Among the key pieces of advice offered by King Solomon in his Proverbs is the exhortation to seek wise counsel when necessary. “Counsel shall keep thee, and prudence preserver thee,” he says in Proverbs 2:11. In today’s’ world, technology offers ways to get counsel and support far beyond what the monarch had in mind, as an array of software tools make it easy for investors and entrepreneurs of all kinds to manage their endeavors more efficiently. But choosing the right package for your needs requires a bit of planning.
Accounting packages keep the books tidy, while real estate programs can calculate the value of property and generate statistic on market trends. Smaller versions track rents, income and expenditures and generate documents such as leases and terminations. The market changes constantly so we won’t recommend specific software suites – just a few things to keep in mind when shopping for computer tools to make investment managing easier.
With the dizzying array of software packages available to do everything but make your breakfast, it’s important to know what you need. Software is available to manage taxes, handle general accounting and print forms such as leases and rental agreements. Complete systems integrate all these functions,but you may need only one or two. With mobile apps for smart phones and tablets all key functions can be at your fingertips wherever you are.
Given all those options ranging from high-end management suites packed with features to simple accounting programs and free downloadable landlord files, there are tools for every need, It’s important, though, to consider current needs as well as future requirements. Watch for programs that are expandable and upgradeable, too – that saves the expense of buying another system as your investment projects expand.
Unless you’re willing to invest hours in trainings, or turn the whole project our to your local computer nerd, it’s wise to look for packages that are ready to go straight from the box, with clear instructions for the non-techie and reliable support you can call on any time. Low cost, one-function software and free management downloads won’t offer the kind of tech support or information you need to get up to speed.
The right software can make an investor’s job easier in many ways and keeps the enterprise looking professional, especially if multiple properties are involved. By automating tasks, keeping records organized and tracking expenses, a good software suite designed specifically to meet the needs of income property investors can save time and money well beyond the initial investment. Plus, as an expenditure related to the investment business, it may be tax-deductible too.
Investors following Jason Hartman’s investing guidelines know that building wealth from income property depends partly on getting the support you need from qualified advisers. The right software to manage the business of your investments can eliminate stress, free u time and save some money – ways to keep income flowing smoothly from the properties you own.
Join Jason Hartman and his team of local property specialists in Memphis, TN on April 26-682013 for the Memphis Wealth Building Bus Tour and Real estate Education Event. You’ll view properties available in the hot Memphis markets and meet real estate professionals ready to provide all the support you’ll need to launch a career in income property investing. (Top image: Flickr/blake1)
The Solomon Success Team