Bookkeeping and Operations
Hello! I am currently working on finding first deal; I have a team set up for a market in GA. We have been submitting about one offer per week this past month but no luck yet on getting one accepted. My goal is to close on one this year.
In the meantime, I set up my bank account via Base lane through PRO membership. Do investors find this software as a reliable long term solution or should I consider going to QuickBooks sooner than later?
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If you are working on your first few deals you don't have to immediately jump into software, excel and attention to detail will get you by. I do not have any experience with Base Lane but do have a lot with other software programs. After a couple of decades of real estate investing I landed on Quickbooks as it is the most commonly accepted by accountants come tax time. If you can try a software for a few months without being locked in that is better than committing to a year subscription then realizing that it wont do all that you need.
In the beginning I tried Quickbooks and found it to be pretty daunting and went to excel spreadsheets, which got me by for many years. I tried Quicken Property Manager (no longer available) which was better and then Quicken Business which was only OK and my accountant could not work with the files easily.
As my real estate journey got more complex I ended back up with Quickbooks Online and really had to spend the time to figure out how to set it up correctly. We did land flips, fix/flips, long term rentals, owner finance deals and all the software had limitations with how they handled these situations.