Bookkeeping that shows the real profit on every property.
Real estate is one of Kellcat’s core client types. Your books are set up around how your properties actually earn, with profit tracked by property or project and reports ready before your next refinance or tax season.
Three kinds of real estate. Three ways to keep score.
A nightly rental, a long-term rental and a flip each earn money differently, so each gets its own setup. Most investors start with one and add the others.
Airbnb, Vrbo & direct-booking hosts
Platform payouts split into bookings, fees, cleaning and lodging taxes, with profit by property and a plan for slow seasons.
- Payouts reconciled to bookings
- Lodging taxes by town
- Occupancy, ADR and break-even nights
Landlords
Books by property and by door, with deposits, loans and the rent roll handled, ready for Schedule E and your next refinance.
- Cash flow per door and DSCR
- Security deposits and rent roll
- BRRRR refinance tracking
Flippers & rehab investors
Every house tracked as its own project from purchase to sale, so the profit you see is the profit you made.
- Job costing by project
- Lender draws and holding costs
- Rehab budget vs. actual
More than one strategy? The Real Estate Starter Kit Bundle includes the STR, LTR + BRRRR and Fix-and-Flip kits for $197.
Signs your property books need help.
Real estate bookkeeping mistakes Kellcat fixes most.
Rental and flip books go wrong in the same handful of ways. Each one throws off your profit by property, your balance sheet or what your CPA files.
Security deposits booked as income
Tenant deposits belong on the balance sheet until they’re returned or applied, not in rental income.
Whole mortgage payments expensed
Each payment split into principal, interest and escrow, so expenses are right and loan balances match the lender’s statement.
Repairs mixed with improvements
Routine repairs kept separate from improvements, so your CPA can decide what gets depreciated.
Flip costs expensed too early
Purchase, rehab and holding costs tracked to each project until it sells, so you see the real profit on every flip.
Settlement statements never booked
Closing costs, prorations, loan funding and seller credits from each purchase, sale and refinance recorded properly.
Manager statements booked as one deposit
Property manager payouts broken into rent, management fees, repairs and owner charges.
Escrow never tracked
Property taxes and insurance paid from escrow recorded, so your expenses aren’t understated.
LLCs and personal money mixed
Each entity’s money kept in its own books, or tracked separately in one file, with transfers between them recorded.
Rehab loans lost in the shuffle
Hard money and rehab loans, draws and refinances tracked, so you know what you owe on every property.
How Kellcat keeps property books.
The same monthly close as Clean Books, set up for how real estate actually works.
Profit by property
Each property or project tracked on its own, so you see true per-property profit after every fee, repair and loan payment.
Long-term rentals
Rent, security deposits, repairs, management fees and loan activity tracked per property.
Short-term rentals
Platform payouts split into gross bookings, fees, cleaning and taxes, so per-property profit is real.
Fix-and-flip projects
Settlement statements booked properly and every project cost tracked, so you know the real profit on each deal.
BRRRR and refinances
Lender-ready property reports across your portfolio before the next refinance.
Multiple LLCs
Each LLC kept in its own clean books, or several LLCs in one file with each entity tracked separately, whichever works best for you and your CPA.
Reports built for investors.
- Profit and loss by property, every month
- Cash flow after debt service for each rental
- A balance sheet for each LLC or entity
- Project cost reports for every flip, from purchase to sale
- Property-level reports ready for your lender or refinance
- Year-end books organized by property for your CPA
What Kellcat needs from you.
- Settlement statements for each purchase, sale and refinance
- Loan statements, including hard money and rehab loans
- Property manager owner statements, if you use a manager
- Leases and a list of security deposits held
- Which property sits in which LLC
- Read-only access to your bank, card and loan accounts
Requested once, in one list, through your secure Kellcat client portal.
Short-term rentals in the mix?
Airbnb and VRBO payouts need their own setup. See short-term rental bookkeeping, or mountain and ski-town rentals for Colorado and Utah resort areas.
Not ready for full service?
Start with a Financial Starter Kit: the LTR + BRRRR Kit for long-term rentals, the Fix-and-Flip Kit for flips, or the Real Estate Starter Kit Bundle with the STR kit too, $197 for all three. Move to monthly bookkeeping when it’s time.
How it starts.
- Step 1 · Free
Review
A free Books & Numbers Review of your file, or a Discovery Call.
- Step 2 · In writing
Proposal
Your monthly fee and any cleanup quoted in writing within a week.
- Step 3 · Kickoff
Set up by property
Your books organized by property or project, with past settlement statements booked.
- Step 4 · Every month
Books closed
Monthly close, per-property numbers on your dashboard, and tax-ready books for your CPA.
“Brian has been very great to work with and help refine our QuickBooks Online. I’m working on flipping houses, and Brian has reviewed our settlement statements to track everything properly as well as provide some insight into how others track costs to optimize reporting and visibility.”Michael S. · Fix & Flip Investor · Google review
Real estate bookkeeping questions.
Can you track profit for each property separately?
Yes. Your books are set up so every property or project has its own income, expenses and profit, inside QuickBooks Online, Xero or Puzzle.
Do you work with short-term rental hosts?
Yes. Platform payouts are split into bookings, fees, cleaning and taxes so each property’s real profit is clear. Local short-term rental rules differ by city, so check yours.
Can you book my settlement statements?
Yes. Purchase and sale settlement statements are reviewed and booked so your cost basis and project costs are tracked properly.
Do you handle properties in several LLCs?
Yes. Each LLC can have its own set of books, or several LLCs can be kept in one file with each entity tracked separately, so your CPA can still see every entity on its own. The right setup depends on your portfolio and your CPA’s preference.
How do you handle security deposits?
They’re recorded as a liability, money you’re holding for the tenant, until they’re returned or applied to unpaid rent or damage. That keeps rental income accurate.
Should repairs and improvements be tracked separately?
Yes. Routine repairs are usually expensed, while improvements are usually depreciated over time. Kellcat keeps them separate so your CPA can make the call.
Can you track a flip from purchase to sale?
Yes. Purchase costs, rehab, holding costs and loan interest are tracked to the project, so when it sells you see the true profit on that flip.
Do you work from property manager statements?
Yes. Owner statements are broken into rent, management fees, repairs and owner charges, then tied to the deposits in your bank account.
Do you do my taxes?
No. Kellcat keeps your books tax-ready all year and works alongside your CPA, who prepares and files your returns.
Where this fits in the three layers.
Local in-person meetings across the south Denver metro: Littleton & south Denver · Highlands Ranch · Centennial · all service areas. Remote service nationwide.
Know which properties are actually making money.
Start with a free review of your books, or talk it through on a Discovery Call.