VITAL TIPS FOR GADGETS AND PC

One of the biggest challenges that we face as landlords is making sure that all of our property related finances (loans and mortgages) are properly tracked, and that we know at all times what levels of interest rate we are paying and when they are due to expire.



As your property portfolio grows it becomes necessary to use an efficient property management software solution to help you to better manage your finances.

Here are some tips on what you should look for in this area:



Does the Software Allow You to Track All Finances?

Now, as a property investor you will know that it is not just mortgages that you have on a property. You will also have loans that are secured on your property. These different types of loans can include personal loans; bridging loans; and even credit card loans.

Any landlord software should be flexible enough to allow you to record details of any kind of finance that that you have on your property.



Does It Remind You When Your Mortgage is Expiring?

This is an essential ingredient, and one that every good property management software application should have. In fact, it is safe to say that not knowing you’re your finance interest rates are expiring has lead to too many landlords overpaying in interest charges. This, of course, has a negative impact on the cashflow your property is generating.



Therefore, make sure that your chosen software solution will alert you when your fixed rate, tracker/discounted rate and other tie-in mortgages are expiring.



Fast Finance Analysis Reports

Now, any good landlord software package will come with one touch reports that help you to quickly determine the data that you have entered in for your property business.



A key reporting requirement is to be able to see a snapshot of the exact standing of the loan. In other words, you want a detailed breakdown of the mortgage/loan including all the mortgage interest and capital repayments that have been made during any period.

Another powerful report is one that I refer to as a ‘Mortgage Broker Summary’ report.



This report is a must and is going to save you a huge amount of time when you are looking to get renew or get new loans. This is because this one report answers all the questions every mortgage broker is going to ask about your current financial commitments.



This report will typically include the following details:

· all the mortgages/loans that you have

· who the mortgage/loans are with

· what amounts are outstanding

· what redemption penalties exist if you decide to redeem the loan

· and lots more