2 Properties, 1 Loan

Posted by scott s. on August 29, 2009, 3:13 am

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>> What I had in mind was to have the two loan transactions take their

>> funds from an intermediate account; the funds would get into that

>> intermediate account from the checking account transaction that

>> paid the lendor and was coded as a transfer into the intermediate

>> account. One transaction in your Quicken checking account, just

>> like the real-world; zero balance in the intermediate account.

>> The only problem I was anticipating was finding a way to create two

>> loans whose loan payments combined to exactly what the single

>> real-world payment does.

> Actually, that's the best idea so far! Tomorrow I'll play with some

> amortization programs & see if that'll work. Thanks!

I've had a similar problem: one loan, but for tax purposes the
proceeds of the loan have to be broken up into principle residence
acquisition debt, passive activity acquisition debt, and investment
debt.

I had to build a spreadsheet for it, because IRS had rules on
how replayment of principle has to be applied, so I couldn't just
take a straight % of the original loan amount and apply that to the
annual interest.

I think the same thing happens if you do a cash-out refi: you have
to keep track of grandfathered acquisition dedt, acquisition debt, and
HELOC debt.

scott s.
.

Posted by ebloch on August 23, 2009, 10:10 pm

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I do not us H&B but why not have one loan and a dummy cash account to
receive the payment info that Q calculates. Then add a transfer transaction
for the amounts to zero the dummy account out. This transaction would have
four splits to transfer info on principal and interest to the two property
accounts.

In the transfer split make a memo on the % for the split and calc the
numbers each time. Not automatic but fairly simple.

Eric

>I mortgaged 2 rental properties. Is there any way to set up a loan to get

> Quicken to automatically spread the principal, interest and escrow account

> payment to two different tags/accounts? Using Q2008 H&B.

> --

> Rick Hess

> New Orleans

> To email, eliminate All_Spammers

Posted by Rick Hess on August 24, 2009, 5:55 pm

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>I do not us H&B but why not have one loan and a dummy cash account to

>receive the payment info that Q calculates. Then add a transfer transaction

>for the amounts to zero the dummy account out. This transaction would have

>four splits to transfer info on principal and interest to the two property

>accounts.

> In the transfer split make a memo on the % for the split and calc the

> numbers each time. Not automatic but fairly simple.

> Eric

>>I mortgaged 2 rental properties. Is there any way to set up a loan to get

>> Quicken to automatically spread the principal, interest and escrow

>> account

>> payment to two different tags/accounts? Using Q2008 H&B.

Thanks Eric

Well, if I understand what you're proposing, I think it would be just as
easy to create one loan that represents the actual loan I have, and assign
the tags and escrow to one of the properties. Then, every month, manually
edit the split to divide the P&I and escrow 50% for each property. That is
what I may end up doing unless someone has any better ideas...