For the new investor who is managing just a few rental properties, what software would you recommend?
I use buildium but I honestly debating switching too excel and a background check company.
Excel works great if you do not have a lot of properties. You can create spreadsheets for each property that can that total on a separate tab. It's expensive until you have a large number of properties.
Hello Randy - I use Buildium. They have EXCELLENT customer support... quick to respond! Simple format and easy to use. I do not use them for screening since they do not conduct the crucial previous landlord references (# NSF, # late fees, property condition, etc.). The price is minimal. Also, they are receptive to customer suggestions for improvement. However, there are a few changes they need make to fit my style of management... TBD if I stay for those reason. I may hire a programmer to build a complete customized system that fits my company. Good luck and welcome to the fun world of property management! This is my first post on this site... hope to see you around!
If you just plan to manage your own rentals I would suggest QuickBooks and set it up using classes. Mike Butler has a great system for this that I had evolved into my own. Now that I'm managing properties for several other owners I went to Propertyware with the intention of possibly converting to Appfolio after a certain amount of growth. But again if your just doing your own, QuickBooks can really be formatted well to fit your business and keep your CPA happy not to mention the IRS as well. I have been through 2 years of IRS audits and came through with compliments from them.
Depends how in depth you want to go. Our company uses PropertyWare. Its not too expensive but can compete with almost any software on the market.
Excel will work just fine.
FYI the issue with buildium is they have recently doubled or tripled their price. Otherwise I truly liked them.
I am unable to access rentecdirect site.... Please help me out.
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