Are you a landlord looking for a comprehensive banking and bookkeeping solution to simplify property management? Baselane might be the answer you’ve been searching for. Whether you’re managing a single property or running a full-time landlord business, staying on top of income, expenses, and tenant payments is crucial for tax filings and maximizing deductions. Baselane offers a free platform that helps you track finances, get paid on time, and even earn rewards.
Gone are the days of manual processes using spreadsheets or juggling multiple software subscriptions. Baselane is an all-in-one financial system designed specifically for independent landlords like you. It streamlines real estate financial management with its suite of tools, allowing you to automate tasks and save precious time. Now you can focus on vetting new tenants or exploring new investment opportunities while Baselane takes care of the rest.
In this Baselane review, we’ll look into how the platform works, its pros and cons, and highlight its best features. Discover how Baselane can revolutionize your property management and empower you to effectively grow your investment portfolios.
What Is Baselane?
Baselane, a fully integrated financial solution tailored for landlords, aims to revolutionize the rental management space. With its array of free products, including bookkeeping apps, rental collection options, and free business checking and banking, Baselane offers a comprehensive suite of tools to simplify and streamline the financial aspects of property management.
Founded in 2020, the company has rapidly grown its customer base, serving landlords across all 50 states in the U.S. What sets Baselane apart is its commitment to providing a full range of financial products, including loans for landlords and landlord insurance, seamlessly integrated into the platform.
Unlike traditional landlord management platforms that primarily focus on tenant screening and applicant tracking, Baselane takes a more holistic approach. It functions as a mobile bank, offering essential banking services while also providing robust bookkeeping and analytics features to help landlords gain a deeper understanding of their businesses.
With Baselane, landlords can enjoy the convenience of a centralized platform that combines banking, bookkeeping, analytics, and financial products.
1. Comprehensive Account Management
Baselane Banking allows you to create multiple banking accounts on a single platform, enabling you to track expenses and manage cash flow for different properties, units, or business entities like LLCs and corporations.
2. Automated Bookkeeping and Reporting
Baselane Banking simplifies bookkeeping by automatically tagging transactions to specific properties or units, and smart categorization facilitates generating reports for tax purposes, saving you time and effort.
3. High-Yield Interest and Cash Back Rewards
Baselane Banking offers a high-yield interest rate on all deposits, including security deposits, maximizing your returns. Additionally, the Baselane Debit Card provides up to 5% cash back on home improvement expenses and 1% cash back on other debit card transactions.
4. Free and transparent pricing
Baselane Banking is completely free, with no hidden fees, making it a cost-effective solution for landlords. Enjoy fee-free cash withdrawals and transfers, and no minimum deposit requirements.
5. Online Rent Collection
Baselane simplifies rent collection with its secure and free online rent collection feature, allowing landlords to have rent deposited into any account, even external ones.
6. Cash Flow Statement
Landlords can benefit from Baselane’s Cash Flow Statement, which is exportable and inclusive of revenue, operating expenses, net operating income, and net cash flow, with plans to add the Income Statement and Schedule E report in the future.
7. Loans Designed for Landlords
Baselane’s marketplace offers real estate investment loans through a partnership with private lender Lendency, catering to landlords looking to purchase, refinance, or rehab investment properties.
8. Dashboards showing rental performance
Baselane provides detailed insights into cash flow and property valuations, with plans to include additional metrics like cash on cash return and other landlord-specific performance indicators.
Baselane offers a range of free features to landlords, including checking, rent collection, and analytics. However, certain offerings from Baselane’s partners, such as loans from Lendency and insurance from Obie, come with their own costs.
Baselane Review: The Pros & Cons
- Comprehensive range of free services, including checking, bookkeeping, rent collection, and performance analytics, benefiting landlords.
- Utilization of third-party integrations in the bookkeeping app ensures the safety and security of funds.
- Tailored loans and insurance options specifically designed for landlords, providing additional financial support.
- Competitive high APY on deposits, allowing landlords to earn more on their funds.
- Flexibility in accepting multiple payment methods, accommodating diverse tenant preferences.
- Beneficial partnerships with lending and insurance companies, expanding financial opportunities for landlords.
- Transitioning tenants to the new payment platform may pose initial challenges.
- Limitations exist on high-interest cash-back rewards, potentially impacting overall benefits.
- The free services may be subject to change in the future.
- Debit card processing fees may be applicable to tenants.
If Baseline doesn’t align with your individual preferences, don’t worry, there are alternative options available. If you’re in search of new investment properties, consider using Deal Check. This comprehensive tool will assist you in finding the perfect property based on your goals. To learn more, check out this Deal Check review.
For those seeking a more hands-off approach to investment real estate, Doorvest might be the ideal solution. Doorvest not only evaluates income-producing properties on your behalf but also manages them for you. To discover more about this time-saving platform, read this Doorvest review.
If you already own investment properties and simply need software to streamline your management process, Tellus is an excellent alternative to Baselane. Tellus is a comprehensive rental property management tool designed to simplify your operations. To find out more about Tellus, take a look at this Tellus review.
Baselane offers a comprehensive banking and bookkeeping solution tailored specifically for landlords. With its wide range of features, including virtual accounts, automated bookkeeping, integrated rent collection, and high-yield interest, Baselane provides a streamlined and efficient way to manage your rental properties.
If you’re a landlord seeking a convenient and effective solution to manage your rental properties, Baselane is definitely worth considering. Take advantage of its comprehensive features and see how it can enhance your real estate portfolio. Click Here to get started with Baselane today and take control of your rental property finances with ease.