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Rental Property Software ?
Old 12-27-2012, 04:07 PM   #1
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Rental Property Software ?

Does anyone have experience using rental property software? We own 3 rentals and are trying to get rid of a few filing cabinets and clutter. We use turbotax but have never used any financial or business software.
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Old 12-27-2012, 05:57 PM   #2
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Quicken has some software in one of their pricier versions that has rental property software. Never tried it as I have just one property and that is easily handled through a standard quicken version.
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Old 12-27-2012, 06:54 PM   #3
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Originally Posted by Gatordoc50 View Post
Does anyone have experience using rental property software? We own 3 rentals and are trying to get rid of a few filing cabinets and clutter. We use turbotax but have never used any financial or business software.
You're probably already using more than enough.

Quicken is a cheap way to track the numbers and import them into TurboTax. If you really get into it you could take a look at Frank Gallinelli's rental real estate software. It's a good analysis tool but it's certainly not needed for day-to-day management:
RealData, Inc.

You might also want to take your question over to Arbelspy at MrMoneyMustache: http://www.mrmoneymustache.com/forum/index.php

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Old 12-27-2012, 08:39 PM   #4
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Originally Posted by Nords
You're probably already using more than enough.

Quicken is a cheap way to track the numbers and import them into TurboTax. If you really get into it you could take a look at Frank Gallinelli's rental real estate software. It's a good analysis tool but it's certainly not needed for day-to-day management:
RealData, Inc.

You might also want to take your question over to Arbelspy at MrMoneyMustache: http://www.mrmoneymustache.com/forum/index.php

Hey, vBulletin-- bite me.
Will do. Thanks.
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Old 12-28-2012, 01:20 PM   #5
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I use the Quicken Rental Property Manager software and own 7 rental properties. It works well for me even though there are a couple quirks.

I am a Realtor so I was willing to buy it because this version also tracks my business expenses. It is easy to apply expenses to each property or my business through my checkbooks or credit cards. The one goofy thing is how rents come in from my bank. I have to have my bank enter them as individual deposits and then manually match those deposits to my clients monthly rent. It works but it really should be more automated.

The reports are simple but perfect for what I need.

The only thing I'd question is whether it's worth the $150 for just 3 properties. Since I run my own real estate business I can write it off.
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Old 12-28-2012, 04:18 PM   #6
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I use the Quicken Rental Property Manager software and own 7 rental properties. It works well for me even though there are a couple quirks.

I am a Realtor so I was willing to buy it because this version also tracks my business expenses. It is easy to apply expenses to each property or my business through my checkbooks or credit cards. The one goofy thing is how rents come in from my bank. I have to have my bank enter them as individual deposits and then manually match those deposits to my clients monthly rent. It works but it really should be more automated.

The reports are simple but perfect for what I need.

The only thing I'd question is whether it's worth the $150 for just 3 properties. Since I run my own real estate business I can write it off.
They have some good bundles right now for turbotax and quicken home and business. I wonder if I can upgrade to rental property from home and business.
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Old 12-28-2012, 05:15 PM   #7
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Originally Posted by Fishingmn View Post
I use the Quicken Rental Property Manager software and own 7 rental properties. It works well for me even though there are a couple quirks.

I am a Realtor so I was willing to buy it because this version also tracks my business expenses. It is easy to apply expenses to each property or my business through my checkbooks or credit cards. The one goofy thing is how rents come in from my bank. I have to have my bank enter them as individual deposits and then manually match those deposits to my clients monthly rent. It works but it really should be more automated.

The reports are simple but perfect for what I need.

The only thing I'd question is whether it's worth the $150 for just 3 properties. Since I run my own real estate business I can write it off.
I too own rentals and never found a software that could really work so I continue to use excel. How do you record your monthly mortgage payment to separate interest and principal? Do you track repair and maintenance costs separately for each property? I have 24 SFs and tracking separately is very burdensome. Next year I plan to allocate equally to each property we work on for the month. Does anybody see a problem with this approach?
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Old 12-29-2012, 11:39 AM   #8
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Letj - I actually don't have loans on my units so I can't answer the interest/principle question.

I do track repair costs separately - basically, once you set up each property then they are on a drop down to tag any expense that comes through. So for example, if I have a credit card expense at Home Depot I can easily tag it to the correct property. You can also split an expense across multiple properties if your trip to HD included items for multiple locations.

Hope that helps.
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Old 01-22-2013, 06:37 PM   #9
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I too own rentals and never found a software that could really work so I continue to use excel. How do you record your monthly mortgage payment to separate interest and principal? Do you track repair and maintenance costs separately for each property? I have 24 SFs and tracking separately is very burdensome. Next year I plan to allocate equally to each property we work on for the month. Does anybody see a problem with this approach?
Yeah I usually ended up sticking with excel. Recently I started using landlordsdelight.com, it seems like it's just enough for me.
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