Any advice on how to manage real estate admin for a short term rental property (just one)? This is my first year running the rental so lots of expenses/revenue. QuickBooks feels overboard and excel is so manual. Thoughts?

like
Posting as :
works at
You are currently posting as works at

I have had two STRs for the past 5 years and I just use excel.

like

Set up a decent excel sheet using chatgpt. Anytime you run into a sticking point just ask chatgpt how to fix (i.e. how do I automatically add the cost of my cleaning after every appointment)

I just use a google sheet

Quick books is your best bet but it has a huge shortcoming: the online version is for one company at a time. For me, every property is in its own series (where states allow series LLCs or its own LLC (in states to at don’t). QuickBooks for accountants does allow for multiple companies, and is very expensive. (My accountant who is also my best friend from college let me use one of his licenses.) but if you’re going to scale, you may need the accountant version. I’ve tried some others, Yardi Breeze being great, but crazily expensive for what I needed. Plus, QuickBooks isn’t easily integratable (if that’s a word) with real estate rent collection, etc. so while I still had QuickBooks I used excel to manage the rent rolls. I also tried Buildium, but it wasn’t all that user friendly and didn’t generate P/L statements as easily as quick books for accounting purposes. We’ve since sold our multifamily portfolio and concentrate only on commercial, and QuickBooks/Excel is fine for now, but as we scale up, I will be looking for something more robust as well. But QuickBooks for one company is like $70/month. So that might be best for you at your stage, OP—especially from an accounting perspective as QuickBooks integrates with your bank accounts automatically.

Related Posts

Interested in getting opinions on Wipflis benefits

like

Larsen & Toubro Infotech What is the yearly hike % in Larsen & Toubro Infotech ? And how much % of variable pay we can expect?

like

i failed for the fifth time on AUD. Somehow I went from a 67 to a 63. I am so pissed because now I have to retake BEC as well. Help! Any tips or words of wisdom appreciated.

like

Hi,

Can anyone help with tcs Gap affidavit. What is process

like

Do you have a preference between working in GP and shelter medicine? Why would you pick one over the other?

like

Hi

Have 14years of work experience in investment banking profile data management pricing performance trade repair and management collateral management searching for good opportunity

like

Anyone in the KPMG Lighthouse practice that would be willing to take a look at my husband’s resume and put in a referral? He’s interested in the Associate, Data Scientist position.

Any tips for moving up in a medium/large-sized legal department, aside from switching companies? I work in a collegial environment with plenty of opportunities to create more value, but the management level is fairly crowded and it seems the clearest path to get one of those roles is to be hired into it. What has been your experience? Thanks!

like

Is anyone at meta able to share the position levels. I’m trying to compare to my current company structure. Thanks!

like

Is it possible to negotiate with SAP?
Is there anyone who did it recently?

like

Working as a Product Manager in industrial sector, want to transition into tech Product Management

Do I need to have any certifications related to tech?
Any suggestions?

like
like

Hello fishes,

What is current package being offered by Deloitte USI for below profile,
Role : Business analyst
Exp : 9 years 4 months


HR discussion is pending so wanted to have a idea of a fair CTC I can request.

My current CTC is 21 lpa.

like

Hey. Is anyone here from Capgemini? Looking forward to interact.

like

What do y’all look for when hiring entry level producers?
Whats the best way to get a foot in the door?
Is it possible w/o producer internships but other work xp?
Asking for a friend

like

Planning on making the move to London next year from a smaller EU city. Have you got any tips or advice? What should I know before going over?

like

A part of our jobs is training scholars with the technical skills from our professional trades, but what techniques, systems, or experiences do you utilize to teach the professional skills?

like

Rajma is bae 😍

Post Photo
likefunny

Additional Posts in The Real Estate Bowl

Any one familiar with Ocala FL. Does it flood? Would you send your children to the public schools? Is it a good place to live and raise a family?

like

For those that built higher end homes, what kind of appliance budget did you have?

