Banking options for rentals

Rental Property Investor · Hanover, PA · Member since 2022 · 12 posts · 6 votes

Has anyone heard of Baselane banking as an option for real estate investors, and if so, is it a solid option? I was looking for a good bank and came across them. It also features property management software and the ability to run reports.

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Nicole Heasley Beitenman

Investor · Youngstown, OH · Member since 2017 · 2k+ posts · 2k+ votes

I can't speak to it for banking or property management, but I don't recommend it at all for bookkeeping. It's not a true double-entry accounting system. I use Xero for myself and my clients, and I use Keycheck for property management.

I should mentioned I currently only manage MTRs, though. I used RentmindMe for years with my LTRs--no complaints!

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Josh L.
USA · Member since 2023 · 145 posts · 84 votes
1y
I’d personally use a traditional bank I trust for the banking side and keep it simple. Then track everything separately in QuickBooks or another dedicated system—that way you’re not locked into one platform.
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Jake YuskaitisBusiness Member
Lender · New Jersey, USA · Member since 2022 · 254 posts · 67 votes
1y
never heard of them. i'd recommend a mix of a big bank and some local smaller banks.
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Cameron Jones
Accountant · New York (Remote) · Member since 2025 · 20 posts · 17 votes
1y
Hey @Jacob Martin, Baselane is a pretty solid virtual bank option for REI and is worth a try if you are going to use their PM capabilities as well. Unfortunately, they have implemented some new changes that aren't for the better (ie. $15 outbound wire transfer fees and no more cash back on debit cards). You can make unlimited bank accounts so you can segment your finances. There are other virtual banking options out there, including Relay Bank.

I personally like traditional banks and am a fan of Chase.

What types of reports are you looking to run? The bookkeeping is VERY basic and does NOT have a Balance Sheet which is a MUST for investors.
Use Baselane for PM + Banking and use QuickBooks Online for bookkeeping.
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- Jacob Martin
  OP
  Rental Property Investor · Hanover, PA · Member since 2022 · 12 posts · 6 votes
  1y
  Quote from @Cameron Jones:
  
  Hey @Jacob Martin, Baselane is a pretty solid virtual bank option for REI and is worth a try if you are going to use their PM capabilities as well. Unfortunately, they have implemented some new changes that aren't for the better (ie. $15 outbound wire transfer fees and no more cash back on debit cards). You can make unlimited bank accounts so you can segment your finances. There are other virtual banking options out there, including Relay Bank.
  
  I personally like traditional banks and am a fan of Chase.
  
  What types of reports are you looking to run? The bookkeeping is VERY basic and does NOT have a Balance Sheet which is a MUST for investors.
  Use Baselane for PM + Banking and use QuickBooks Online for bookkeeping.
  
  Hello, I liked them simply because they had a bank tied to their PM software and thought that may be a valuable thing. Especially because you can have a different bank account per property, therefore, in my opinion, easier to breakdown each properties performance.
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- Cameron Jones
  Accountant · New York (Remote) · Member since 2025 · 20 posts · 17 votes
  1y
  Quote from @Jacob Martin:
  
  Quote from @Cameron Jones:
  
  Hey @Jacob Martin, Baselane is a pretty solid virtual bank option for REI and is worth a try if you are going to use their PM capabilities as well. Unfortunately, they have implemented some new changes that aren't for the better (ie. $15 outbound wire transfer fees and no more cash back on debit cards). You can make unlimited bank accounts so you can segment your finances. There are other virtual banking options out there, including Relay Bank.
  
  I personally like traditional banks and am a fan of Chase.
  
  What types of reports are you looking to run? The bookkeeping is VERY basic and does NOT have a Balance Sheet which is a MUST for investors.
  Use Baselane for PM + Banking and use QuickBooks Online for bookkeeping.
  
  Hello, I liked them simply because they had a bank tied to their PM software and thought that may be a valuable thing. Especially because you can have a different bank account per property, therefore, in my opinion, easier to breakdown each properties performance.
  
