Clayton, NC · Member since 2015 · 79 posts · 19 votes
I am now at 2 units that both are rented and cash flow well. Now I want to start using some property management software just to keep my rental business, a actually business. I don't use any of the cash flow from my properties because it's the business money therefore it should only be used to invest back in the business. Now my only question is which software should i start using? I have seen appfolio, buildium and even rentalution. I was thinking of just using rentalutions for now since it's the cheapest. Finding it hard to pay $250 a month for Appfolio when I only have 2 units. Thoughts!?!?!?
Flipper · Saint Petersburg, FL · Member since 2017 · 53 posts · 25 votes
9y
Hey Justin,
Try J.Scott website Resource . Follow this link and click on the house flipping and wholesaling software with accounting feature. This might work better with it being a one time cost. Let me know how it works out and you can try them for free.
Clayton, NC · Member since 2015 · 79 posts · 19 votes
9y
I have been reading all of their blog post and free ebooks on their software and just on property management in general. Are you using them? And if so are you happy with them?
Vendor · Glenn Dale, MD · Member since 2014 · 25 posts · 9 votes
9y
Try Rentec Direct or you can buy the standalone version of Rent Manager if you are planning to grow. Rentec Direct is free for smaller unit size users. You can get the desktop version of Rent Manager for about $500. That is a one-time cost. If you ever want to go online it cost about $75 per month for one user.
I am now at 2 units that both are rented and cash flow well. Now I want to start using some property management software just to keep my rental business, a actually business. I don't use any of the cash flow from my properties because it's the business money therefore it should only be used to invest back in the business. Now my only question is which software should i start using? I have seen appfolio, buildium and even rentalution. I was thinking of just using rentalutions for now since it's the cheapest. Finding it hard to pay $250 a month for Appfolio when I only have 2 units. Thoughts!?!?!?
I am not sure if it is comprehensive or not but it certainly is exhaustive. I suggest you go down the list and check out pricing and features and take some for 'free' test drives. I settled on VerticalRent for my business. While there are some quirks, overall for my level (2 units and soon to be 7 after closing on 3 properties next week), it works just fine and fits my budget at $90/yr. So far they have been responsive with questions or comments I have. I see them pushing the tenant screening part of the platform more then the management part so it remains to be seen if they are putting dollars into adding features and functionality.
Real Estate Consultant · Joppa, MD · Member since 2015 · 218 posts · 178 votes
9y
Hey Justin. I use Buildium and although it's $45/month, it's well worth it to me with all of the features it offers. The accounting features are great, you have the online payment portal for rental applications (which you process through the software), rent payments and if you plan to manage properties for other investors, you are already equipped to pay them and send them any reports they need through the software. Reporting is super easy and easy to understand. You can get a 15-day free trial to see how you like it. Try it out for a couple weeks and let me know what you think!
Investor · Annapolis, MD · Member since 2016 · 33 posts · 22 votes
9y
Check out Cozy.com. I just started using the site and have been fairly happy with it. It offers marketing, tenant screening, and online rent payment at no cost. They make money off the rental applications and online rent payments (2.4% if the tenant uses a credit/debit card, otherwise free).
@Percy N. I been really looking into turbo tenant, I think it would only be good for posting to websites.
That is correct. Since you said you don't like how some property mgt websites posted to other listing sites like Trulia, this is an alternative option for posting.
For a handful of properties (even a couple dozen), you can easily post them manually via Zillow Rentals (formerly Trulia) or hire a VA to do it.
Architect · Houston, TX · Member since 2016 · 81 posts · 25 votes
9y
@Justin Dixon I've been trying out Wave accounting for income and expenses as it ties directly to your bank accounts. It's been good so far and it's free.
Real Estate Agent · Baltimore, MD · Member since 2017 · 31 posts · 8 votes
9y
For tracking income/expenses on 2 units, I would suggest a free option such as Excel. There is still functionality for quick, automated reporting and obviously no cost. A quick google search should turn up some templates and tips as well if you aren't an experienced user.
Gila Bend, AZ · Member since 2017 · 38 posts · 14 votes
9y
I would look at how the software can expand with your business or how easy it will be to move your data to a new platform. It stinks to outgrow software and then fight for 6 months to get your old data into a new platform. I would hope that the information would also meet a standard reporting structure so that you can easily share the information with partners, Accountant, etc.
I'm looking for a solution also, but am concerned with the software companies being around long term.
Realtor · Camarillo, CA · Member since 2014 · 162 posts · 102 votes
9y
Buildium is a good one. Never used Rentec but that is a good one as well. Appfolio, Propertyware and Yardi are for bigger portfolios and are more expensive.
Clayton, NC · Member since 2015 · 79 posts · 19 votes
9y
@Frank Schwarz Yes see I am worried about that as well, I work for a big developer in my area and it's just a team of 3. And he was using software that is now too small and so I been spending a bunch of time trying to just move over a years worth of information to the new software. Let me know if you find a solution I am currently just going the excel route.