All Forum Posts by: Melanie Lovejoy

Baselane is nice to have everything in one place - banking, bookkeeping, & screening/property management. 

I will say i think it is imperative when conducting screenings that you ALWAYS call references. Call a few landlords back - the most recent one may give a glowing review to get rid of the tenant, but older landlords will give you honest reviews. 

Another vote for Baselane - it's a great platform and nice that it has banking, bookkeeping, and rent collection all in one place

Congrats on the property and tenants! Landlording is an exciting (and sometimes tough) journey to embark on. 

My biggest piece of advice is the early you start treating it like a business, the faster and more smoothly you will be able to scale. 

I would highly recommend moving your tenants to a PM software where you can screen tenants, collect rent, etc. 

Using venmo/zelle/cash app can get dicey. I personally really like Baselane. Baselane can also be your banking platform, bookkeeping, and property management. It is extremely convenient to have them all in one.

That is unfortunate to hear about the tenant who is behind, but I think the post from John Morgan said it best. It can be easy to want to be compassionate, but I'd refer back to your lease and handle it asap. 

Interesting! I haven't ever heard of this but would automatically deny it until further discussions have been had. 

I have in my lease what forms of payment are acceptable. Do you have this included? 

Like others have mentioned there are platforms that help renters to build credit which is really great. Baselane has this feature at a super low cost and it can be paid for by either the tenant or landlord.

I use Baselane because it makes having multiple accounts super easy. I have 3 per property and find that to be the best way for me to take advantage of their high APY and also keep things super organized. Each property has two savings accounts - security deposit & reserves, and one checking - mortgage payments and utilities 

I know this is a very old thread but if anyone comes across it I wanted to add some additional thoughts that might be helpful. I went through a similar issue trying to open a business bank account in 2020 when everything was shut down and it was such a pain. More recently I discovered Baselane and have switched all my business banking to them. You are VERY easily able to open accounts remotely by just uploading your EIN doc and then once your biz account is open you can open additional accounts for things like holding your security deposits, reserves, etc. It is a great platform to use. 

Highly recommend looking into Baselane for your rentals. I swapped from CapitalOne to Baselane about 6 months ago and it's been highly beneficial to my little real estate biz. I have 3 accounts per property which helps me leverage APY on savings accounts, prevent funds from being comingled, and easily set up auto payments for things like mortgage payments and utilities. 

I am a semi-recent Baselane user and the only thing I regret is that I didn't find it sooner! I have been investing for 4 years and have tried both local and national banks and haven't had any experiences to write home about. I also happen to be a Turbotenant user so I am almost in the same situation. I had onboarded my tenants to TurboTenant not long before opening my accounts with Baselane, but Baselane does have a rent collection feature too which I may eventually move to. That said, TurboTenant and Baselane have worked together seamlessly for me. 

Baselane is extremely easy to use, built for investors specifically, and keeps adding more useful features. 10/10 highly recommend.

I live in Texas but invest in Oklahoma City and it meets a lot of your criteria!

I love the market there and have a phenomenal real estate agent who I work with. Let me know if you want to chat more about my experience there or connect with my agent!

We had the best luck with a local bank in the town that we invest in. 

Good luck!!