2025 Real Estate Bookkeeping Made EASY with Expert Tips!

[@laurasamaniego5937]

This is great information. Thank you Coach Carson and Kat for sharing your knowledge. Very much appreciated.

[@CoachChadCarson]

Glad it was helpful! thanks for watching!

[@KishTalksCredit]

...keeping accurate financial records is so important for a business to thrive😊

[@williampalmer7026]

Thanks Coach!

[@kylefordinvest]

Thanks for sharing your perspective!

[@FlyingJournalism]

She had a lot of good points. Very practical advice %100

[@CoachChadCarson]

Thanks for watching!

[@sailinghome3838]

@14:12 lol what that fish got to do with it?! Great episode!

[@CoachChadCarson]

caught me! I meant to say Neo and said Nemo. Lol. Thanks for watching!

[@FinancialFIRE-Fighter]

Great video

[@flyingcatok]

My PM uses buildium. Do I need to set up books and how to reconcile with PM's software?

[@CoachChadCarson]

@@flyingcatok my property manager uses Buildium, too. I download reports from them each month. Then I (or my bookkeeper) enter the data into my Bookkeeping software (Quickbooks in my case, but you could use Stessa or even spreadsheets)

[@beyondjustnumbers]

Definitely, your PM usually doesn’t have the owner expenses like mortgage, taxes, insurance among your other business expenses like taxes, education, etc. In the resources link, there is a video that shows how you would record PM disbursements using Stessa.

[@NGF-Life]

@@CoachChadCarson thanks for this video. This is very timely for new investors. Works you share a recommended chart of accounts for QuickBooks?

[@CoachChadCarson]

@@NGF-Life Kat has a copy of her chart of accounts in this package of freebies: www.coachcarson.com/kat

[@NGF-Life]

@@CoachChadCarson thank you. I signed up

[@johnjbbradley827]

This was great 👍🏾

[@odvega76]

Is there a less complicated alternative to Quickbooks for a Lanlord ?

[@CoachChadCarson]

@@odvega76 some of my investor friends use Stessa. Not quite as flexible as Quickbooks but could be what you need.

[@beyondjustnumbers]

Stessa is a pretty good alternative. Check out the video in the resources that shows how Stessa works.

[@deanvaladez]

I understand the importance of keeping receipts, but have a question on Amazon purchases: for those keeping physical receipts, do you print out your Amazon receipts for filing? For those that maintain digital receipts, do you print/create a digital receipt and then store it in the cloud? Or is there another method I am not aware of?

[@CoachChadCarson]

@@deanvaladez i forward the email receipt from Amazon to Evernote (my digital paperwork storage) or worst case just save it in email. Would have to find and assemble it later if audited

[@beyondjustnumbers]

I highly recommend creating an Amazon Business account. It lets you put a PO Description so that you can track for which property/project it is.

[@edwardmcgowan5044]

Is hiring a real estate investing coach considered a business expense for “new” investors?

[@HeyWilliamSalas]

My Achilles heel! But I’m determined to become better at managing my books and bookkeeping. Coach, do you have any recommendations for learning Quickbooks? Any specific videos, teachers books, etc.?

[@CoachChadCarson]

@@HeyWilliamSalas I think Kat from the interview will be doing a course on it soon. There are a few other Quickbooks for real estate teachers out there but I don't know them personally. I taught an in person class on Quickbooks for Investors 5 or 6 years ago. Maybe I need to take it online!

[@krisplacek7292]

Great comparison to Matrix😊

[@CoachChadCarson]

@@krisplacek7292 one of my favorite movies!

[@fightthegoodfight316]

Hey Coach, I have a question.. I’m from Galicia, Spain and lived in NY for 33 yrs and now I plan on buying a house in Sumter SC, and hopefully another one for rental. Is SC a good place to start in the real estate business?

[@CoachChadCarson]

Bienvenidos a Carolina der Sur! Yes, I like South Carolina for investing. It's where most of my properties are. But I'm in Clemson on the other side of the state. I don't know as much about Sumpter. As long as there are good jobs and growth potential it could make sense. Good luck!

[@fightthegoodfight316]

@ yes, we’re definitely doing more research.. Thank you

[@ethanrogers388]

Should bookkeeping be handled differently with personally owned properties vs LLC owned properties?

[@FlyingJournalism]

It depends how many places you own.. if you have 2 houses and just basic maintenance you do yourself, I would say no need to do bookkeeping (you can figure out what your making or losing pretty easy)... if you have 12 tenants, focus on bookkeeping.

[@beyondjustnumbers]

The treatment should be the same! The same concepts apply. An LLC is a legal entity and is there for asset protection. You are still a business owner whether the property is under your personal name or LLC. The main difference is the wording you are using. Owner vs Member. When you have an LLC, you’d need to extra careful with making sure you are not mixing personal and business funds because of liability, but as far as books are concerned, they can be setup the same way.

[@NGF-Life]

Would you share a recommended chart of accounts for real estate?

[@deanbranson517]

That’s a great question.

[@CoachChadCarson]

Kat has a copy of her chart of accounts in this package of freebies: www.coachcarson.com/kat

[@codymurphy2268]

This video talks about categorizing income and expenses. What do these categories look like? Which categories specifically should real estate investors be breaking out for tax purposes?

[@beyondjustnumbers]

Check out the resource link provided! We added a sample chart of account/categories.

[@CoachChadCarson]

here's the link to get it: www.coachcarson.com/kat

[@GTFCEO]

This Carson from Hold my hand wholesale or REI REVOLUTION?

[@CoachChadCarson]

Those must be a different Carson. Don't know either of those.

[@durtydeedsREI]

I never understood co-mingle of funds, how are you supposed to pay for the first mortgage payment when you haven't received rent yet? You have to use your own funds at that point, don't you?

[@CoachChadCarson]

Yes, but put those funds into a separate bank account for your rental business. For example, you might put a $5,000 reserve in the rental account from your personal funds to cover those extra costs. It's a contribution of equity to your business. Start-up capital.

[@andresmattos7541]

If you don't know the numbers of your business you don't have a business but just a hobby.

[@elijahgarcia6070]

Im 44yrs with an electrical business. Been looking to invest for a few years now. Didnt know where to start. I have been doing my due diligence for about 6 months now. Just havent jumped in yet. Hard to leap right in for me. I have my wife and kids to think of. I know I can do this though. Do you think it is to late for me? I am going for a 10 to 15year plan to replace income

[@beyondjustnumbers]

Never too late! My dad started at age 50 and he now has 4 units that allowed him to take a mini retirement. Coach Carson is a great resource. He’s book Retired with Real Estate was really good on setting a plan.

[@CoachChadCarson]

You're in good shape! Just take it slow and easy. There's still plenty of time. My books the Small and Mighty Real Estate Investor (coachcarson.com/smallandmighty) and Retire Early With Real Estate (www.coachcarson.com/retirementbook) give you a plan/playbook

[@realchiragjain]

Thanks coach 💗, I am editing videos and thumbnails for the last 6 years and helped a lot of creators to get millions of views. I would love to work with you. Let's give it a try for your videos too.

[@andresmattos7541]

quickbooks is feacking complicated

[@beyondjustnumbers]

Stessa is a good alternative.