Record Keeping
From what I’ve observed over the years, I’d have to say, that record keeping is easily, the most overlooked aspect, of the residential rental housing business. And for many do-it-yourself landlords, record keeping is a last minute ritual, that’s performed annually around 8 p.m., on the fourteenth of April, and pretty much forgotten about, the other three-hundred and sixty-four days of the year. Needless to say, this is no way to run a residential rental housing business. Here are the six types of records, which all Florida residential landlords need to keep close track of:
1. Income records.
2. Expense records.
3. Tenant records.
4. Property records.
5. Insurance records.
6. Tax records.
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Use Accounting Software to Track Income and Expenses
I’m a technology klutz, and if I can figure out how to use a personal computer, anyone can! So if you happen to be one of those landlords, who, for whatever reason, has a phobia against using computers in their rental housing business, you need to get over it. Computer technology is here to stay, and if you’re smart, you’ll embrace it, and learn how to use it to your advantage. If you're already computer literate, but not using an accounting software program, to manage your income and expenses, its way past time that you did. A good rental property accounting software program, such as
Quicken Rental Property Manager 2.5, will allow you to keep your finger, on the financial pulse of your rental housing business, so that at anytime, you’ll know right down to the dollar, exactly where your business stands financially. And with just a few clicks on your computer’s mouse, you’ll be able to review your rental property’s monthly income, and expenses for:
1. Vacancy allowance and credit losses.
2. Monthly debt service.
3. Property taxes (divide annual amount by 12).
4. Insurance premiums (divide annual amount by 12).
5. License fees (divide annual amount by 12).
6. Natural gas.
7. Electricity.
8. Trash removal.
9. Water and sewer.
10. Telephone.
11. Internet access.
12. Advertising.
13. Property maintenance and repairs.
14. Lawn care and landscaping.
15. Swimming pool maintenance and repair.
16. Parking, walkway and driveway maintenance.
17. Supplies.
18. Automobile expenses.
Chapter four of The Florida Landlord's Manual, goes into detail on how to properly maintain income, expense, tenant, property, tax and insurance records, so that everything you need to know, about your rental housing business, is right at your fingertips, at all times.