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Notesmith- is anyone using their software?

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Mike Mitchell

Real Estate Investor from Lubbock, Texas

May 20 '07, 08:20 AM


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


Edited Jun 26 2010, 03:35


Account Closed

Real Estate Investor from London

Jun 27 '07, 05:07 PM


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


Edited Jun 26 2010, 03:42


Mike Mitchell

Real Estate Investor from Lubbock, Texas

Jun 27 '07, 10:24 PM


John,
Nice to hear from you! I haven't purchased any note tracking software as of yet. Currently I'm holding 6 notes averaging 20 yrs. in maturity, so of course I'll want to add a few each year lest my cash cow will go dry. With my current small portfolio, keeping track is no big deal, I simply mark off each payment on the amortization schedule as it's received and then at the end of the year I can quickly calculate the amount of interest paid to me on each account. So far I've been fortunate to have clients that pay on time. All of my notes are quite simple with monthly due dates. It is my goal to find and sell houses and if possible, hold the note. At some point I'll want to have an employee who will keep track of payments, late fees, interest earned etc.. It doesn't take a great deal of time, but that's not what interests me about real estate. Are you investing in UK real estate? If so, how's the market for you?
Mike


Edited Jun 26 2010, 03:42


Account Closed

Real Estate Investor from London

Jun 28 '07, 12:22 AM


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


Edited Jun 26 2010, 03:42


Roy Celis

Accountant from Austin, Texas

Sep 17 '08, 09:36 PM


:cool: Did you ever get and use NoteSmith?


Edited Jun 26 2010, 05:56


Candace McCutcheon

Tampa, Florida

Oct 06 '08, 03:02 AM


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.


Edited Jun 26 2010, 06:04


Mike Mitchell

Real Estate Investor from Lubbock, Texas

Nov 22 '08, 07:29 AM


Candace,
What do you like or dislike about Notesmith. Is it easy to use?
Mike


Edited Jun 26 2010, 06:27


Jim Johnson

Real Estate Investor from Denver, Colorado

Oct 02 '09, 12:22 PM
1 vote


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...


Edited Jun 26 2010, 09:55


Mike Mitchell

Real Estate Investor from Lubbock, Texas

Oct 24 '09, 11:24 AM


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.


Edited Jun 26 2010, 10:13


Candace McCutcheon

Tampa, Florida

Nov 11 '09, 01:38 AM


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.


Edited Jun 26 2010, 10:28


Mike Mitchell

Real Estate Investor from Lubbock, Texas

Nov 11 '09, 10:03 AM


Is there any report that tells the average interest rate of all notes held as well as total principal etc.?


Edited Jun 26 2010, 10:29


Jim Johnson

Real Estate Investor from Denver, Colorado

Nov 12 '09, 12:46 PM


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.


Edited Jun 26 2010, 10:29


Jim Johnson

Real Estate Investor from Denver, Colorado

Nov 12 '09, 12:58 PM


Originally posted by Mike Mitchell:
Is there any report that tells the average interest rate of all notes held as well as total principal etc.?

Mike,
You can run reports for individual notes or for entire portfolios. You can also track for several owners / companies. It shows all sorts of yields, amounts owed, seasoning etc...


Edited Jun 26 2010, 10:29


Janeth Guel

Sep 01 '10, 04:42 AM


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.



Kevin Kaczmarek

Real Estate Investor from Fishers, Indiana

Sep 13 '10, 07:48 AM


Mike,

I will chime in as well to mention that we use NoteSmith here for about 300 notes that we have originated and a bunch that we sold and now service. The software really is fantastic. There is what I would call a steep learning curve upfront. The manual comes with the software but it is a constant back and forth to make sure the notes are setup right based on the available fields of the software.

Technical support is slow to respond and leaves vague answers to your pressing questions, so that is something to consider.

Beyond those gripes it really is a great software. We have been able to create custom reports for our AR aging and can provide print-outs to the clients on a moments notice for them. That alone is worth it.

I hope this helps in your decision making process.

How many notes are your planning to use in it?



Derek Taylor

Mar 05 '11, 07:18 AM


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!!



Account Closed

Real Estate Investor from Dearborn, Michigan

Mar 13 '11, 04:43 AM
1 vote


Notesmith is a great piece of software once it is up and running - I've been through the entire process - and have even created some advance custom reports. If anyone needs help with Notesmith feel free to contact me.



Greg Boll

Apr 27 '11, 04:42 AM


Originally posted by Dan Gheesling:
Notesmith is a great piece of software once it is up and running - I've been through the entire process - and have even created some advance custom reports. If anyone needs help with Notesmith feel free to contact me.

Dan, Is there a way to get the cash flow report to only give the principal portion? I would like to know my principal payment schedule by month for the next 12 months to reclass short term and long term, but the cash flow report includes anticipated interest.



Bill Gulley

Real Estate Investor from Springfield, Missouri

May 04 '11, 02:02 AM


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



Rob Gillespie

Real Estate Investor from Fairview Park, Ohio

May 04 '11, 02:43 AM


We manage a whole lotta income and billings using excel and quickbooks. I like to keep things simple. I bought a software addition for quickbooks years ago that was geared toward investors, but never quite got into the groove with it. I would stick to the basics! Just my opinion.



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