Hey guys. For the past 12 months, I’ve been putting together a software package specifically taylored for rehabbers. We’ve been using it in my own company since the beginning of the year and its made all the difference in the world. It keeps up with all your properties, the accrued expenses and of course purchase and sale information. Right now it has support for one partner with seperate calculations based on the partners investment on that particular property and how much is owed him or her based on the selling price. It has a running “quicken like” registar that keeps up with all transactions per house. I will go into detail about it later but I just wanted to give everyone a heads up at least and hear about features that would make your every day lives easier. I’m open to all suggestions. Right now it supports being run from a central server with multiple connections over the internet or run from a stand alone PC so you guys with teams can all make changes from wherever you may be.
If it is a small enough application to run reliably on a PalmPilot or other handheld PDA that would be a huge benefit. Also, any program that can store and/or collate the actual expenses accrued on say the last 5-10 properties and then break them down by price per sq foot it would be a nice feature for a PDA.
What I mean by this is say, you have had sheetrock repairs and painting done on your last 5 properties. The cost of each of these is added up and then divided by the sq footage to give an ‘average sq cost’ for these repairs. This could then be used on a PDA to quickly and accurately add up repair costs while reviewing the property.
Marshall & Swift compile this data but I find that it’s grossly overstated in cost. This would allow each individual investor to use their actual costs to determine estimates. Presumably the more an investor uses the same or similar contractors or suppliers then the more reliable the data becomes.