help you find reliable tenants who will take care of your property and pay rent on time. Ask for references, run background and credit checks, and verify income and employment. It's also a good idea to have a conversation with potential tenants to get a sense of their personality and communication style. Maintain the property regularly Regular maintenance can prevent small issues from turning into big ones and keep your property in good condition. Schedule regular inspections and make sure to address any repairs or maintenance requests promptly. You can also consider hiring a professional property management company to handle maintenance tasks for you. Communicate effectively Good communication is key to a successful landlord-tenant relationship. Be responsive to tenant requests and keep them informed of any changes or updates related to the property. Establish clear communication channels and respond promptly to calls, emails, or messages. Keep accurate records Maintaining accurate records can help you stay organized and ensure that you are in compliance with local laws and regulations. Keep records of rent payments, maintenance requests, inspections, and any other relevant documents. Consider using property management software to streamline your record-keeping process. Know your legal obligations As a landlord, you have legal obligations to your tenants, including providing safe and habitable living conditions, respecting their privacy, and following eviction procedures if necessary. Make sure you are familiar with local laws and regulations related to rental properties and comply with them at all times. Of course, if you have a property in Lee's Summit, Raymore, Blue Springs or other surrounding areas, we'd love to assist you with all of your property management needs.

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