Gerald,
Be warned that aside from software to track expenses, the IRS upon an audit will request a “hand written log”. Upon my audit, it was THE requested item for court (ya, I took 'em to court and won). It also was the ONLY item never questioned.
I am not a large corp, but neither, as yet, are you. I recommend the handwritten log, as well as software to track and manipulate data for your own evaluations. The banks will only want the software manipulations of course. Software makes it easier to transfer to an Asset and Income Sheet.
I have seen a few online Management Programs for around $500 that were quite good. I myself use an Excel sheet for each house, I grew from scratch over the years. I cant see myself needing anything more automated until I have perhaps over 50 units.
Property Managment Software - Posted by Gerald Bowman
Posted by Gerald Bowman on August 07, 2002 at 14:12:58:
Hi Ray, I am a newly emerging real estate investor. Over the last 3 years I have purchased 4 Brooklyn Brownstones. Each building has 3 rental units. I currently keep log books for expenses, rents received etc. It seems to me to be an out dated way of handling things. I recently purchased a new computer for the real estate business and would like to know if you can guide me to an affordable, user friendly, windows base, property management programs a beginner like myself could use to help record revenues, expenses, tenant names, contact numbers, repair logs and history. Any help you can provide me with will be greatly appreciated. Many Thanks.