Financial Software for Investors

Member since 2018 · 1 post · 2 votes

Just getting started at building my portfolio. I have an LLC to use to purchase Long-Term Rentals. What software/platform is best for managing finances for investors? I know Quickbooks is the 800lb gorilla in the space, but I was hoping for something more focused on landlording. Bonus if it's cheaper than Quickbooks. TIA!

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Chris SeveneyBusiness Member

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Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes

Quote from @Tim Hart:

Who is your accountant and what do they use? That is something you want to consider as well.

7e investments53 Reviews

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Max Emory
Accountant · 100% Remote · Member since 2019 · 495 posts · 216 votes
1y
Hey @Tim Hart, we use QuickBooks Online for all of our Clients and I use it for myself as well (including my REI activities). Some people like Xero because it's cheaper than QBO but it's just a general accounting software like QBO (not REI-specific).
So, for QBO and Xero, you really need a professional to set it up correctly for you and teach you how to run it or a course that teaches you (we actually have one).
Alternatives that are REI-specific -> Buildium, Appfolio (over 50 units), REI Hub, Stessa
There are plenty of others but I'd say these are worth checking out.
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Chris SeveneyBusiness Member
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Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
1y
Quote from @Tim Hart:

Just getting started at building my portfolio. I have an LLC to use to purchase Long-Term Rentals. What software/platform is best for managing finances for investors? I know Quickbooks is the 800lb gorilla in the space, but I was hoping for something more focused on landlording. Bonus if it's cheaper than Quickbooks. TIA!

Who is your accountant and what do they use? That is something you want to consider as well.
7e investments53 Reviews
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Max Emory
Accountant · 100% Remote · Member since 2019 · 495 posts · 216 votes
1y
@Chris Seveney, this is another reason we recommend QBO. Any tax pro that exists is familiar with QBO unless they're still working with pen and paper.
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Don KonipolBusiness Member
Investor · The Woodlands TX / Avon, CT · Member since 2009 · 6k+ posts · 10k+ votes
1y
Quote from @Tim Hart:

Just getting started at building my portfolio. I have an LLC to use to purchase Long-Term Rentals. What software/platform is best for managing finances for investors? I know Quickbooks is the 800lb gorilla in the space, but I was hoping for something more focused on landlording. Bonus if it's cheaper than Quickbooks. TIA!
Quicken is $49.99 - $84.99 per year depending on the version and I use it and have about 40 different investment properties. Wave is a cloud platform that is not as detailed, but can be modified easily, and the basic version is free.
Private Mortgage Financing Partners, LLC
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Jason MalabuteBusiness Member
Accountant · Los Angeles, CA · Member since 2016 · 2k+ posts · 900 votes
1y
There are landlord-focused options out there like AppFolio and Buildium, but those are really designed (and priced) for people managing large portfolios or commercial buildings. For where you’re at right now, you probably don’t need that level of software. QuickBooks or Xero will get the job done at a fraction of the cost until your portfolio grows.
Malabute & Company CPAs525 Reviews
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