Baselane Banking: Review

Baselane Banking is a comprehensive real estate banking platform designed specifically for real estate landlords and investors. While it’s not a bank itself, Baselane has partnered with Thread Bank to offer specialized banking accounts with Baselane Banking. Here’s what you need to know:

Key Features:

1. Free Landlord Software: Baselane provides a suite of features for rental property finances, including banking, bookkeeping, rent collection, and leases through RocketLawyer. Baselane is currently working to add built-in communication to communicate with your tenants.
2. Free Banking: Built for landlords and real estate investors, Baselane Banking offers instant account opening for individuals and businesses, no minimum balance requirements, and no monthly service fees! You can create multiple accounts to separate your finances by property and additional virtual accounts for security deposits, savings, rehab funds, and more!
3. Free ATM Withdrawals: There are 55,000+ Allpoint ATMs that are free for withdrawals. You can find the closest Allpoint ATM here.
4. Dedicated Accounts: You can create multiple accounts to separate your finances by property. This makes it much easier to track expenses and income by property. You can also create additional virtual accounts for security deposits, savings, rehab funds, and more!
5. High APY: Earn up to 4.19% Annual Percentage Yield (APY) on all balances in Baselane Banking! This is 60x the national average!
6. Cash Back: Get up to 5% cash back on debit card purchases.
7. Automated Rent Collection: No more checks, Venmo or Zelle required to get rent payments! Rent collection can be done via ACH transfers or by card and sent directly into your Baselane bank account. 
8. Bookkeeping Made Easy: Categorize transactions by property and simplify tax preparation with generated tax reports including Schedule E reports. Additionally, the software can track expenses with the ability to upload receipts.
9. Powerful Reporting & Analytics: Track cash flow, net operating income, and profit and loss in real-time!

Baselane Banking offers a ton of features for landlords. While other companies may offer some of these features, Baselane is building the true all-in-one platform for landlords. With independent landlords and real estate investors in mind, Baselane has successfully created a solution to make managing rentals easier!

Additionally, Baselane Banking is not only designed for landlords and real estate investors, but also vacation rental hosts! 

Hosts can have multiple properties, so Baselane’s virtual accounts feature is crucial for smart financial management. Short-term rentals inherently have more transactions than a traditional long-term rental since a host can have multiple bookings in a month which will pay the host for each individual booking. Hosts also have more expenses to pay for maintenance and cleanings between bookings. Having a built-in bookkeeping tool keeps hosts organized to evaluate performance and to make tax time easy.

Big Takeaways:

• User-Friendly: Baselane’s intuitive platform streamlines property management tasks such as rent collection, bookkeeping, and reporting.
• Free: No fees!
• High APY: Earn competitive interest on your balances – depends on your balance and rates offered at that time.
• Simplified Rent Collection: Accept rent payments via ACH or card.
• Lending & Insurance Partnerships: Access these additional services through Baselane’s partnerships.
• Consistent Updates: Baselane continues to add features to its platform!
• Digital Banking: There are no retail locations to go in-person for your banking needs.
• Rental Listing Syndication: Baselane does not offer a solution to advertising your rentals. Baselane is focused on the banking platform aspect with tools to empower landlords and real estate investors through the built-in tech and partnerships. You can use other rental listing syndications and most services are free!
• Fees for Renters: While ACH transfers for rent payment are free, tenants would pay a small processing fee of 2.99% for payments made with debit or credit cards.

If you’re a landlord or real estate investor looking to simplify your rental portfolio finances with an all-in-one solution, Baselane Banking is worth considering. With its banking features and tailored services available for landlords and investors, it’s hard to deny that Baselane is simply amazing.