Hi! I am looking for an affordable property management software that will also help me manage loans made to others. I have a few owner financed real estate deals I’d like to track efficiently while also managing rental income.
It appears quickbooks and a separate loan manager application or rent manager have the “lender” feature I am looking for. However, those two options are too pricey for me. Any suggestions out there?
@Jeros C. If you are looking for ways to track/calculate principal and interest payments, you can use loan amortization excel template, plug in the principal amount, loan date, interest rate, and the number of years to pay and it will show you the monthly breakdown/details you need to track the loan. This will be your main reference for your loan numbers.
To track it in an accounting software, any software will work. You will need to set up the loan principal as a liability account and record the monthly payment, the principal portion will reduce the liability account and the interest portion as an expense. It's a good practice to reconcile your book balance with the amortization schedule balance periodically to make sure they're in sync.
@Jeros C. I agree with @Dan V. The amortization and terms as easily shown in a single excel file. This file would not need to be updated but one time. Then in any good property management software with accounting, you simply create the monthly invoice (for servicing the debt) and then mark that invoice as recurring for the duration of the loan. Unless you have specific terms beyond the norm, this process should work fine.
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