Property operations & real assets

Books and taxes for flex and small warehouse landlords.

Rent from a mix of contractors and small distributors, a roof repair that costs more than a year of profit, dock levelers that need constant upkeep, and outdoor yard space you rent out separately. Gus sorts all of it, and an accountant checks every transaction.

Book a call What we handle
  • From $197 a month
  • An accountant on every transaction
  • Cancel whenever
SeptemberExample month
$6,400
what you made

September came in at $6,400. The roof section over Unit 3 finally got repaired this month, and I kept that $11,400 bill on its own line since it is a real capital repair, not routine upkeep.

  • Base rent, 5 unitsBase rent
  • Trailer yard storage feeYard and outdoor storage
  • Roof section repair, Unit 3Roof and structural repairs
  • Dock leveler service callDock and door maintenance
  • Property tax installmentProperty tax
Money in$28,300
Money out$21,900
Set aside for taxes$1,600
An example month. Yours will have your numbers.

Why your books are different

A flex warehouse's books have to absorb one huge repair without panicking.

A generalist sees rent coming in steadily. Your building has a roof and a handful of loading docks that are cheap for years and then suddenly are not, plus outdoor yard space you rent separately from the units themselves. None of that fits a simple month-to-month view.

  1. 1

    A roof or structural repair looks like a crisis month

    Industrial roofs and structural elements are expensive to repair and do not need attention often, so when a real repair finally happens, a single bill can look like the building suddenly stopped making sense financially.

    What we doFlags large roof and structural repairs as their own line, so a big necessary repair reads as what it is, not as an ongoing problem.
  2. 2

    Dock door and leveler upkeep gets lost in general repairs

    Dock levelers, seals, and roll-up doors take real ongoing maintenance that is different from ordinary building repairs, and buried in one general category, you cannot tell if a specific unit's doors are becoming a money pit.

    What we doKeeps dock and door maintenance on its own line, separate from other repairs, so a problem unit shows up clearly.
  3. 3

    Tenant-installed racking and mezzanines confuse ownership

    A tenant who installs their own racking or builds a mezzanine inside their space usually owns that improvement, not you, and if it gets logged as one of your assets, your depreciation and your actual property value both come out wrong.

    What we doFlags tenant-installed improvements as the tenant's property, not yours, so only what you actually own gets depreciated on your books.
  4. 4

    Yard and trailer parking fees get folded into unit rent

    Outdoor yard space and trailer parking often get rented out separately from the building itself, and if that income just gets added to unit rent, you cannot tell how much of your revenue is coming from space that has almost no upkeep cost.

    What we doBooks yard and outdoor storage fees on their own line, apart from unit rent, so that low-cost income stays visible.
  5. 5

    A long flex vacancy hides inside a mostly full building

    Specialized flex space with specific clear heights or dock configurations can sit empty far longer than an office suite would, and in a five-unit building, one long vacancy can quietly carry most of the blame for a weak year if it is not tracked on its own.

    What we doTracks vacancy duration unit by unit, so a hard-to-fill space shows up clearly instead of blending into an otherwise full building.

Your categories

The categories Gus keeps for a flex and warehouse landlord.

Set up once for how units and yard space get rented and what the building costs to keep running. You never pick a category. He does, and an accountant checks it.

Money in

  • Base rentFixed rent from each warehouse or flex unit.
  • Yard and outdoor storageTrailer parking and outdoor yard space rented separately.
  • Tax and insurance reimbursementsEach tenant's NNN share, where the lease calls for it.
  • Late feesCharges for rent paid outside the lease terms.

Money out

  • Roof and structural repairsLarger, infrequent repairs to the building envelope.
  • Dock and door maintenanceLevelers, seals, and roll-up door service.
  • Property tax and insuranceThe building's own tax bill and coverage.
  • Parking lot and yard upkeepPaving, striping, and drainage for the outdoor areas.
  • Leasing commissionsFees paid to fill a hard-to-lease unit.
  • Legal feesLease negotiations and tenant disputes.

What we watch for you

  • Vacancy duration by unit

    How long a specific unit has sat empty, since flex space can take much longer to fill than typical office space.

  • Repair cost per unit

    Tracked over time, it flags a unit whose dock or structure is becoming a recurring cost.

  • Yard revenue share

    How much of total income comes from outdoor space that costs little to maintain.

  • The set-aside

    What you will owe, tracked every month, even in a year with one large repair bill.

Ask Gus

Things flex and warehouse landlords ask Gus.

Text him like you would text anybody. He answers in plain English, and when a question is above his pay grade, an accountant looks and gets back to you.

We just spent $11,400 on a roof repair. Does that mean this year is a loss?

No. I flagged it as a large, infrequent repair on its own line, so it reads as the real one-time cost it is instead of dragging down every month's picture.

Our tenant installed their own racking system. Is that something we need to track as our asset?

Usually not. If they installed and own it, it is their property, not yours, so I keep it off your depreciation schedule entirely.

Unit 4 has been empty for eight months. Is that normal for this kind of space?

It happens more with flex and warehouse space than with office or retail, since it takes the right tenant to fit the configuration. I track vacancy duration by unit, so it does not just blend into an otherwise full building.

