Looking for recommendation on PM software for 1 unit

4 Replies

I currently have one unit that I am collecting rent however she does not have a card to get to the bank. So I am constantly struggling with getting my rental payments. I am also looking for rent reminders, paid receipts, P&L. Any help would be greatly appreciated. 

@Steven Lewis

I'd just use excel for tracking all expenses and income related to that property.

For getting paid, you could use PayPal to make payment requests.

You could set reminders in your phone to remind you to send out those reminders. 

Just keep it simple

If you re not an excel person you could just use one bank account.  You have a record of all income and expenses.  With one property you should have  well under 30 transactions a year.  (12 rents, a few minor, 12 mortgage, a few misc.)

Originally posted by @Patrice Penda :

@Steven Lewis

I'd just use excel for tracking all expenses and income related to that property.

For getting paid, you could use PayPal to make payment requests.

You could set reminders in your phone to remind you to send out those reminders. 

Just keep it simple

I recommend Cozy.co for collecting rents. PayPal charges you a hefty fee whereas Cozy.co is free for you and for the tenants if they choose to send the money from their bank account. If the tenants choose to charge their rent on a credit card, they are charged the credit card fees not you. 

And I agree that tracking expenses for a small number of units is easily done without purchasing expensive property management software. We have 3 units that are fully furnished including dishes, flatware, etc.  The fact that they are fully furnished means we've got ongoing expenses replacing furnishings. I still find it pretty easy to track income & expenses by unit in my personal financial software (Quicken). 

@Steven Lewis if you have one unit and are struggling to collect rent, software won't help you! What you really need is a better tenant. You can fix that by replacing the current one or by enforcing your policies and procedures, if you have them.

What does your lease say about late rent? Are you enforcing late fees, notices, and filing for eviction? If you have a solid process and enforce it, bad tenants will either straighten up or get the boot. They typically only remain bad if you allow them to remain bad.

I don't recommend software until you have at least 20 units and you can identify ways software can help you.

Create Lasting Wealth Through Real Estate

Join the millions of people achieving financial freedom through the power of real estate investing

Start here