Managing real estate finances as I expand to multi-unit

[Mehdi Haider]

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!

[Vicki X.]

Quote from @Mehdi Haider:

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!

 @Mehdi Haider Go through the list below and request a few demos. I'm not aware of any platform that does all (accounting is a missing piece for most) and gives you high interest rate at the same time. I personally have several checking accounts for operations, and an online savings to park the money and earn more interest. 

• Listing and leasing: Zillow, Tenant Turner, and others (I said “Others” as many platforms can no longer list on Zillow timely and effectively)
• PM software (lease and esign, rent collection, maintenance etc.): Azibo, Avail, Innago, Apartments.com, Hemlane, Turbotenant, Rentredi, Tenant Cloud, eRentpayment, Zillow
• Rental accounting tool: Azibo, Stessa, REIHub, Quickbooks (not specifically for rentals and pricier though)
• Rental banking: Azibo, Stessa
• move-in/move-out inspection: Rentcheck
  
  
• Hope it helps! Happy to share more details.