Should You Use Quickbooks for Rental Properties?

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Quickbooks is the go-to expense tracking software for most businesses, but I haven't always found Quickbooks to be the most effective for me. Should you use Quickbooks for rental properties? Instead, I use a piece of software called Rentastic. Rentastic is the EASIEST way to keep track of rental property expenses. It's an app we've been working on for the past year, and it allows you to quickly and easily keep track of your real estate portfolio. Add your rental properties, import your transactions, and then classify you transactions in seconds. Use the mobile app to classify transactions on the go and see how your real estate portfolio is performing. Quickbooks can still be a great option, but I think there's too much configuration required out of the box because it's not specifically designed for rental properties.

[@BryceMatheson]

Sign up for Rentastic FREE here: www.rentastic.io

[@AndrewRMoloCPA]

To me quickbooks works pretty well for rental properties. I use locations instead of classes. and you can also classify transactions from the main property down to the units inside the property if you're managing a condo for example. But, I agree with you It's a little bit complicated to setup and you'll have to sacrifice simplicity for better dimensions. This is the reason why accountants like quickbooks more than the business owners do. But great comparison this is actually on point.

[@marcinpiwowar1710]

Agreed, qbooks shows you a real PnL and Balance sheet. What you showed us here is unfortunately not a profit and loss (security deposit is balance sheet liability, down payment goes on balance sheet as well and other etc.) eventually you pay much more for CPA work instead of having everything categorized properly by qbooks or any other simple accounting software.

[@sahilchaturvedi6523]

Isn't Rentastic your app? You should really disclose that more clearly, if so.

[@BryceMatheson]

To all those watching, yes, Rentastic is my app.

[@bryceaxelrad3467]

If you are going to leverage 2+ million dollars deals you need to have legit P&L and balance sheets that show your classes for everything and separate what it is for. I think this is perfect for someone getting started but I think you're going to find this very limiting and quicker than you realize.

[@giezyvillavicencio1594]

Wow thanks for this value ! I’ll stick to quick books! Thanks Bryce

[@foodzashion5294]

Bryce, we are into 2023 is this app still work and what other apps do you recommend for automatically rental payment with late fee?? I know this is not the subject that you talk about in this video but do you know how I got get a copy of rental tenant screening and lease agreement? Thanks for your time

[@beepollen583]

Confused about why he refers to Rentastic as “they” when he’s the one who created this website/app. This is just a commercial for this product rather than a review/comparison video. Sketchy AF that he doesn’t say that.

[@pierre-henripaitre4266]

Thanks, I am going to give it a shot at the end of the year. To be noticed: the app seems to be not available on the Android store in Canada for the moment.

[@BryceMatheson]

Pierre-Henri PAITRE Unfortunately so. The app is only available in the US for now.

[@reymonfitness1063]

Would you also use this soft ware for a fix and flip project ?

[@sam10818]

Does the Transaction section has a way to add car mileage? If the car is driven or any expenses for new properties not yet brought, how would we add those expenses?

[@natalieeyny6913]

Does this track renters payment that would be either entered manually or automatically once deposited and is their any features for monthly bills generators

[@Phrish]

Is Rentastic your company? I.e. did you develop it and/or run the company? I use Stessa right now, but always like exploring my options.

[@BryceMatheson]

Rentastic is my company, yes.

[@Phrish]

Awesome. Congrats! I'll have to give it a whirl.

[@RachelBianchi]

I use DoorLoop as my PMS which integrates with QB. But I want to stop using QB all together.

[@cnoogs344]

This guy is clearly just doing a promotion for rentatstic. If he used the app all the time, why are the vast majority of his expenses "uncategorized"??

[@forladiaspora]

Bro, super helpful breakdown! I'm a big fan of a great user experience and you totally sold me of Rentastic. Thanks!

[@sheilawhitley3033]

I am self employed real estate agent & we have rental Property. Can I keep Up with real estate business along with rental?

[@bransonlariscy4660]

Do you have a referral code?

[@SoccerFam_pitch]

Thank you so much! I was debating on whether I should invest in quickbooks for our rentals for the last few weeks and you have helped with the answer!

