Simple Bookkeeping for Rental Properties: Easy Ways To Boost Revenue.

In most cases, rental property accounting is not why people get into real estate investing. It’s admittedly not the sexiest topic. But managing your money well can lead to tax savings, increased rental income, lower expenses, and more overall ROI. Poor money management can lead to overpaying taxes, lost rental income, higher expenses, and low ROI. But what are the tried-and-true ‘best practices for rental property accounting that savvy landlords follow, and why?

Let’s start by getting an overview of the basics of rental property accounting.

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Here’s what we’re going to cover:
1. Schedule E
2. Managing rental income
3. Managing rental expenses
4. Tax deductions

About Multis:

Owning multi-unit rental properties has enabled seven of our students to replace their salaries with passive income.

How?

There’s no magic to it -- they just followed an IDEAL strategy. Here are the 5 keys to IDEAL Multi-Unit investing.

“I” is for Income. 🔑

Multi-unit properties produce passive income, meaning recurring income received without having to trade in your time. Yes, owning properties requires some work upfront, but not 40 hours a week like a typical job.

“D” is for Depreciation. 🔑

When you buy and improve properties, you can deduct them from your taxes due to depreciation. Rather than taking a large deduction in 1 year that depreciation is distributed across the life of the property.

“E” is for Equity. 🔑

I typically buy properties with financing. So, each year I hold a multi-unit rental in my portfolio, while tenants are paying down the debt owed on the property and increasing my net worth as a result.

“A” is for Appreciation. 🔑

In addition to buying multi-unit properties, you must also buy them in the right markets to capitalize on the natural appreciation rate. By owning properties in good markets, your net worth can increase as a result.

“L” is for Leverage: 🔑

You can leverage a multi-unit property in many ways, but I’ll give you two because you read this far. 1) Creative financing to buy properties - even if you don’t have a 700 score or deep pockets. 2) After you acquire it, you can increase the value of the property and then tap into that value to buy another property.

Repeating this IDEAL system with just a few multi-units can create an ideal lifestyle.

Over the past 7 years, I've helped thousands of people buy multi-unit rentals on repeat.

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Collectively, they’ve raised their passive income to half a million and removed close to a hundred thousand in negative items from their reports.

Ready to implement this strategy yourself?

If so, then keep an eye out for our ad to learn how you can build towards 20-30 multi-unit rentals in less than a year using this simple but IDEAL strategy.

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