  I agree, it's a great feature. Since I'm a bookkeeper, I love that it gives investors no excuse for comingling helping them follow LLC requirements. With that said, it's a solid option for an all around PM software to get some reports by property, as long as you set it up properly, but it's important to know it's limitations as mentioned.
  It lacks:
  No balance sheet so you still have to track all assets/liabilities/equity separately. This makes tracking loans, property book values, depreciation, etc -- very inefficient for the inexperienced
  No customized chart of accounts
  Billable expenses are done manually and not intuitive
  1099s have to be issued manually to vendors
  Hope this helps, feel free to reach out if you have any other questions.
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Jacob Martin
OP
Rental Property Investor · Hanover, PA · Member since 2022 · 12 posts · 6 votes
1y
Thanks
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Nicole Heasley Beitenman
Investor · Youngstown, OH · Member since 2017 · 2k+ posts · 2k+ votes
1y
I can't speak to it for banking or property management, but I don't recommend it at all for bookkeeping. It's not a true double-entry accounting system. I use Xero for myself and my clients, and I use Keycheck for property management.

I should mentioned I currently only manage MTRs, though. I used RentmindMe for years with my LTRs--no complaints!
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- Jim WindgassenPro Member
  Rental Property Investor · Stevensville, MD · Member since 2019 · 40 posts · 28 votes
  1y
  Quote from @Nicole Heasley Beitenman:
  
  I can't speak to it for banking or property management, but I don't recommend it at all for bookkeeping. It's not a true double-entry accounting system. I use Xero for myself and my clients, and I use Keycheck for property management.
  
  I should mentioned I currently only manage MTRs, though. I used RentmindMe for years with my LTRs--no complaints!
  Nicole - How does Xero compare to using QuickBooks ? I have been using QB for many years, but I am getting fed up with the annual fee model which has really gone up.
  
  1 Reply
- Nicole Heasley Beitenman
  Investor · Youngstown, OH · Member since 2017 · 2k+ posts · 2k+ votes
  1y
  Quote from @Jim Windgassen:
  
  Quote from @Nicole Heasley Beitenman:
  
  I can't speak to it for banking or property management, but I don't recommend it at all for bookkeeping. It's not a true double-entry accounting system. I use Xero for myself and my clients, and I use Keycheck for property management.
  
  I should mentioned I currently only manage MTRs, though. I used RentmindMe for years with my LTRs--no complaints!
  Nicole - How does Xero compare to using QuickBooks ? I have been using QB for many years, but I am getting fed up with the annual fee model which has really gone up.
  
  In terms of robustness (or power? I'm blanking on the right noun) and scalability, I don't see Xero behind QuickBooks. They both have their set of pros and cons. I just prefer Xero's set, especially when you consider Xero's version of classes is available in their starter plan, whereas QBO makes you upgrade a tier or two to get it. And that's a big need for RE investors.
  1 Reply
- Simon W.Business Member
  Real Estate Consultant · Lehigh Valley PA & New York City · Member since 2013 · 1k+ posts · 655 votes
  1y
  Quote from @Jim Windgassen:
  
  Quote from @Nicole Heasley Beitenman:
  
  I can't speak to it for banking or property management, but I don't recommend it at all for bookkeeping. It's not a true double-entry accounting system. I use Xero for myself and my clients, and I use Keycheck for property management.
  
  I should mentioned I currently only manage MTRs, though. I used RentmindMe for years with my LTRs--no complaints!
  Nicole - How does Xero compare to using QuickBooks ? I have been using QB for many years, but I am getting fed up with the annual fee model which has really gone up.
  
  As a proadvisor for both Xero and QBO lol I can say it is a hit or miss. Both platforms are constantly adding features but that also means price will go up.
  Xero is a fractional of the price. Not all bank accounts can be pull from your bank. If you use the typical banks and credit cards, you shouldn't have a problem.
  As an accountant, the journal entry is a big factor, Xero doesn't do a good job of it. Can't do journal entries against any cash account. They explained it but I don't think it is a good reason.
  QBO is raising the pricing starting 8/1 so there's that.
  Xero works if you don't mind the extra steps to do things you are used to doing in QBO.
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James Stowe
Member since 2022 · 4 posts · 3 votes
1y
Hi Jacob,
I use Baselane for its bookkeeping tools. It has been invaluable in tracking all of the expenses for my rental property and even allows you to import data from other banks or credit cards to have all of your numbers in one central location. I would recommend if you’re looking for an experience catered to real estate as it’s one of the most complete offerings that I’ve seen so far.
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