Investor · Chattanooga, TN · Member since 2016 · 676 posts · 543 votes
8y
Unless you have a crap ton of properties its fairly easy to just update the numbers once a month by logging in to your banks website and copying over the new principle balance figure. my excel simply shows property address my estimated value, the debt amount and calculates total equity. I dont actually updated it every month but I do most months, I have amortizing loans on like 15 properties or so and it takes like 5 minutes to update give or take
Rental Property Investor · Durham, NC · Member since 2016 · 7k+ posts · 7k+ votes
8y
I just take the principle amount and update it in personal capital. My personal capital tracks my net worth in real time.
I can go all the way back to when I was just ending college to now and see where I’ve come. As grant Cardone would say I’ve “10Xed” my net worth since then lol
Rental Property Investor · KY · Member since 2013 · 1k+ posts · 537 votes
8y
@Cassidy Burns, Personal Capital is a website that allows you to import account balances (banks accounts, investment accounts, credit cards, mortgages, etc.). You simply provide them your login credentials for the sites where you have these accounts and it essentially screen scrapes and imports the balances. It then calculates your net worth by subtracting your liabilities from your assets. I use it myself. My mortgage balances sometimes do not update if there’s a website communication issue, but you can always plug the numbers in manually and it will still do the calculation. It’s not perfect (unless ALL your accounts are ALWAYS synced without any login problems - this is rare for me, I usually have one or two accounts at any given time where there’s a hiccup), but it’s pretty darn close. Ideally, you set it up once and can log in whenever you want and it will sync and update for you. It’s kind of like Mint.com on steroids with much greater detail and much better features.
I also keep a basic spreadsheet that I update less often, and as someone else previously stated, I can update with my mortgage balances manually.