30 of 30 people found the following review helpful
Getting the Hang of It,
Verified Purchase(What's this?)
This review is from: Quicken Rental Property Manager 2011 - [Old Version] (CD-ROM)
I had happily used Quicken Rental Property Manager 2.0 for years. It was easy, intuitive, easy to read and created Schedule E tax reports like a breeze.
I tried to upgrade to the new Quicken Rental Property 2009 when it came out, and it was a complete nightmare. I stuck with 2.0, but since 2.0 apparently isn't compatable with Window 7 and I'll need to upgrade my computer soon, I tried out Quicken Rental Property 2011. Note: All I need it for is for my rental property, so this review ignores all of the software's other personal finance features.
While not as easy as 2.0, it's not the complete disaster that 2009 was. After experimenting for a while, I've finally figured out how to add, edit and correct entries and assign the right tax labels to income and expenses to prepare the Schedule E reports. One thing I like is that the program will automatically download my bank transactions and credit card transactions, so I can just assign them to the right tax category rather than have to manually enter each transaction. (Though I can manually add transactions as well.) This can end up being a big time-saver and balance out some of its other less-favorable features. It's also got an easy way to track and add milage for travel deductions on Schedule E.
There's no pre-set category for meals and entertainment related to the rental property, but it was pretty easy to simply set up a sub-category under travel expenses. I'm less sure how to handle mortgage payments. (In 2.0, you just added interest expense at the end of the year to the Schedule E report), though I'm relatively certain I'll be able to figure it out. I haven't tried out Quicken on-line help yet, so I'm not sure how good they are about answering questions.
All in all, I wish they's just upgraded 2.0, which was so simple to use, rather than come up with a whole new product that's much more complicated and not particularly user friendly. Still, I tried out a number of rental propety software on the market and decided that Quicken suited my needs the best (and at a very reasonable price.)
UPDATE: After trying and trying to get few the last few bugs, I finally gave up and went back to 2.0. I would input my rent payments two or three different ways, and they would just mysteriously disappear. This happened time and time again. There was no online support. No help number to call. I couldn't believe it wouldn't do the simplest thing a landlord would want -- i.e., record rent payments in an easy, consistent and reliable manner. I'm now going to try Landlord Max. I can't believe that Quicken could make such a lousy product.
Tracked by 2 customers
Sort: Oldest first | Newest first
Showing 1-4 of 4 posts in this discussion
Initial post: Jan 23, 2011 5:43:11 AM PST
I agree that 2.0 is wonderful for managing rentals. I needed to handle the banking aspect so I upgraded to 2009. It was very difficult to figure out, and I still use 2.0 for the rental part. Now I have to buy a new version because my computer crashed and I can't find my 2009 copy to reload. I'm not sure whether to buy 2011 or not based on these reviews
In reply to an earlier post on Feb 10, 2011 2:04:28 PM PST
Don't buy it. After trying and trying to get past the last few bugs, I gave up. It just doesn't work for managing rental properties. I went back to 2.0 and am going to try out Landlord Max.
Posted on Mar 4, 2011 8:46:28 PM PST
North Star says:
I've had quite a headache trying to learn to properly add information on a rental properties using this software. Today I spent at least 3 hours (actually I spent most of Friday) trying to get transactions to post, when they instead disappeared. Come to find out it was posting in my bank account, not on the business section. I looked at Landlord Max after reading the comments here; it looks very poor to me, but to be fair, I haven't tried it.
However, I did try Carlton Sheets Real Estate Toolkit and was able to get all the info entered in less than 5 minutes. (*SIGH* RELIEF!). The software isn't too fancy by today's software standards, but the interface works well, and it seems to do everything it is supposed to. If you're not an accountant trained to use complicated software, you might want to give it a try.
Posted on Aug 19, 2011 1:48:57 PM PDT
Homer Jay Simpson says:
how is landlord max?
‹ Previous 1 Next ›