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Updated over 1 year ago on . Most recent reply
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Rental property expense
Im currently managing my first rental property with apartments.com I own a duplex. Im trying to figure out how I should classify my pmi, property taxes and homeowners insurance payments in the software since I do escrow monthly payments the bank will take care of payments for me, how I can add this expenses to the software and those are consider expenses for a rental property? Im putting mortgage interest payments as part of my expenses also.
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Quote from @Bill B.:
I use quicken and it lets you break down your mortgage payment as principle, interest, and as many “other expenses: as you need. PMi, insurance, property taxes, etc etc.
That will give you a number to look at and compare your progress. But at year’s end your bank will give you an actual insurance, taxes, PMi, paid. Use those for your taxes. You can adjust any differences in to an asset called escrow account. I don’t know how much of this apartments.com supports. But quicken is only $50/year with the ability to auto download bank and credit card transactions and divide them among the properties they apply to.
Thanks for the advice!