#372: Real Estate Bookkeeping for 2025 Made EASY!

17 snips

Dec 2, 2024

In this episode, guest Kat Longoven, a former CPA turned full-time real estate investor, shares her expertise on bookkeeping for real estate. She emphasizes how organized financial records can boost cash flow and reveal hidden profits. The conversation explores best practices for tracking expenses, using software like QuickBooks, and preparing for potential audits. Kat also highlights the importance of hiring qualified bookkeepers and accountants to ensure financial clarity and success in real estate investing.

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ANECDOTE

Early Bookkeeping Neglect

Kat Longoven, despite being a CPA, initially neglected proper bookkeeping for her real estate investments.
This led to difficulties in assessing profitability and a scramble during tax season.

INSIGHT

Bookkeeping as a Superpower

Many real estate investors find bookkeeping tedious and often postpone it.
Good bookkeeping provides a clear overview of your finances, like "Neo in The Matrix."

ADVICE

Benefits of Good Bookkeeping

Maintain accurate books to secure loans and attract investors.
Good bookkeeping helps analyze deals, identify unprofitable properties, and track expenses.

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