Flipper · Grosse Pointe, MI · Member since 2017 · 9 posts · 1 vote
Is anyone using Buildium to do all of the finances for their properties? It appears that it can do this, but I would think it's difficult to do it efficiently.
Lender · New York City, NY · Member since 2017 · 194 posts · 56 votes
9y
@Kevin Q. If you are looking to self manage, property management definitely makes things easier to keep track of income and expenses as well as having a means of keeping track of events and tenant info.
That being said, it is absolutely necessary to have it - the answer is no. I've befriended and worked with multi-family & commercial real estate owners who have amassed rental units in the thousands and they still utilize spreadsheets and bookkeeping software. Maybe not the most efficient, but obviously effective for their needs.
As far as conventional multifamily lenders are concerned, they will mainly request a 2 year operating history with year to date info included (if it's past the first quarter) and of course the current rent/lease roll. A summary of income and expenses into specific categories is sufficient for them to to their analysis.
Rental Property Investor · Austin, TX · Member since 2017 · 254 posts · 265 votes
9y
Are you talking about true MF and not duplexes fourplexes and other SF?
If so then multifamily management software is completely worth it and kind of needed. Spreadsheets are not nearly as easy or robust and sophisticated buyers and lenders really do prefer it for what that's worth to you.
Lender · New York City, NY · Member since 2017 · 194 posts · 56 votes
9y
@Kevin Q. If you are looking to self manage, property management definitely makes things easier to keep track of income and expenses as well as having a means of keeping track of events and tenant info.
That being said, it is absolutely necessary to have it - the answer is no. I've befriended and worked with multi-family & commercial real estate owners who have amassed rental units in the thousands and they still utilize spreadsheets and bookkeeping software. Maybe not the most efficient, but obviously effective for their needs.
As far as conventional multifamily lenders are concerned, they will mainly request a 2 year operating history with year to date info included (if it's past the first quarter) and of course the current rent/lease roll. A summary of income and expenses into specific categories is sufficient for them to to their analysis.
Flipper · Grosse Pointe, MI · Member since 2017 · 9 posts · 1 vote
9y
Thanks Joe! I am am looking at self managing until it becomes too large to do so. When I look at scaling this business, I feel like the more efficient the processes are, the easier I can do this. I have to also weigh this with the time it would take to track all the financial stuff in Buildium.
Lender · New York City, NY · Member since 2017 · 194 posts · 56 votes
9y
@Kevin Q. - I wish you the best in building your real estate empire. Efficient is good. However, at a certain level you will decide to hire a property management company or you will decide to ramp up your self management and develop your own property management company for your properties. If it's the former option, then the company you hire should have their own method/software to provide you with in-depth reporting.
Specialist · Scottsdale, AZ · Member since 2011 · 32 posts · 15 votes
9y
I used Buildium for my 50 unit property that I self managed. Best product on the market. Buildium has many tools that allow you to efficiently keep track of numbers, lease end dates and reports. My CPA also loved the year end reports. When I sold the property it was very easy to print off financials and vendor lists for the buyer. Highly recommend.
Vendor · Houston, TX · Member since 2016 · 5 posts · 3 votes
9y
Yes, I have used Buildium with a client and have been impressed with the reporting functions. Although most of my multifamily bookkeeping clients use ResMan. Good luck!