All Forum Posts by: Nate T.

 Hi Mitchell, did you end up signing up with RESimpli? How do you like it? 

Can anyone recommend a good property management software solution that tracks seller financed loans (i.e. properties that we have sold with seller financing), along with tracking the rentals?

We are currently using Excel for the most part for tracking the rentals, and using a third party account servicing company for tracking most of the seller financed loans (Weststar).  I would like a software solution that handles both.  And ideally the seller financing tracker should handle borrower escrow accounts.

I appreciate any input! :)

This post had a good list of account servicing companies.  Weststar is the one we use.  It costs $225 for setup and $19/month (or $13 if no escrow account).  Then some additional fees at the time of payoff.

 Hi Robert, did you come up with a good software solution?   We currently use Excel for rentals, and mostly Weststar for servicing seller financed loans.  I'm looking to start using property management software that can also do the accounting for seller financed loans, including escrow accounts. It seems like there's enough people doing both that there should be a good software solution...

Responding to your 6 year old post... did you find a good solution?  I'm looking to start using property management software, but I want something that can also do the accounting for seller financed loans, including escrow accounts.  Excel is NOT a great option when you have more than a handful of loans to track. (Excel is what we're using currently... ) :)  

 Hi Marla.  It seems like the rate is typically about $1000 more than a regular long term rental, for a similar property.  We do not have any rentals available at the moment.

The group home has worked out well.  They've been a good long term tenant.  They were paying above market rent, but now with the crazy rent increases in the Phoenix area, they're actually paying a little below market.  But that's fine.

Regarding the insurance, we still have a regular landlord policy.  We need to get that updated, just haven't gotten around to it.  If anyone knows an agent that offers a good policy for a property being rented to a group home in Arizona, please let me know.

The PPP requirement is that the business was in business on Feb 15, 2020. I believe the EIDL requirement was Jan 31, 2020 (going off memory).  So you definitely don't need a tax return to apply.

With the streamlined EIDL app, you don't really need to provide any info about your AirBnB or any specific business activities, they're just collecting some basic info about the business and owner. So it would probably be wise to apply and "get in line", and then deal with the details when they get back to you for more info.

 I believe the PPP loan size is 2.5 times the average MONTHLY payroll, not 2.5 times 12 months of payroll.

The 2M loan did not go away.  The 10K is an advance on whatever loan you get, up to a max of 2M. But you get to keep the 10K even if you are denied for the loan.  With 30-50 million small businesses and contractors potentially applying, they probably won't be getting these loans out very quickly, so they added the advance to help people in the interim.