For LL's that manage their own properties-- what do you use to handle finances?

[Jade Davis]

Hi fellow BP'ers!

After much hemming and hawing about it, I decided that I would like to manage our first property on my own in the beginning rather than hire a property manager from the get-go. I want to at least know what goes into it and what I'm looking for from managing the property before I outsource that to some professionaly company.

But I started thinking... what does everyone use for finances? How do you let your tenants pay their rent (if they pay online) and what does that service cost you (if you use a service)? Do you use an excel sheet to keep track of all of your expenses, cash flow in and out etc. or an online service or a book keeper and again, what is the cost associated with your system? I am just trying to learn a bit about what everyone does so I can find my own system!!

Also, please share what type of property it is that you have so I know. And if you use a property manager/management company, please share how you feel about how they handle your finances. TIA!