The tax side

The tax side of a flex and small warehouse property.

Most of what goes wrong here is labels: a big repair filed like an ordinary expense, or a tenant's own improvement ending up on your depreciation schedule.

What your return has to get right

Your accountant signs it, so it gets done right the first time.

  • Repairs versus capital improvementsA patch to a roof is usually a repair deducted the year it happens, while replacing a full roof section is often a capital improvement depreciated over time. The size and scope of the work usually determines which applies.
  • Land improvements depreciate faster than the buildingPaving, fencing, and yard lighting are often land improvements that can qualify for 100 percent bonus depreciation when placed in service after January 19, 2025, unlike the building itself.
  • Tenant-owned improvements are not your assetRacking, mezzanines, or equipment a tenant installs and owns should not be added to your depreciation schedule, since you do not own it.
  • Contractor 1099sRoofing contractors, dock service technicians, and other vendors not on payroll get a 1099-NEC by January 31 if paid $2,000 or more in 2026.

Deductions flex and small warehouse landlords miss

Your bookkeeper knows what to look for in your statements. You never have to.

  • Roof and structural repairs
  • Dock leveler and door service
  • Parking lot paving and striping
  • Property insurance premiums
  • Leasing commissions
  • Legal fees for lease disputes
  • Yard lighting and fencing
  • Drainage repairs
  • Accounting and legal fees
  • Mileage to the property
  • Signage repairs
  • Snow removal

General information about 2026 federal rules, not advice for your business. Your accountant looks at your actual numbers before anything gets filed.

All year, not just April

A flex and warehouse property's year, kept every month.

One big repair or one long vacancy can define a whole year for a building this size. Your taxes come on a schedule. Your team keeps you ahead of both. Every month in between, your bookkeeper closes the books and speaks up the moment something looks off.

  1. January

    Plan the year

    Last year's return gets started, the vendor 1099 list is ready, and you get a monthly set-aside so tax season is already handled.

  2. April

    Filed. Done.

    Your return is filed and signed. No surprise bill, because the set-aside has been running since January.

  3. July

    Halfway check

    Where you stand, what you will owe, and whether a repair or long vacancy this year changed the number.

  4. October

    Before the cold snap

    Before cold weather stresses the roof and dock equipment, Gus checks repair cost per unit and anything worth fixing before December.

What you get

Starts at$197a month

What you pay depends on what your business needs, and it does not move after that, busy season or slow. No hourly bills, no surprise invoices, no setup fee.

Book a call
  • Monthly bookkeeping

    Every transaction sorted into categories set up for flex and small warehouse landlords. You never categorize a thing.

  • An accountant checks every transaction

    Real review, every month, before your books close. Not a spot check.

  • Your business tax return, filed

    Prepared, reviewed, and signed by that same accountant every year.

  • The monthly number

    What you made, what you spent, what to set aside for taxes.

  • Your own bookkeeper

    A real person assigned to your business, in the app whenever you need them. No hold music.

  • On your books all year

    Every month, not just in April. Your team speaks up whenever something is worth your attention.

  • Cancel any time

    No contract. No cancellation call. Your books are yours.

Straight answers

Questions flex and warehouse landlords ask first.

A roof repair this year cost more than three months of rent. Will that wreck our tax picture?

It should not create the kind of alarm an ordinary expense spike would, since a repair of that size usually gets its own line and, if it is a real capital improvement rather than a patch, may get depreciated over time instead of deducted all at once.

Do you track our outdoor yard and trailer parking separately from unit rent?

Yes. Yard and outdoor storage income is kept on its own line, since it costs very little to maintain compared to the units themselves, and blending the two would hide that.

Our tenant installed a mezzanine in their space. Does that affect our depreciation?

Not if they own it. An improvement a tenant installs and owns stays off your depreciation schedule, since it is their asset, not yours.

One of our five units has been vacant for most of the year. How does Gus handle that?

Vacancy is tracked unit by unit, so a long-vacant space shows up clearly instead of disappearing into a total that still looks decent because the other four units are full.

Do our tenants pay their own utilities directly, or do we bill them back?

Gus works with whichever setup your leases actually use. If tenants pay utilities directly, there is nothing to reconcile there; if you bill it back, that gets tracked the same way any other reimbursement does.

Our books have never separated roof and dock repairs from general maintenance. Can that be fixed?

Yes. Send your recent bank statements and Gus will start splitting the two going forward, so a pattern in a specific unit's dock costs becomes visible.

Is a real accountant checking my books?

Yes. You get your own bookkeeper, Gus does the first pass on every transaction, and an accountant checks every one before your month closes. That same accountant prepares, signs, and files your business return. Goatkeeper is not a CPA firm, and we never pretend a person looked when they did not.

What does it cost, and can I cancel?

It starts at $197 a month, depending on what your business needs. No setup fee, no hourly bills, no contract. Cancel any time from the app, and your books go with you.

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Pick a time. That's the whole signup.

Fifteen minutes with a real person on our team. They look at where your books are, tell you straight what it takes to get caught up, and get you set up on the spot if it fits.

  • $197 a month to start
  • An accountant on every transaction
  • Cancel whenever