Baselane Vs Stessa

[Tyler Koller]

I have a mix of long term rentals and short term rentals and I'm looking for something to help organize all of my expenses and more. I currently use apartments.co for screening and rent collection. It would be nice if one app had it all but I don't think any are there yet. I really like that Stessa and Baselane offer high earning interest accounts and physical debit cards and sounds like Stessa offers checks. The biggest issue with Stessa is that it sounded like they had very low transfer maximums(making it difficult to pay people) but it looks like they've improved a little bit on that. Baselane seams to be more normal for transfer/deposit limits and you can create multiple virtual accounts for each property. Stessa has an app, and some other lease and screening features too but there is a 16/month fee to unlock all of the features. Baselane has lease, screening, and rent collection features too but no app but it's free.

Has anyone had experience using either or both? I've been leaning towards Baselane but Stessa seams intriguing as well.

[Bonnie Low]

Quote from @Tyler Koller:

Quote from @Bonnie Low:

Hey, Tyler. I'm not a Stessa user, but I do use Baselane and I love it. You're right there that's not a single platform that does everything but I feel like Baselane comes close to it. I'm using the heck out of virtual accounts and virtual cards, which is helping keep my finances much more organized for each individual property. I also know that Baselane is continuing to evolve their app. You can't beat the price, either, or the interest rate on deposits. I don't personally care about checks anymore so that wasn't an important feature for me. 

I think I'm going to Start with Baselane. How is it for preparing taxes?

 Honestly, that is probably my #1 favorite feature. We've struggled with Quickbooks for the last several years (and before that I literally had a shoe box with receipts in it). I always found QB to be clunky, not user friendly and just kind of overkill. Because Baselane was created by real estate investors for real estate investors, it is tailored for doing your taxes as an REI. You can easily tag each transaction using categories that synch to your Schedule E for tax time. It's very easy to stay organized this way. My husband was paying our bookkeeper $450/month to do our books (for a small number of properties!!) I was able to eliminate that expense just by switching to baselane because I can do it myself now. Game changer.