Like any business venture, the ability to be able to track the performance and success or failure of your rental properties with a good system is vital. For some of us, that means tracking everything in a spreadsheet or maybe even QuickBooks or TurboTax. Whatever the case may be, keeping good records of your financials will help you secure future funds as well as keep excellent records for tax purposes. After years of frustration around the lack of technology available to the individual investor, Heath Silverman was inspired to streamline the entire real estate ownership life cycle. Heath is a part-time real estate investor and the CEO of Stessa, a software platform that gives millions of real estate investors a powerful new way of managing and tracking their income and expenses as well as communicating the performance of their real estate assets. He talks about that in this episode.

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Tracking Your Income And Expenses On Autopilot with Heath Silverman
Like any business venture, you need the ability to be able to track the performance and success or failure of your rental properties with a good system. For some of us, that means tracking everything in a spreadsheet or maybe even QuickBooks or TurboTax, whatever the case may be. Keeping good records of your financials will help you secure future funds when you go to purchase additional properties as banks may want to see records of your cashflow and the reserves from your current investments. You will also need to keep excellent records for tax purposes, especially if you go through a tax audit. You need to have everything in order and well documented. Some investors rely solely on spreadsheets or even pen and paper to track their rental property accounting, income, expenses, whatever may be happening.

The system is okay if you have one or two or maybe as many as five properties, but it tends to breakdown and become laborious after that third and fourth and even fifth property. QuickBooks, which I do use, not all the time but for general accounting, is great and it's one of the top picks for professionals. It's at the top of the list when you think about accounting software. QuickBooks has its limitations for managing rentals. It's great for general accounting, but it misses all the tools that truly make it stand out as potentially being the best property management system. It works but it doesn't work great. It's extremely detailed. It's somewhat complex. It's not designed for real estate investors. What if there was an easier way to track income and expenses as a real estate owner and investor, something that saves you time and makes it simple? That's what we're going to discuss and share with you here.

It's my pleasure to welcome, Heath Silverman, to the show. Heath is a part-time real estate investor and the CEO of Stessa with nearly twenty years of experience working with investment properties. Heath has dealt with all aspects of residential and multifamily acquisition, rehab, management and the disposition of those properties. He actively maintains a portfolio of ten buildings comprised of over 60 units across the United States. After years of frustration around the lack of technology available to the individual investor, Heath was inspired to streamline the entire real estate ownership life cycl...