who else uses Baselane?

Question

I have 4 rental homes. Just started getting serious and diving in full time doing real estate investing. I came across Baselane to scale my rental properties. I am looking for a good software or website that can show me an accurate accounting of cash flow/profits, and money coming in and out. Do you have any recommendations?

Garrett Ramela · Answer

I’ve been using Baselane for roughly three years now and think it’s great! If you’re looking to get off Excel and don’t want to pay a bunch of money for a tool like Buildium, it’s great! I have three addresses with 12 units and it handles everything well! I’m happy to even hop on the phone with you and give you a walk through if it makes sense. You can also join the Baselane User Group on Facebook to get more insights.

Diyan Yap · Answer

Baseline is good for banking + tenant-rent management + simple bookkeeping. My DIY clients like it, easy to use and user friendly.BUT Its not full capacity as accounting software, it does not use a double-entry system, which can help in balancing an account.

Jamie Banks · Answer

I've been using Baselane for my portfolio of owned, arbitraged, and managed properties. It's the perfect software for landlord banking and bookkeeping. Reports can be generated for the software showing the cash flow for each property, two properties, or your whole portfolio. There's other statements you can pull as well and even a tax package to pull for your CPA. @Andrew Dasso How is your experience going using Baselane?

Andrew Dasso · Answer

There is also Avail - used them for 2 year- Just switched to Baselane though- so far so good. How has your experience been?

Mike Levene · Answer

I jumped around between a few different platforms and ultimately ended up with Baselane. They make it so easy to separate the financials for each property and have great analytics around cash flow, profit, etc. that you can customize to your needs. If you're still using excel spreadsheets, Baselane is a huge upgrade and for little to no cost.

Wale Lawal · Answer

@Ghizal MiriReal estate investors can use various software to track income, expenses, and cash flow for rental properties. Stessa is user-friendly for small portfolios but lacks property management features. Buildium offers full-suite property management with customizable reports, tenant management, and online rent collection. AppFolio offers online rent collection and detailed financial reporting. Rentec Direct offers advanced accounting features. QuickBooks for Real Estate is versatile but not tenant management. Property Matrix is suitable for larger portfolios.Good luck!

Max Emory · Answer

Hey @Ghizal Miri, it looks like you've gotten some great feedback for Baselane. I don't have any experience with Baselane so I'm not sure how scalable it is as your portfolio grows. It sounds like a great option for people who want to do their own bookkeeping.I'll just offer that wWe use QuickBooks Online exclusively for all of our REI Clients. I use it for my personal portfolio as well. We've found it has superior reporting features, integration features, and is overall more efficient to work within than other REI-specific software. The downside is QBO is not set up for REI so if you ever were to go that route, you'll need to do that or work with an expert to ensure it is set up for your business appropriately. If you want to discuss any of this further, I'm happy to answer your questions. Best of luck!

Bonnie Low · Answer

I agree with Garrett. It wasn't difficult at all to make the switch the Baselane. It was pretty easy to import past transactions and get myself caught up. I was previously using a bookkeeper and she used Quickbooks, which was too much for me to manage myself and it was costing me a fortune to have her do it for me. I was a little hesitant to make the transition because I was worried it would be chaotic, but it was pretty much seamless.

Bonnie Low · Answer

Hi, Ghizal. I have a combination of LTR, MTR and one STR and I use Baselane for all my properties. I have used a variety of methods over the years but have settled on Baselane. I just think it's a great platform specifically for real estate investing. The UI is great and it's very intuitive. It's easy to have accounts set up for each property as well as sub-accounts for things like security deposits. I love the virtual credit cards option, too. I just find that it's making it so easy to categorize transactions and have it ready to go for tax season. It's a great option.

Sean O'Keefe · Answer

Buildium