The Easy Way To Track Rental Property Income And Expenses | Bigger Pockets Video

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Do you have a rental property? Then you NEED to track your income and expenses, regardless of the strategy you’re using or how many rentals you own. Thankfully, this isn’t nearly as daunting as it sounds, and in today’s video, Ashley is going to share her top tips for organizing your property’s financials!

There are two documents you need for any rental property—a profit and loss statement and a balance sheet. Without these, you’ll struggle to file your taxes, get financing for another rental, or analyze your property’s performance. You can create a couple of spreadsheets and track these by hand if you’re good with numbers, but if not, we’ll share several tools that will make your life easier!

But that’s not all. We’ll even discuss saving and storing receipts, separating personal and business expenses, creating an LLC (limited liability company), and other best practices so you don’t give your accountant a headache come tax season—or worse yet, risk your personal assets!

00:00 Tracking Income & Expenses
01:33 Why You NEED to Track (Timestamp)
03:11 Crucial Documents (Timestamp)
04:07 Best Tools & Software (Timestamp)
05:45 Save Your Receipts! (Timestamp)
06:32 Banking & Asset Protection (Timestamp)
07:29:15Share Your Idea! (Timestamp)