My partner and I are attempting to acquire as many properties as possible to create wealth before we retire (in next 15 years)
We intend to use these properties predominantly for an income stream. We may also purchase land with the intention of development as well.
Can you suggest accounting software that is suitable to use for the recording of all income and expenditure in relation to all properties. It would also be ideal if this software can provide analysis tools as well (i.e yield and tax planning, profit and loss etc.) (If so, do you know where this software can be obtained??)
The recording and management of rents received is not necessary as it is envisioned that a real estate agent would be employed for this purpose
I have looked at MYOB but this does not appear suitable as it only allows the user to load one entity as a company, whereas each property acquire is an entity unto itself.
Please advise ASAP
Much Appreciated
Hi there,
try the PIA software from Jan Somers. Although she isn’t openly into +ve cashflow properties, she really inspects and evaluates her properties using this software. It coasts about $250.00 but it is supposed to be very good. I have it and I am still learning its full potential. If this works, try this link (?) or just cut and past the address into your windows explorer.
Cheers
http://www.somersoft.com.au/Software.htmCheers
C@34
Hi Susan
Try http://www.dolfderoos.com for his REAP software (Real Estate Acquisition Programme) it’s an advanced version of PIA and you can add a picture and send it in pdf format. It will provide you with graphs, internal rates of return, cash on cash etc.However if you know anything about spreadsheets MS Excel has all the financial formulae to prepare your own analytical spreadsheets.
You say you looked at MYOB, this is accounting software – another one to look at is http://www.cashbook.com – very easy cashbook to use.
Most of this software will only provide for one entity unless you purchase an Accountants version $$$. You don’t need to separate each property as an individual entity, only as a separate asset in the books. The software will provide information for each separate bank account. Aside from the cashbook you will also need a depreciation schedule or assets register so you can track your buildings and chattels and the amount of depreciation claimed each year.
Other software out there is PC Property Manager which is good for monitoring individual rentals, R&M, rates insurance and interest etc on a per property basis.
To do any more than this you may as well become an accountant and get the general ledger software is well.
Best to leave that side of it to the Accountants and concentrate on doing deals instead.
Best of luck Susan
Regards
JeffIbuycashflow said:
Try http://www.dolfderoos.com for his REAP software (Real Estate Acquisition Programme) it’s an advanced version of PIA and you can add a picture and send it in pdf format. It will provide you with graphs, internal rates of return, cash on cash etc.Sorry but I had a quick look at this as I’m interested in this and I believe it is $495 USD on CD or $445 USD via the internet.
Ouch. Just for a picture?! Maybe later when I am more successful…Cheers
C@34
Hi Susan
My program will do analysis for you and its 100% free..
cheers
Paul
EZ-Rent. The free tax and cashflow simulator for Australian property investors. Version 2 out now!
http://www.ez-rent.com
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