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Updated about 1 year ago,

User Stats

8
Posts
3
Votes
Mehdi Haider
  • Rental Property Investor
  • Chicago, IL
3
Votes |
8
Posts

Managing real estate finances as I expand to multi-unit

Mehdi Haider
  • Rental Property Investor
  • Chicago, IL
Posted

I am mulling options to see if this is a real problem for new or existing landlords today. I have a single property that I've started out with and for me to manage the costs I have a single account and an LLC. As I plan to increase my investment to another multi-unit property, I'll potentially invest 10-20% of my own savings, are there any free or really low cost banking or real estate management solutions that can help me do this, prefer one!

1. Accounts for each primary property 

2. Ability to get payments from renters

3. See your cashflow, mortgage, taxes, interest and expenses in one dashboard - basically be able to estimate my ROI and review something on a regular basis, plus for tax purposes, as I am trying to get the groove on taking pictures for each payment or doing this through the bank

4. Earn interest on my cash in the account automatically, most big banks don't pay you a dime

Most importantly, how do I verify tenants and check if they are good/credit score or otherwise as a new landlord myself?

Thank you Bigger pockets community!

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