Property Tracker

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From: Conner Seagrave


Having trialled the property tracker software from freestyler I noticed it put a server icon in the system tray. Does anyone know what this is, what it does etc.

Also can anyone advise if they use Quicken or Quickbooks to manage their IP's. Which one is better.

Look forward to hearing from people.

Cheers
Conner
 
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Reply: 1
From: Duncan M


Hi Conner,

The Tray Icon is a Database Server, it's not permanent and wont be there next time you start Windows, in fact you can close it down after you've used Property Tracker

Regards,

Duncan.
 
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Sim

Administrator
Reply: 2
From: Sim' Hampel


At the moment I use Quicken Personal Pro to track my IPs. I have used Quicken to track my personal finances for over 8 years now, so it was a natural progression to begin to use it for my IPs as well.

Now, I only have a few IPs and no real business dealings, so Quicken works quite well. However, Quicken (like most accounting software) only tracks the raw financial dealings around the properties and does not cover other areas more specialised to property investment.

I don't believe that Quickbooks would add any value to me at this point in time, indeed I think it would add too much unnecessary complexity.

I would suggest that once you acquire many more properties and start to treat your investing as a business, then more specialised accounting software might be useful. At this point, however, you would also need to develop a system to actually manage other parts of your investments, not just the finances.

I would like to point out that many of the "Property Tracker" programs out there are nothing more than specialised accounting packages. While this can be useful, they by no means track all aspects of a property investment.

 
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Reply: 2.1
From: Duncan M


>While
>this can be useful, they by no
>means track all aspects of a
>property investment.

Hi Sim,

Using Freesytler Investment Tracker we track for each property:

-Receipts,
-Payments,
-Capital Improvements,
-Leases,
-Fixtures and Fittings,
-Loans (interest and charges)
-Acquisition Details
-Disposal Details
-Ownership Breakdown
-Miscellaneous Notes
-Travel Records
-

For our "Rental Property" Business we further track:

-Tools
-General Expenses (not apportionable to a single propety)
-Home Office Expenses

In order to give us a complete picture of our financial position we also track:

-PAYE Income (incl Tax Witheld)
-Donations
-Work Related Deductions
-Medical Expenses

Our next version out soon adds the ability to key in a depreciation schedule provided by a Quantity Surveyor (at the moment you'd need to track Special Building Depreciation using an entry in the Fixtures/Fittings screen).. We have also added a basic tracking of a share portfolio but have no intention of making this a significant part of the software.

Being somewhat of an agressive record keeper, I'm curious what additional records you'd keep, any opportunity to improve our personal records for our properties would be eagerly adopted!

Regards,

Duncan.
 
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Reply: 2.1.1
From: James Spry


Pest inspections? &/or prompt to re-inspect.
You can add any other periodic inspections/maintenance that you care to think up...
Jim
 
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