Property management software vs excel

2 Replies

My husband and I own 3 duplexes and 1 condo that we rent out. Our goal is to scale at 3 per year. We currently use excel for our P&L and expense management and cozy or check for rent. My question is long term as we scale will we regret not having property management software? Do any investors with 20+ doors use excel only?

On my end we only buy larger properties and hire 3rd party managers, who use specialized property management software.

How much time will a software package save you? I bet quite a bit.

If your computer crashes or your hard drive fails, would both equally be backed up in the cloud?

In my opinion, good business software is typically worth every penny. 

I use Cozy and Quickbooks.  QB has a system where you can create “projects” to track income and expenses to those specific projects. I create a “project” for each rental.

Once I get to 50 units (which is usually the minimum for some of the bigger PM software systems) I’ll switch over. 

List, Screen, Lease, Get Paid, Manage.
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