Best Software To Track Multi Family Investments
Looking for some advice on what everyone uses to account/track their multi family investments. I have been using spreadsheets to keep track of rent roll, expenses, bank account etc and it has worked fine but the business will grow and this may no longer be efficient. Someone recommended Quickbooks PRO but his may be overkill. Looking for something specific to the industry...thanks
PS. I do have a property mgmt company so I really just need the software to keep track of rent rolls, expenses, ROR, bank account balance...etc
We are looking to put in tenant management later on into the website for our higher levels of access.
What features are you looking for specifically?
Basic features such as tenant rent payments (accounts receivable) and keeping track of expenses and bank balances. With more units being purchased in the future, this will be more time consuming with my spreadsheets.
So this is what I was thinking.
Renter fills form out on the net, it gets put into your account, you keep track of the rent, etc.
Our system sends out an email invoice to the renter automatically.
System will keep track of who is late, who is on time. you would need to log into your account and update system.
We would keep a general ledger, but it would not be tied to a bank account. It is for simple tenant management.
Thanks Chet. Can you elaborate on why the institutional investors feel this way? What is the logic?
This was just anecdotal info that a broker that does all MFH mentioned to me, not anything specific.. sorry.
So far for this year, our condos/apartments are bringing in more than our single families. We had a roofing repair and air conditioner expense that has pulled our numbers down for SFH.