New to Real Estate · Miami · Member since 2022 · 25 posts · 13 votes
I am potentially closing on a property soon, and I am looking into which bank offers the best service for rental income. I came across BaseLane, does anyone use this bank? Based on their website, it seems automated, has bookkeeping, and a good savings rate as well. Never heard of it before, so curious if anyone has ever used it before. If not, recommendations?
What’s the advantage over a local bank or a local big bank? A place you can build a relationship and get help when you need it
If you’re looking for bookkeeping the bank reports won’t be it. Get something cheap liek quicken that auto downloads all the bank transactions and then categorizes as personal, business, which property it refers to, etc.
What’s the advantage over a local bank or a local big bank? A place you can build a relationship and get help when you need it
If you’re looking for bookkeeping the bank reports won’t be it. Get something cheap liek quicken that auto downloads all the bank transactions and then categorizes as personal, business, which property it refers to, etc.
I personally wouldn't want to bank somewhere just because they have expense tracking features. The bank's job is just to facilitate the flow of money (in and out). I like the flexibility of being able to choose the bank that offers the best interest rates or, like @Bill B. said, can offer the best relationships.
So I'd encourage you to just search for a good bank, THEN you can get a rental expense tracking software that will help you manage your expenses.
We have our bank accounts liked to STESSA. This web app will retrieve you credit card, bank, etc expenses. Then it allows you to categorize them (as repairs, capital ex, etc) and attach receipts. This info can be used to generate reports for your CPA or generate reports that help you track your property's performance!
I am potentially closing on a property soon, and I am looking into which bank offers the best service for rental income. I came across BaseLane, does anyone use this bank? Based on their website, it seems automated, has bookkeeping, and a good savings rate as well. Never heard of it before, so curious if anyone has ever used it before. If not, recommendations?
We’ve always used Chase for all proeprties. Easy to streamline and love the auto setup features to pay lenders after we set it up ONCE. They also have a feature to send out checks for you
I personally wouldn't want to bank somewhere just because they have expense tracking features. The bank's job is just to facilitate the flow of money (in and out). I like the flexibility of being able to choose the bank that offers the best interest rates or, like @Bill B. said, can offer the best relationships.
So I'd encourage you to just search for a good bank, THEN you can get a rental expense tracking software that will help you manage your expenses.
We have our bank accounts liked to STESSA. This web app will retrieve you credit card, bank, etc expenses. Then it allows you to categorize them (as repairs, capital ex, etc) and attach receipts. This info can be used to generate reports for your CPA or generate reports that help you track your property's performance!
Thank you! Do you recommend Stessa over Landlord Studio? Also, looking into these, it seems like they are catered to long term rentals. Do any of them work well with short/mid term rentals?
I personally wouldn't want to bank somewhere just because they have expense tracking features. The bank's job is just to facilitate the flow of money (in and out). I like the flexibility of being able to choose the bank that offers the best interest rates or, like @Bill B. said, can offer the best relationships.
So I'd encourage you to just search for a good bank, THEN you can get a rental expense tracking software that will help you manage your expenses.
We have our bank accounts liked to STESSA. This web app will retrieve you credit card, bank, etc expenses. Then it allows you to categorize them (as repairs, capital ex, etc) and attach receipts. This info can be used to generate reports for your CPA or generate reports that help you track your property's performance!
Thank you! Do you recommend Stessa over Landlord Studio? Also, looking into these, it seems like they are catered to long term rentals. Do any of them work well with short/mid term rentals?
Oh good question. I compared some Long Term softwares and chose Stessa. I haven't looked into Landlord Studio or any STR/MTR softwares unfortunately.