Doug, I appreciate your down to earth approach. While I'm hooked on
computers, I still use a rolodex also. I can recognize when the computer is
a hindrance. Also, I can see when an accountant is not necessary. I have
printed out your reply and will take the advice seriously.

thanks again,
--
Steve Barker


"Doug" wrote in message
...
On Tue, 16 Jan 2007 19:59:00 -0600, "Steve Barker"
wrote:

I'm looking for suggestions for landlord software. Or do you just keep
records in a simple spreadsheet? We'll have probably 15 to 20 single
family
houses by the end.

thanks!

Gee, other guys answering you seem to do it in a very complex ways.

I keep a composition notebook for each property (have managed 15
multi-family houses for nearly 20 years). I put expenses on the right
pages and income on the right. (yep, I'm also wearing my visor and
using my quill pen...)
:-)

At the end of each tax year, I total the gross income for each
property. I then categorize each expense item into the standard IRS
categories. After doing that once, it's child's play.

Entering the data into Turbotax is easy. After the first year it does
all my depreciation schedules for me, fills out form 4562, schedule
E's and all that. The year end accounting and tax filing, from start
to finish takes me about 6 hours.

I've kept up with most IRS regulations and probably have saved money
by NOT using an accountant (Turbotax is wonderful in its ability to do
what if? scenarios, to rapidly change the entire return and does year
to year comparisons).

I used to use a computer but got tired of firing up the computer to
enter every tiny expense. I just slide my book for that property off
the shelf and make the entry in 30 seconds. All income is kept in one
account (with the exception of tenant security deposits that, by law
in my state, must be kept separately).

Primitive? Yep...
Effective and simple?
Yep...

Our society seem to be increasingly hooked on computerizing
everything. Sometimes it just ain't necessary.

Doug