Software for Keeping Track of Owner Finance Deals

[Joe S.]

Hey All, I am new to the BP. I am looking for some recommendations on software that can be used to track multiple owner finance deals. I have looked around on the web and not been real impressed with what I have seen. Can somebody please provide a recommendation. Maybe this is not the right forum for this type of question?

Thanks!

[Jay Koch]

I spent 25 years in the business of servicing owner financed notes, so naturally, I think you should use a servicing company to have them take care of your notes. :) A professional servicer can collect late fees, calculate correct tax and insurance impound payments, pay the taxes and insurance, and make sure that everything is reported correctly to the IRS. Also, if there is a disinterested third party servicing the note, there are fewer disputes between buyer and seller about balances.

The company I used to work for is Weststar Escrow. (www.WestLoan.com) They have offices from New Mexico to Alaska.

For handling a few loans on your own, you might want to look at Note Smith (www.NoteSmith.com) It works well if you have fewer than a couple hundred accounts. Not only does it do a good job of calculating principal and interest and handling all of the monthly tasks, but it has the software to print the 1098 and 1099 statements required for the IRS.

jay