Just got off the phone with Buildium. It looks pretty good. But to show you guys what a tight fisted landlord I am here is how I process it; I have 200 units and Buildium will charge me $250 per month or
$3,000 per year. A $3,000 annual drop in NOI at, say, a 7% cap rate = a $43,000 (rounded) drop in net worth.
Innago is a free to me, rent collection service and their software looks pretty slick. I am only interested in the rent collection feature since I already have a great way of keeping my books. But Innago does not have a way to collect cash, checks or money orders. Crap.
I am going to see if I can set up my own CashPay system for those hand full of tenants can not/will not use an online payment system. I doubt I will be successful at it but I need to look into it. From an accounting perspective half my job is keeping expenses down.
BTW, what I have been doing for a long time is having everyone deposit their rents in my accounts at local banks. It works but is not great. There is a ongoing hassle of having log into the banks and tabulating who has paid and who has not, and moving everything over to a spread sheet at the end of each month. The good thing is the managers never touch the money and if a manager hits the road in the middle of the night it does not stop the flow of rental income and I don’t have to fly across the country it see if someone dropped off a check in a drop box.