[@BryceMatheson]

Glad I can help!

[@raymondpang9282]

can it feed into different performs for finding new tenants?

[@BryceMatheson]

raymond pang At the moment, no. It doesn’t interface with tenants or collect rent. It’s just designed to track rental expenses.

[@luisfrias992]

Bryce first time watching this video and is now May 2022. Do you still use this services or have you found something better?

[@BryceMatheson]

Still using Rentastic, and very happy with it.

[@tommymckinney7373]

I love you video, you make it look so simple. Do you think it would work on a vacation property?

[@BryceMatheson]

Absolutely! The principle is the same. Income minus expenses, and the app will absolutely take care of that for you.

[@margaretcohen2631]

Awesome video as always! Have you ever tried Doorloop or Yardi before starting rentastic? Was wondering if you had any insight as I'm evaluating both atm.

[@SuzanneHenderson-Bay]

Hey there! I've been using DoorLoop for a while now and its so easy for me specially since I was able to integrate QB. Hope this helps

[@martymcyourflysdown6872]

Rentastic looks good, I’m thinking about REIHUB at the moment. Hoping that is a bit easier than QB.

[@akimblack3023]

Are you able to add all travel expense if you go to look at properties?

[@BryceMatheson]

Definitely!

[@diemtran2640]

QB actually 70 a month, 35 is the introductory rate. Absurd. Thanks for this video.

[@BryceMatheson]

Jeez! That’s insane.

[@elizabethjones5700]

Actually $35/month for ever when you hook up with a wholesale accountant, depending on the subscription level you choose, of course.

[@alir.9894]

Thank you so much for the video! Quick question have you tired out Buildium before you used Rentastic? If so how do you think they compare to each other? Thanks again!

[@d.s.5807]

Innago is way better

[@vakistagoodman7984]

I couldn’t get QB to work for me at all. Way to complicated

[@ohholygoodness]

Hi Bryce, Thanks for the Videos. Is there a reason you decided agains Buildium? Thanks!

[@BryceMatheson]

Yeah, due to the cost. Very pricey.

[@ohholygoodness]

There are so many! I’m trying to figure out how many software services to leverage. I can have several cheap ones or possibly one pricey one that does it all? How are you currently setup to handle PM, Accounting, Tenant ease of use etc? With 28 beds, I’m trying to get out of spreadsheets and manual reconciliation/rent collection, recording buy/flip/sell and just plain home improvement expenses etc...

[@BryceMatheson]

@@ohholygoodness I use Rentastic for my expenses, and Cozy to collect rent (for free). Just these two pieces of software do 99% of all I need.

[@cossack4930]

What about Quicken (not QuickBooks)

[@traciwilcox7227]

What app do you use for your flips then? We have rentals and flips

[@BryceMatheson]

We still use Rentastic to track our flips, though it’s intentionally desired for rentals. It still works pretty well, you just have to figure out how their system works.

[@jeromeburrasca6710]

Can your tenants pay their rent electronically with this program?

[@BryceMatheson]

No. It is an income and expense tracking tool. Not a rent collection tool.

[@jacobjoncas5253]

Thanks brother!

[@vakistagoodman7984]

Rentastic looks cool. Definitely trying out

[@BryceMatheson]

You should!

[@tequiladenise7787]

Sold! 👍 Thank you

[@priceandpride]

Mows your lawn for $30?! Dave must be hurting with inflation

[@priceless55]

Can you upload receipts like quickie bookie?Lol

[@ericwilson2632]

Lol that is like Quickbooks with out the fuss...

[@everybodyelevated3876]

Does Rentastic manage leases?

[@BryceMatheson]

No, it does not. Rentastic is a income/expense tool, not a property management tool.

[@everybodyelevated3876]

@@BryceMatheson I do a home inspection business also. Since it is just income and expense, do think I could use this also. I’d rather not get into quick books if I don’t have too. Is this your app?

[@BryceMatheson]

@@everybodyelevated3876 I’m not sure if it could be used to keep track of other business expenses. I don’t think it’s designed for that, but maybe you can reach out to their support team and ask them.

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