Property Management Software & Lease Agreements

[Denis Couture]

Hi, I'm in the process of considering making an offer on a multi-family property. If I purchase  it, can anyone recommend a good property management software to track expenses and rents and everything else needed to facilitate filing of taxes at the end of year?

Also general question of purchasing property with existing leases. Do current leases have to be honored when a property is purchased or can they be terminated and renewed?

thanks

Denis

[Anthony Chara]

Hi Denis, first and foremost, I am a very big proponent of hiring a good management company. Find one that uses AppFolio, RentManager, Buildium or Yardi. Any of these should help you with tracking your income and expenses. If you still want to manage the property yourself, the first 3 are all good, but may not be cost effective depending on how many units you're looking to purchase. I suggest you check out each ones website for pricing. Yardi is extremely expensive and isn't cost effective unless you own over a thousand units.