PM software that handles L/O - Posted by CB in AZ

Posted by John Corey on May 15, 2006 at 04:40:08:

Tony,

Lets trade info. I do not have a project right now but I do have a deep RE investing background and over 20 years in the software industry. If you want some smaller projects or need advice as to how something works from the financial side then I can help fill in the gaps, etc.

John Corey

PS. Being older my background is more C, Unix, etc.

PM software that handles L/O - Posted by CB in AZ

Posted by CB in AZ on May 08, 2006 at 22:01:35:

Hello, is anyone aware of a property management program that will track lease option payments as well as rent, meaning totalling the option consideration amounts paid each month. I searched the archives with no results, also googling did not help as the programs that were pulled up did not suit this purpose. It would also be helpful if this program would help fill out the lease and option contracts.

Thanks in advance for your replies.

Chris in AZ

Re: PM software that handles L/O - Posted by Patrick

Posted by Patrick on May 14, 2006 at 08:43:18:

The property manager by Just So Software has a capability you could use for this.

It lets you put in optional charges to tenants, which would allow you to separate the rent portion from the option portion when specifying payments due.

Then, when you collect the income, you could separate the payment if you wished to into a rent portion and an option payment (with some versions of the program you can define your own income categories). The result would be searchable so you could generate appropriate reports.

I know that this package also has an extension interface and they will customize it, so you might look at that possibility too.

Re: PM software that handles L/O - Posted by chandlerazguy

Posted by chandlerazguy on May 08, 2006 at 22:25:38:

You could design an excel spreadsheet that would do this. (i,e. this field is 20% of x = option consideration) - but I doubt there is a specefic software that would do all those things. I would definitly look into that - at my work - one of the IT guys designed an excel spreadsheet that worked as a full financial and mortgage calculator. I could email it to you from work tomorrow.

Re: PM software that handles L/O - Posted by CB in AZ

Posted by CB in AZ on May 08, 2006 at 22:47:24:

This is what I am currently doing. The option amount is fixed (usually $200-300) so the math is actually pretty easy. My business is growing now and I would like the ability to have reports and some of the other features commonly found in PM software. BTW this is for properties I have tenant buyers in, not ones that I am buying.

Most programs also have reports that you can generate that will tell you the status of all rents, that way you can see if there is any that are overdue. Again, this would be easier than using the spreadsheet. I currently have 14 rentals with 11 of those as L/O’s.

I may just have to pick something that fits best and compliment it with a spreadsheet for the L/O’s.

Chris

Re: PM software that handles L/O - Posted by chandlerazguy

Posted by chandlerazguy on May 08, 2006 at 22:51:34:

Well, if you have 14 propeerties, I can definitly see the need for a smoother running application - then a spreadsheet.

Try some of these.

Re: PM software that handles L/O - Posted by CB in AZ

Posted by CB in AZ on May 09, 2006 at 21:36:26:

Thanks! I added ‘lease option’ to that search and two popped up, one that does what I need. I’m going to download it and check it out.

Chris in AZ

Re: PM software that handles L/O - Posted by John Corey

Posted by John Corey on May 11, 2006 at 05:21:36:

Please post a reply with the name of the package and how well it works for you.

John Corey

Re: PM software that handles L/O - Posted by CB in AZ

Posted by CB in AZ on May 12, 2006 at 15:17:30:

The program is RealTools and their web site is nichesw.com

I have run the program in demo mode and it seems to have everything I need. They have a lease option section for leases and it automatically calculates the option portion and keeps a running total. I have decided to purchase it but I am going to wait a couple of weeks as I read on their forum they have a new version coming out soon. The demo mode is good for a month.

Chris in AZ

Re: PM software that handles L/O - Posted by Michael-OH

Posted by Michael-OH on May 11, 2006 at 21:52:15:

John,

i’ve been using a program called “Landlord Report” here’s a link: http://www.mdansby.com/Software/mdx_page2_LandlordReport.html#_MDX005

they have trial download, so you can try b4 u buy!

best regards,

Re: PM software that handles L/O - Posted by John Corey

Posted by John Corey on May 13, 2006 at 10:28:19:

If the software vendor is like most they will offer a free upgrade to anyone who buy after a certain date. They do this to eliminate the fact that buyers stop purchasing once a new release is public.

Check with them even if they do not advertise such a policy. There is so little cost to making a copy they have little incentive not to agree.

John Corey

Re: PM software that handles L/O - Posted by CB in AZ

Posted by CB in AZ on May 12, 2006 at 15:21:24:

Thanks Michael, but I did not see anywhere that Landlord Report handles lease options. Is that capability in there? I still have some time to evaluate before I buy.

Chris in AZ

Re: PM software that handles L/O - Posted by Tony in CT

Posted by Tony in CT on May 12, 2006 at 09:50:32:

I’m a newbie investor but not at programming. It
sounds like what you want is simple in terms of
the coding but the logic to the business is the new
for me. I would be interested in developing a tool
just to learn the ins and outs. Anyone interested?
I know dot net, delphi, sql server, oracle, crystal
reports, etc…

Tony