Managing two NYC apartment buildings

Investor · Manhattan · Member since 2018 · 55 posts · 35 votes

Good morning.

I will be responsible for collecting rent and paying bills for two small apartment buildings. Are there any recommended platforms for collecting rents online? Also, what software do managers use to keep track of their P&Ls?

Sincerely,

Jonathan Beaumont

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Srinivasa Subramanian

Property Manager · Waterville ME · Member since 2020 · 43 posts · 39 votes

10mo

@Jonathan Beaumont

Could you share a bit more about how many units are in those apartment buildings?

If it’s just around 4 units or fewer, I honestly wouldn’t bother with a property management software. You can have tenants pay you directly via ACH and track everything in a simple Google Sheet.

For something around 10+ units, you can still manage with a spreadsheet, but I’d recommend adding QuickBooks with the Bill Pay option — it’s budget-friendly and adds a nice layer of functionality.

Once you’re managing 20+ units, that’s when I’d start looking into dedicated software like AppFolio, Buildium, or similar tools to streamline things further.

If you need help, I can show you the way how we are setup as well, If it help you give a perspective.

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Abel CurielBusiness Member
Real Estate Agent · Queens, NY · Member since 2016 · 2k+ posts · 1k+ votes
10mo
Quote from @Jonathan Beaumont:

Good morning.
I will be responsible for collecting rent and paying bills for two small apartment buildings. Are there any recommended platforms for collecting rents online? Also, what software do managers use to keep track of their P&Ls?
Sincerely,

Jonathan Beaumont

Hello Jonathan,
Have you checked out Hemlane?
Also, if you check out the "Manage Properties" section here on BiggerPockets, you'll find info on the Rent Redi and Baseline platforms.
All the best!
Abel
REbuild Team - eXp Realty5234 Reviews
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Srinivasa Subramanian
Property Manager · Waterville ME · Member since 2020 · 43 posts · 39 votes
10mo
@Jonathan Beaumont
Could you share a bit more about how many units are in those apartment buildings?

If it’s just around 4 units or fewer, I honestly wouldn’t bother with a property management software. You can have tenants pay you directly via ACH and track everything in a simple Google Sheet.

For something around 10+ units, you can still manage with a spreadsheet, but I’d recommend adding QuickBooks with the Bill Pay option — it’s budget-friendly and adds a nice layer of functionality.

Once you’re managing 20+ units, that’s when I’d start looking into dedicated software like AppFolio, Buildium, or similar tools to streamline things further.

If you need help, I can show you the way how we are setup as well, If it help you give a perspective.
1 Reply
Drew SygitBusiness Member
Property Manager · Royal Oak, MI · Member since 2012 · 12k+ posts · 9k+ votes
10mo
Doorloop, Hemlane, Innago, RentRedi, Stessa, Avail, Apartments.com, TenantCloud, TurboTenant, Buildium
[email protected]248-209-6824
Logical Property Management4.9451 Reviews
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Jonathan Beaumont
OP
Investor · Manhattan · Member since 2018 · 55 posts · 35 votes
10mo
@Srinivasa Subramanian
In total, it's going to be 3 units that I will collect from. I realized it's probably not worth getting a property manager. I do want to look for an easy way to collect rent. I would much rather collect through ACH; I do not like dealing with cash. I would love to see your setup.
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Srinivasa Subramanian
Property Manager · Waterville ME · Member since 2020 · 43 posts · 39 votes
10mo
@Jonathan Beaumont I'm good to show you our existing setup. You can text me at 207-477-5889 and we can schedule a time that works for you. I operate in Maine and work pretty much during the day eastern time.
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