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Guide on Tools to Run Your Real Estate Investment Business

Real estate investors are eager to meet the challenges of finding a property to buy, negotiating a good deal, budgeting and executing a fix-and-flip project, managing rentals, and marketing a property to tenants or buyers.

But when it comes to running the back office of a business, some investors may not have the experience or the resources to succeed right away. Learning how to coordinate tasks ranging from expense tracking to accounting to taxes to hiring and HR will allow investors to maximize their profit and eliminate waste, while also saving time.

The great news for investors is that tools are available to help in the endeavor or running a business. Many of the tools listed below are specifically designed for real estate investors; others are industry-leading solutions used by a variety of companies (including Lima One).

Investors can use the following business-building tools to help them improve their back office and ultimately improve their businesses’ bottom line.

Accounting and Bill Pay

Ramp

Ramp is an accounting solution that offers expense management, bill processing, and corporate card services customizable to your business. Lima One uses Ramp, and we’ve partnered with Ramp to provide an exclusive $1000 bonus for customers who start using Ramp. Get started and claim the exclusive offer here.

HR and Payroll

Gusto

Gusto helps companies manage human resources and payroll needs, both for full-time employees and contractors. Investors can set up an account with unlimited access and won’t pay until they run payroll. Learn more here.

Landlord Bookkeeping and Banking

Stessa

Stessa is a platform for landlords that handles a broad array of tasks, including back-office functions such as bookkeeping and rent collection. It also helps with tenant screening and rent collection, among other property management necessities. Notably, Stessa offers landlord banking with above-market APY interest rates to help increase a landlord’s profits. Click here to learn more here.

Expense Tracking

The Home Depot®

The Home Depot®’s free Pro Xtra™ loyalty program offers real estate investors savings that can increase their profit percentage on builds and rehabs. It also offers automatic purchase tracking that investors can use for bookkeeping and tax purposes. Plus, the program includes Text2Confirm purchase authorization that ensures investors approve any spend by others making runs to The Home Depot® on their behalf. Click here to get more information on the Pro Xtra™ program and how to enroll.

Tax Strategy

CSSI

CSSI offers cost segregation studies that examine how investors can maximize tax benefits on properties in their portfolios by taking advantage of accelerated depreciation. Click here to contact CSSI and see if your properties are good candidates for savings.

Ownwell

Ownwell helps real estate investors in seven states (Florida, Georgia, Texas, California, New York, Washington, and Illinois) save money on property taxes by contesting assessments. Investors can use this form to find out instantly whether properties are likely candidates for property tax savings, with no obligation and no upfront cost. Ownwell does all the work of contesting assessments and only charges a percentage of what they save property owners on successful appeals. Learn more here.

DISCLAIMER: This article contains affiliate links which enable us to share in the revenue from purchases made.