Skip to content
×
Pro Members Get Full Access
Succeed in real estate investing with proven toolkits that have helped thousands of aspiring and existing investors achieve financial freedom.
$0 TODAY
$32.50/month, billed annually after your 7-day trial.
Cancel anytime
Find the right properties and ace your analysis
Market Finder with key investor metrics for all US markets, plus a list of recommended markets.
Deal Finder with investor-focused filters and notifications for new properties
Unlimited access to 9+ rental analysis calculators and rent estimator tools
Off-market deal finding software from Invelo ($638 value)
Supercharge your network
Pro profile badge
Pro exclusive community forums and threads
Build your landlord command center
All-in-one property management software from RentRedi ($240 value)
Portfolio monitoring and accounting from Stessa
Lawyer-approved lease agreement packages for all 50-states ($4,950 value) *annual subscribers only
Shortcut the learning curve
Live Q&A sessions with experts
Webinar replay archive
50% off investing courses ($290 value)
Already a Pro Member? Sign in here
Short-Term & Vacation Rental Discussions

User Stats

4
Posts
1
Votes
Joshua Burgeson
1
Votes |
4
Posts

Advise for Banking / Accounting for STR Management Company

Joshua Burgeson
Posted Jul 10 2024, 12:30

Hello! Does anyone have any suggestions for banking and/or accounting solutions specific for STR management companies?
Would love to know how others in this space have their banking setup (specifically for trust accounting). 

I am looking at Baselane but unsure if that would work well as a PM versus an individual landlord that owns all of their properties. 

Context:
*For my business - I had initially setup a profit-first system w/ multiple bank accounts at my local credit union
*For the properties under management -  I setup two trust accounts (rents and deposits) with Chase. 

I also have a local bookkeeper, QBO, Bill.com & generate owner statements in OwnerRez.

We currently have 23 properties under management and am utilizing trust accounting to the best of my abilities (although we are not required to in our state) but everything is really inefficient when it comes time to do monthly reconciliation and distributions. Looking for a better solution to simplify expense tracking and work with a better banking product that can handle both my business operating account and the trust accounts so I can streamline better. 

Thanks!

Loading replies...