BiggerPockets

Mike,

Looks like no one here uses it or they do not care to comment.

Did you buy the software? If so I am interested in hearing more about your views on the product.

If you purchased something else that would be of interest also.

Without giving away private info just how many notes are you trying to manage? Are there all vanilla notes or do some have irregular payments?

John Corey

Mike,

Thanks for the reply.

I invest in the US and the UK. Assume I live in both and travel a bit.

The UK market is still pretty strong. More central and outer London than the country. Much of Britain has slowed or gone flat but not dramatically. It is almost hard to see the slow down unless you look closely.

No sub-prime issues on this side of the pond. Mostly because there is a tiny secondary market and a different process for funding mortgages. There is some sub-prime but no big speed bumps causing issues.

John Corey

I have been using NoteSmith for over a year. I'm not terribly mortgage-versed, which is why I purchased it. It is my understanding that many mortgage companies use it. I don't know about that, but I do know it makes my life easier.

Originally posted by Mike Mitchell

I'm looking into using Notesmith software to keep track of note payments, receivables, etc.. If you have some experience let me know.

I am a heavy user of notesmith and would be happy to answer questions. I track over a hundred notes, using several companies I own. I use the highest level of the software and also submit my tax reports using the electronic filing they offer. I print 1098's and 1099's as well. I have been using it for 7 years now. It is really good at what it does.

I track Mobile Home payments in it mostly, but also track personal notes, large purchases like Mobile Home Parks etc. It will track escrow accounts and keep you accounts in the legal limits as well. It tracks insurance, taxes, hoa or whatever. Though I do not use the function, it will track wraps, partial purchases, leases as well...

Hope this helps...

The 'Financial Calculator' will produce a complete Amortization Schedule based on the criteria you enter. It will give you the total dollar amount of payments expected, the total dollar amount of interest expected, and the total dollar amount of principal expected. It will break down the principal and interest for each month.

Originally posted by Mike Mitchell

Jim,
Does the basic notesmith software track the interest that is receivable? I'm not talking past tense here but future tense in terms of say a 50k note might have interest receivable over time of 3 times that amount perhaps.

Mike,
When you say basic, I am guessing your talking about the basic notesmith program as opposed tot he PRO version, and as to the differences I can not say. I use the PRO version, and it would track future and past interest. Notesmith as far more options than using something like a excel spreadsheet as I charge interest on the US Rule, Daily format. You can charge monthly, yearly, 360 day rule, 365 day rule, US Rule, Non US rule etc... you can track parts of deals, leases, sandwich deals with overlying debt etc... You can also track notes you own, which I do with any deal I buy that was financed by the owner.

I just recently purchased Notesmith Software. Im having troble using it. I contacted the Technical suport and all they told ma was to go over the manual. Do you have to read all the manual to better understand the software? I'm on the process of setting up all my notes. but Im getting confused with recording the partial payments and the principal payments only. Can someone advice.

Would anyone be interested, or know someone that would be interested, in helping me get up to speed with Notesmith? It would be greatly appreciated and well compensated. I would be up for webinar via go to meeting (or something similar) or onsite. I am located in Upstate SC. I have about 85 properties that I am owner financing, and from reading some reviews on here bought the software to track them. However, I am not very good at just picking up a book and figuring out software. Thanks!!

Originally posted by Mike Mitchell

I'm looking into using Notesmith software to keep track of note payments, receivables, etc.. If you have some experience let me know.

Try LoanShark at a fraction of the price. Easy setup with practically no learning curve.
www.realpropertysoftware.com/shark.html

WOW, someone really dug deep to come up with this endorsement!

I ran a few hundred notes with spead sheets until I put MAS 90 to work. It's a professionalaccounting system, but that's for professionals as you will need a basic understanding of accounting to fully utilize the progarm. It comes in modules and you don't need all of them.

For new folks, I suggest you don't get hung up on all the bells and whistles available to make your job easier as there is a learning curve to intergrate systems and if you're a lone wolf, keeping your books manually is quicker and simpler, until you get past about 100 notes...if you are organized....but even if you aren't, systems require time too.

While many of you were in grade school in the mid 80s and can't understand a world without software, there were banks that kept loan portfolios on a manual system! So, someone that has a hundred notes in their portfolio can easily manage servicing just a quickly. If you really need to compute your ROI, usea calculator! So, when you see how much some of these RE systems cost, and consider the time savings, you'll probably have second thoughts as I did. IMO