#372: Real Estate Bookkeeping for 2025 Made EASY!
Real Estate Investing with Coach Carson
Chad Carson
4.9 • 613 Ratings
🗓️ 2 December 2024
⏱️ 48 minutes
🧾️ Download transcript
Summary
⭐ Join Rental Property Mastery, my community of rental investors on their way to financial freedom:
https://www.coachcarson.com/rpm
🎙️ Episode #372 – If you nail bookkeeping, it's like seeing everything - like Neo in The Matrix. Coach and Kat break down how tracking every dollar can steady cash flow, impress lenders, and even reveal hidden profits. Here's how to get your books in shape and level up your real estate business
▶️ Next Episode: How to Avoid Income Taxes (Legally) with Real Estate Investing
💻Free Bookkeeping Resources from Kat:
https://www.coachcarson.com/kat
🧮 Get QuickBooks, my favorite accounting software:
https://quickbooks.partnerlinks.io/637lxrq6nwlh
📄 Show Notes:
https://www.coachcarson.com/masterbookkeeping/
🎬 Timestamps:
0:00 - Having good books is a superpower
0:54 - Why is bookkeeping important?
3:54 - Benefits of having good books
7:12 - The basics of bookkeeping
13:01 - What will be required if you're audited?
15:31 - Best bookkeeping bank account practices
19:41 - Best bookkeeping software
25:35 - What should your bookkeeping schedule look like?
28:32 - What are reports and balance sheets?
34:39 - Hiring a bookkeeper
39:18 - Importance of hiring an accountant
44:43 - Set up your books early
46:01 - Connect with Kat
46:59 - Reduce your rental income tax
🔗 Connect with Kat:
• Instagram: https://www.instagram.com/kat.invests/
• Blog: https://beyondjustnumbers.com
_________________________________
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https://www.coachcarson.com/toolkit-pod
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🐦 https://twitter.com/CoachChadCarson
💰 DealMachine – Software to help you buy more real estate deals: https://www.coachcarson.com/dealmachine
Transcript
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| 0:00.0 | Having Good Books is going to help you run your business better, have your properties be more effective and efficient, and also just help you on the overall goal of financial freedom. |
| 0:10.7 | Having good books is basically like Neo and the Matrix. |
| 0:13.9 | It's like a superpower. Welcome to the podcast, real estate investing with Coach Carson. |
| 0:28.2 | I'm your host, Chad Carson. |
| 0:29.5 | You can also call me Coach Carson. |
| 0:31.0 | And this is a show to help you get out of the financial grind so you can spend your time |
| 0:34.2 | doing more of what matters. |
| 0:36.3 | In my conversation with Kat Longavan, |
| 0:37.9 | a former CPA and now full-time investor, we show you how bookkeeping, yes, bookkeeping is the |
| 0:43.5 | ultimate secret weapon of real estate. If you can apply these lessons, you'll stay more organized, |
| 0:48.3 | get more money for your deals, and uncover hidden profits. Let's go learn how to do real estate |
| 0:52.7 | bookkeeping like a pro. So, Kat, I want to talk |
| 0:55.3 | about bookkeeping. Real estate investors have to keep good books. They have to run the numbers. |
| 0:59.6 | They have to understand this stuff. But I'd love to ask a question about your own history. So you were |
| 1:05.0 | a CPA, a certified public accountant. You worked for firms. You're auditing people in a corporate |
| 1:10.6 | world. |
| 1:11.7 | And you obviously understand accounting and the books better than anybody does. But can you think |
| 1:16.5 | of a story that kind of help us understand why bookkeeping is even important for people to pay |
| 1:21.4 | intention to? Like, you know, maybe an example of when it, when it's not done well, the negative |
| 1:26.6 | consequences. I'd love to hear if you have any |
| 1:28.2 | stories on that. Yes, I do. So I actually, being an accountant, CPA, knowing all these things, |
| 1:35.7 | when I started investing in real estate, I did not do that. You would think, you know, I would have |
... |
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