like

What do you all think of fundrise and start engine Real estate Reit ? Any experience? Would you invest here if you didn’t have the time to actually buy and rent properties? Any insight is welcome.
Thanks

like

Wanting to move from NYC to either Austin or Tampa. Open to hear the pros and cons.

like

For any of you real estate investors, what tools or sources did you learn from when getting started. Can’t find a mentor currently so want to find some highly recommended books or videos. If focused on the tri-state area (NY, NJ, Long Island mainly) that would be even better. My hope is to buy and rent out a apartment while also owning a house and house hacking that by renting part of it out. Trying to understand all the steps, traps, and how to find if it’s a good investment.

like

I recently bought my 1st home in TX. I want to get into real estate and eventually own/rent out multiple homes. Are there any good recommendations/tips on books/articles/websites that others have used to get started?

I've read about HELOC and cash out refinance to get a 2nd home but articles are so scattered that it gets confusing which is better in terms of tax benefits and immediate costs, etc. Anything others have found helpful that summarized how to get started would be great!

like

If you living currently in a home and looking to buy another home but plan to put only 10% on the new home, can I pay the remaining 10% after selling my existing home in 1-2 months .. and get the PMI

like

Do you thank your tenants for paying the rent? A quick thank you text?

like

The threat of nuclear bombs flying over cities should crash the real estate market

like

At what income level should one be comfortable to spend 2400/mo on rent in HCOL? Assuming single, no kids, no debt or major expenses.

like

I'm under contract for a new build in progress that won't be done until much later this year. I fully expect interest rates will be higher than what I originally estimated. I may or may not try to lock in a good rate early, but I'm planning on renting it out and this throws a bit if a wrench in my margins. I can take it financially, but wondering, If I absolutely needed to get out of buying it, what recourse do I have? Or could I go ahead, and refinance later (who knows rates at that time...)?

like

I heard you need to show a net worth of 100% of the loan amount. Have you heard about this?

like

Anyone finding good rates for refis on investment? Got a good rate, 3.335, but the brokers is trying to charge 2% in fees. Kind of kills the deal. The loan amount is only 115k. I’d rather go up to like 3.65 or whatever and not have to pay so much in closing. Any ideas?

like

For people who recently refinanced, bought or is in the process of buying a new home, what APR did you get?

like

Thinking about investing in a 3-4 unit building in Chicago (Jefferson Park, Avondale, Bridgeport, etc.). Is the upcoming winter a good time to do so?

like

I'm early in my career, managed to save $30K to invest, and want to get my hands dirty with a rental property without too much risk (e.g. no HML/flipping). It sounds like that's a tall order in the NY/CT area given the prices, not to mention whether I'd be able to get a mortgage on anything below $100K, but I figure I'll give it a shot anyway. Any advice on what you might do in my position? Am I being crazy with this idea?

like

Due to a family situation we are looking to move to a different state. Normally we would sell our current home and buy a new home in our new location. However, with todays prices and interest, will it make more sense to rent out our current home and rent a home ourselves vs. selling and buying immediately when we move? We are moving from Vegas to Sacramento and we are not sure how long we would stay in the new area. Thoughts?

How long did it take you to purchase your first rental property once you started looking? I’ve been working with an agent for about a month with one offer not accepted, feeling discouraged

like

Correct me if I'm wrong but isn't it more advantageous to have low housing prices and higher interest rate? If that's the case, you can always refinance when/if the interest rate lowers again. Is there something I'm not seeing?

like

Is it common for HOA to ask you to prove your car registration is up to date?

like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the
Fishbowl app

See what’s happening in your industry
from the palm of your hand.

A phone with Fishbowl app

Scan your QR code to download
Fishbowl app on your mobile

Download app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy

Already have an account? Log in

Sign up for free to continue using Fishbowl

By continuing you agree to Terms of Use(New) and Privacy Policy(New)
Messaging rates may apply

Already have an account? Log in

For account settings, visit Fishbowl on Desktop Browser or

General

Legal