We often hear in the podcasts folks with large portfolios using property management software to offload on bookkeeping and admin tasks. How about packages for 1-5 units? Is there anything out there affordable for that small of a portfolio? I'd really just love to get paid online and do all my bookkeeping.
For smaller portfolios I would check out Buildium or Appfolio (fair warning, there salespeople are super annoying).
@Jean Leite, I am glad that you brought this up, as I had the same question. I'd love to hear if anyone has used the Property Manager app. It's only $29.95, and it would be great to have all of that on the iPad.
I started using Buildium when I had 8 units. My search stemmed from the desire to get paid online and find a software that would allow me to scale my business. I am very happy with it.
I'm not sure how worthwhile it would be for less than 5 units. Costs just went up to $40/mo for 1-25 units and the accounting function isn't "amazing". Plus, there is a $100 set up fee for setting up electronic payments. I snooped around with SparkRent, perhaps that is a better route for you. Good Luck!
Fantastic, thank you everyone! I'll definitely check them out and come back with feedback!
Has anyone found a complete software program for buy and hold or buy and flip investors? From what I've found most packages are either evaluating an investment property or managing it. I've not found one that covers acquisition, repairs then sale or management. If anyone knows of something like this please let me know. If not, would there be a market for such a package?
What am I missing here? What is the advantage of these big expensive packages when Quickbooks works really well?
Randy Beadles - QuickBooks should work just fine for buy -- flip and/or hold.
-- For flips you can track your and your subcontractors estimates to money you spend, construction loans, investors funds, interest, if they were reinvested and more.... you can track acquisitions, repairs ....
-- For rentals, you can get a rent roll, A/R, work orders, security deposits to name a few and more...
All you need a system and process to use any software.
Steve Might - few I can think of: -- The terms Customers vs Tenants -- post to booking sites
I would certainly like to learn more.
What software did you decide to go with?
Originally posted by @Daira Vargas :
What software did you decide to go with?
Hi Daira. I've downloaded quickbooks but honestly need some mentoring. Hope to try one of the free versions online (spark rent) to see if it helps out. I've only got one property so I just need to learn the bookkeeping ropes before signing up for something costly.
Gotcha. I'm right there with you. I don't have a property yet, but I'm looking at a bank-owned one now.
I've read all of the threads/posts about real estate management and accounting software. It seems that these software programs and online applications seem to lack in one area or another, I.e. analytics, accounting, customer service, etc.
I called Truerent.com, but recording said to send an email. I called Propertyware and was referred to a box to leave voicemail. I have 18 years of customer and technical support experience (it's what I do during my day job), so I like to call different companies to see what their support is like.
I was interested in the owner & tenant portals, my own website, online marketing, online payments, and include the accounting as well, etc.
I was really hoping to find a company that I can grow with.
Is there an all-in-one solution? I'm going to investigate some more companies mentioned.
Thanks Jean for the update! I will check out spark rent.
FYI...just visted Spark Rent's site and this is what's posted:
SparkRent is not currently accepting new landlord accounts at this time. Please check back again soon for more information.
Moving on to check out others...
@Jean Leite In the RE Rewind eBook from bigger pockets, Chapter 2 writers (Michael Sherwood and Charles Cromwell) mention that they use RenTechDirect. It is free for landlords to use up to 25 doors.
Has anyone had experience using this online product? The video demos seem to look very interesting.
I use wave accounting for my accounting stuff... completely free and online. That said, I have a property management company so they track my leases and accounts due, etc...
The program isn't perfect (doesn't have sub-accounts) so sometimes you have to export to excel and do a bit of playing to group things together but for free accounting software it gets the job done well and I love that it's web based.
Thanks a million everyone. I had never heard of wave accounting and they're amazing! Power of BiggerPockets!!
@Daira Vargas undefined - I will go for a combination of RentTec & Wave Accounting.
best of luck to you!
@Jean Leite Thanks for letting us know! :) Wishing you well on your endeavors!
I use the free side of rentec and like it.
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