Quicken Rental Property Manager Software

20 Replies

Has anyone used Quicken Rental Property Manager software and if so what do you think of it and is there any other software programs that work better?

I like the software. I've used the 2012 version and now recently the 2015 version since they only provide online account downloads to the software for 3 years after the software version introduction. I connect it to a bank account I have exclusively for each rental property and have it perform auto-update of transactions every week or so. You can also use your regular credit card or debit  card, download those transactions automatically for expenses and label that expense a rental expense for property #X so you can co-mingle personal and rental expenses if you aren't incorporated. I then go in once a month and categorize the income/ rental expenses that were downloaded and tag each expense to a specific property that were downloaded and add any notes to each entry if needed to describe the expense further. At the end of the year, I generate a schedule-E report using the program, which after reviewing for errors, send to my CPA to process my tax return along with any other expenses.... I hear quickbooks is also helpful for some people but might require additional training than this software, which is not too complicated. some of the online property management software websites will also do this for you but I found them to be much more expensive to small time landlord with less than 15 units. 

It's not the finest software package, but its really the best thing I've seen so far that doesn't charge monthly fees or other subscriptions based service requirements. requires minimal organizational checks to categorize transactions but otherwise pretty low effort once you setup the account info, properties, etc...

thanks for bringing up the topic guys! i think i will give it a try now

Regards,

Huy

@Huy N. , How do you like the software? Have you used it yet? I would like some opinions on it. I just downloaded it and I'm getting used to it. But I'm on the fence. I'm sure I'll get used to it but I am having a bit of trouble matching up rental payments with bank transactions. I'm assuming that going forward it will smooth out. It only pulled 90 days worth of banking statements from one of my banks, so it doesn't match up with mortgage payments from my other bank for any thing at the beginning of the year. 

Originally posted by @Nathan Waters :

@Huy Nguyen, How do you like the software? Have you used it yet? I would like some opinions on it. I just downloaded it and I'm getting used to it. But I'm on the fence. I'm sure I'll get used to it but I am having a bit of trouble matching up rental payments with bank transactions. I'm assuming that going forward it will smooth out. It only pulled 90 days worth of banking statements from one of my banks, so it doesn't match up with mortgage payments from my other bank for any thing at the beginning of the year. 

 I purchased it too but ended up procrastinating and still using excel until now...haha I will make time to look into it more but i would definitely pick this over Quick Book. It is easier to use and setup as i don't want to complicate my life more that it's already is 

I got really excited when I found this software, only to discover that it's not available for Mac.  Curious what software other people use to manage rental property accounting.  

I've seen some people use Xero for accounting.

They are fairly cheap, but not specific to the landlord industry.

Just saw this post.  I don't know how you all are doing, but Quicken is currently on sale at 40% off at Quicken.com.  Enjoy!

Originally posted by @Huy N. :
Originally posted by @Nathan Waters:

@Huy Nguyen, How do you like the software? Have you used it yet? I would like some opinions on it. I just downloaded it and I'm getting used to it. But I'm on the fence. I'm sure I'll get used to it but I am having a bit of trouble matching up rental payments with bank transactions. I'm assuming that going forward it will smooth out. It only pulled 90 days worth of banking statements from one of my banks, so it doesn't match up with mortgage payments from my other bank for any thing at the beginning of the year. 

 I purchased it too but ended up procrastinating and still using excel until now...haha I will make time to look into it more but i would definitely pick this over Quick Book. It is easier to use and setup as i don't want to complicate my life more that it's already is 

Hi Huy,

It's been a while since yourt last post. Just wondering if you have started to use the "quicken Rental Property Manager" software yet?

yea i'm using now @Dutch Marc it's kinda buggy though. it can't connect well with the bank and stuff so mostly manual entry. I would say it just a bit better than excel. If you are an excel wizard you really don't need this. 

For me it's working so far because i can see everything in one place now instead of scatter excel worksheet 

You guys know that intuit just sold Quicken to H.I.G. Capital, a private equity company, and that its future is uncertain at this point. I'd be cautious buying the product until more is learned regarding its future. 

Been using Quickbooks for 20 years plus ....

This post has been removed.

Are you forced to upgrade each time a new version comes out? If so how's the 2016 version?

Thanks

This post has been removed.

This post has been removed.

Each version provides support (online support and patching) and allows you to download transactions from your online financial institutions into the software for up to 3 years. After that time, you still can continue to use the software indefinitely, but you can't download online transactions anymore, making the software degraded for my needs. I only upgrade every 3 years when absolutely required. I am using 2015 and it works acceptably well without major bugs. Once i have my properties setup, I download the transactions and then tag them to a specific property and categorize the expense and add any notes. Do this about once a month and reduces the effort needed to work on rental property accounting. There are likely some slicker interfaces for online based management tools, but this one has the least expensive cost since its not cloud based and quickbooks ends up being more expensive per year by alot. check the quicken website as they usually have sales that get it at up to 50% off retail price close. Mine was $82 after discounts vs. 220 for quickbooks pro desktop.

Quicken doesn't have a good solution.  I'm waiting for something better....

I have been using Quickbooks for years but Quickbooks has cut back on the functionality of the desktop version and it is a whopping $40 a month for the online version needed to do classes. I used Quickbooks initially for my rental properties but back then the functionality was not sufficient for me. Maybe it has improved now. One function I use a lot is splits. I use a cash transactions account for some items or services to split the expense among several rental properties. Can Quicken Rental Property use the splits function?

@Mitch Dowler yes, Quicken Rental Property can use the splits function. the tag column has your properties pre-populated for attaching to different properties. Bought it during one of their website sales for about $82, and the license is good for 3 years before they cut off bank downloads and you have to buy the latest version. $27/ year for book keeping software is the best deal in town these days.

I know this thread is a bit old but I was wondering how Quicken users reconcile their bank account and use the rent center feature. It seems like I am entering rent payments twice since I am synced to my bank account and using the rent center to track rent payments. Any advice?

Thanks in advance!

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!

  • Actionable advice for getting started,
  • Discover the 10 Most Lucrative Real Estate Niches,
  • Learn how to get started with or without money,
  • Explore Real-Life Strategies for Building Wealth,
  • And a LOT more.

Lock We hate spam just as much as you

Join the Largest Real Estate Investing Community

Basic membership is free, forever.

By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.