Buildium to do entire financials for properties

[Kevin Q.]

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. 

[Joe Hughis]

@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.