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As a landlord, it can be hard to keep track of your real estate finances, especially if you use manual tools like Google Spreadsheets. But it's important to have a good, automated system in place so that you have more time to do things like screen tenants and look for new properties. Baselane comes in at this point.
Baselane is a complete financial system made just for landlords. It gives them an all-in-one solution for bookkeeping, collecting rent, banking, and more. Baselane makes it easier than ever to manage and grow your investment portfolios. It does this by adding new features and making sure they work well together.
What Is Baselane?
Baselane is a digital financial platform that was started in 2020 and has products for landlords that are both free and cost money. The company works with Blue Ridge Bank, N.A. to offer a full range of financial products to thousands of landlords in all 50 U.S. states.
Key Features - Baselane Reviews:
- Free Business Checking for Landlords
- Online Rent Collection
- Free Bookkeeping App for Landlords
- Cash Flow Statement
- Loans Designed for Landlords
- Dashboards Showing Rental Performance
- Free Business Checking for Landlords
Baselane has a free business checking account for landlords that is made just for them. The account has virtual accounts that make it easy for landlords to keep track of income and costs by property, handle security deposits, and make payments. The account also comes with a debit card that gives you 5% cash back and a competitive interest rate of 3.30% APY.
Online Rent Collection
Baselane makes it easy for landlords to collect rent online by giving them a system that is both safe and free. Landlords can have the rent sent to any account, even ones that aren't on Baselane. This is one of the best feature and baselane reviews.
Free Bookkeeping App for Landlords
The free bookkeeping app from Baselane is a game-changer for landlords who want to keep track of expenses, sort them into categories, and make a Schedule E when tax time comes around. Even though it doesn't automatically import a full account history for some types of accounts, it is a great tool for landlords who want to make managing their money easier.
- It's easy to connect to Baselane Banking or other bank accounts.
- Transactions are brought in automatically
- able to handle more than one property
- Sort your income and expenses by tax and property category.
- Make income statements for each property and for the whole portfolio.
- Cash flow should be looked at for each property and the whole portfolio.
- Data is available right away, and it's easy to search and sort.
- Create as many reports as you want.
- Reports can be sent out in CSV format
- Simplifies the way taxes are done.
Cash Flow Statement
Baselane gives landlords a cash flow statement that shows their income, their operating costs, their net operating income, and their net cash flow. The statement can be exported, and Baselane plans to add an income statement and a Schedule E report in the future.
Loans Designed for Landlords
Through a partnership with Lendency, a private lender, Baselane's marketplace lets people get loans to invest in real estate. The loans are based on a landlord's real estate portfolio instead of their W-2 income, which makes it easier to buy, refinance, or fix up investment properties.
Dashboards Showing Rental Performance
Baselane gives landlords a full picture of how their rentals are doing by giving them detailed information about cash flow and property values. In the future, the company plans to add metrics like cash on cash return and other metrics that are important to landlords.
Are there any fees for using Baselane?
Checking, collecting rent, and getting analytics from Baselane are all free. But loans from Baselane's partner, Lendency, have interest and fees that are spelled out in the loan agreement.
Discover the Benefits of Using Baselane
Baselane is a platform that lets landlords invite their tenants to join and take advantage of two key features. What Baselane has to offer:
Easy Rent Payments - For Free
If a landlord uses Baselane, he or she can make it easier for tenants to pay rent by inviting them to join. Renters can pay by bank transfer, debit card, or credit card and easily keep up with their payments. Baselane also works with Stripe and Plaid to keep your financial information safe and to make sure that payments are made safely.
Affordable Renters Insurance
Baselane has teamed up with Sure to offer its renters affordable rental insurance with the right level of coverage. Plans that protect you and your things start as low as $8 per month. If someone gets hurt in your home, renters insurance also limits your liability.
No Hidden Fees - Completely Free to Use
Baselane is free for both landlords and tenants to use. There are no monthly account fees, fees for keeping records, or fees for inactivity. Baselane banking also doesn't require a minimum deposit or balance. The platform makes money from its banking service by getting interest on account balances and fees from merchants when the Baselane Visa debit card is used. It also charges 2.99% if tenants pay their rent with a debit or credit card, and it gets kickbacks from its insurance and loan partners if it sends users to them.
Customer Support
Baselane can be reached at support@baselane.com or at 1-888-586-1618. Monday through Friday, from 9 a.m. to 5 p.m. EST, you can call customer service.
Baselane vs Competitors
Even though Baselane's competitors also make it easy to pay rent and keep track of tenants, Baselane has more banking features and rewards. You can automate rent collection with Avail and Hemlane, for example, but they don't have the banking features that Baselane does. But it's important to note that Baselane doesn't have a way to screen tenants or keep track of applicants. This isn't its main purpose, though. The goal of the platform is to make it easier for renters to pay and for landlords to run their businesses. As a bonus, the platform has a bank account that lets users earn rewards.
Final Verdict on Baselane Reviews
In conclusion, Baselane is the ultimate financial solution for independent landlords, providing an all-in-one solution that makes it easier to manage and grow your investment portfolios. With its innovative features, seamless integration, and competitive pricing, Baselane is an excellent choice for landlords who want to take control of their finances.
