What Are The Most Common Expenses in Real Estate?
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Intended for Real Estate Investors or any individuals involved in property investment who require accurate bookkeeping and wish to maximize tax deductions. Use this Guide as a reference to stay consistent with expense categorization, and streamline your bookkeeping and financial reporting.
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RECOMMENDATIONS & REVIEWS
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"These recommendations are based on my experience using these software and services for my bookkeeping and real estate flipping business. Some of these reviews may contain affiliate links." - Jake Baker
Level Up Your Real Estate Investing
Underwriting
"I use DealCheck to quickly and accurately analyze real estate deals, making it easy to create offers and assess profitability on the go. I love their simple user interface, especially on the mobile version. My favorite feature is their Comp Analysis tool to determine property ARVs."
Jake Baker
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Project Management
"FlipperForce simplifies managing rehab projects with its detailed project planning and cost estimation tools. From initial underwriting, to closing up the rehab, they got you covered. This software is specifically designed for Flips and BRRRR."
Jake Baker
Project Management
"Buildium helps streamline project management, making it easy to track rental properties and oversee rehab projects efficiently. If you are do 10+ flips a year, or are a contractor, this is where you should be."
Jake Baker
Rent Collection
"Rent.App is FREE. This app is a gamechanger for rental property owners with only a handful of tenants. Get away from the $30+ per month software that you don't need. Simple, secure, and easy to track your rent payments. All you need is your tenants email or mobile phone number. They'll receive a notification to link their bank account for the deposit."
Jake Baker
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Co-Living Strategy
"I use the Co-Living BRRRR strategy for most of my real estate deals. I learned everything I know from Grant Shipman and Livingsmith. This is way different than Padsplit. I truly believe this is the next great investing strategy of the future. Grant has free resources and webinars every month where teaches the ins an outs."
Jake Baker
Off Market CRM
"RESimpli is the best software that has list stacking, skip tracing and an awesome driving for dollars feature. Their Sales Dashboard is my favorite part and I love their esign feature"
Jake Baker
List Stacking
"REISift organizes lead data and improves marketing efficiency, ensuring no opportunity to connect with off-market leads is missed. REISift has proven to be the most reliable list stacking software in our off-market strategies."
Jake Baker
Leads
"BatchLeads is my go-to for generating targeted lead lists, skip tracing, and building a pipeline of high-quality real estate leads. I believe the have the best user interface on the market. It is very easy to move between BatchDialer and BatchSkipTracing due to their integrated platform."
Jake Baker
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Dialer
"This tool automates outbound calls, allowing me to connect faster with motivated sellers or buyers."
Jake Baker
Skip Tracing
"BatchSkipTracing delivers accurate contact data for hard-to-reach property owners, increasing the likelihood of converting leads. Their skips are priced competitively."
Jake Baker
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GoHighLevel Agency
"They are a GoHighLevel marketing agency and they are a breeze to work with. They built this website and all of the marketing funnels for BookkeepingRE. I highly recommend them to any small business. I love how they only bill you for what you need."
Jake Baker
Fractional Executive Assistants
"They provide Fractional US-based Executive Assistants for all business types. They train their assistants exceptionally well and are ready to go. They have been an excellent service for BookkeepingRE."
Jake Baker
Legal Services
"The legalities behind business can be daunting. LegalZoom is the go to place for small businesses. LegalZoom is a one-stop shop for entrepreneurs. "
Jake Baker
FinCEN BOI Reporting
"As you may know by now, thr Beneficial Ownership Information (BOI) Report is required to be filed with FinCEN before certain deadlines. FileForms is a quick and easy solution to filing and it is a great solution for investors with many LLCs."
Jake Baker
E-Signatures
"PandaDoc is the best Document signature software for small businesses. It is more affordable than DocuSign yet it keeps many of the same integrations. Your workflows can include ACH payments, signature reminders, and more. It is very easy to implement and you can easily keep client facing areas on brand."
Jake Baker
AI Notetaker
"Fathom AI is hands down the best AI tool in our business. Fathom automatically syncs meeting summaries & tasks to your CRM. My favorite feature is that you can share clips from specific parts of your meetings."
Jake Baker
Task Management
"The best task management software on the market in my opinion. I use it for both my flipping business and BookkeepingRE. It is just about the most diverse software I have used. You really could run your entire business on ClickUp if you wanted to."
Jake Baker
Time Tracking
"Clockify is the best option for small business looking to get started with time tracking. They are very affordable and have a great user interface and chrome extension that makes it easy to track time."
Jake Baker
Employee Management (SOPs)
"Trainual is the premier solution to manage a small business of 1-25 employees. Their documentation and training SOPs, new hires, and operations are amazing. "
Jake Baker
Merchandise
"Create and sell custom products in minutes. Endless products for marketing, client gifts, employee packages, etc. Printify makes if very easy to throw your logo on some merch."
Jake Baker
Level Up Your Bookkeeping
Practice Management
"TaxDome automates client workflows, document sharing, and secure payments, making it the backbone of my bookkeeping operations. I have tried several practice management tools and TaxDome is the most diverse, and they are constantly improving with big plans for GL integrations coming soon."
Jake Baker
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Bookkeeping
"I use QuickBooks Online (QBO) for my flipping business, rental businesses, and bookkeeping clients. QBO has every feature you need to run a business, excellent reporting features, and integration with other software."
Jake Baker
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Banking
"Relay is the best banking platform for small business on the market hands down. No monthly fees, no minimum balances, and auto transfer rules allow us to set up our business and client's business with the Profit First method."
Jake Baker
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Payroll
"Gusto is an industry leading payroll software for small businesses. In my opinion, it is the best option for new small businesses. It has the best user interface and syncs well with QBO."
Jake Baker
Accounts Payable
"I rely on Melio for seamless bill payments and cash flow management, simplifying operations for both real estate. My favorite feature is the check mailing feature for contractors. You pay by credit card, and they receive a check in the mail!"
Jake Baker
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Receipt Management
"Dext is a great platform for receipt information extraction and management. This is ideal for a business that deals with a lot of paper receipts. The QBO Receipts Features lacks in many ways and Dext easily fills those gaps."
Jake Baker
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