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Using Multiunit property in Quicken, Home, Business & Rental Property.

I bought two 3-bedrooms rental properties in the same building, near a college university. Apt A and Apt B. I am not sure yet how I would rent them, but I might rent the whole apartment to a single person or I might rent just individual rooms to college students.

The question is how do I set up that in Quicken, Home, Business & Rental Property.

Do I set up a Multiunit property with Apt A being Unit 1 and Apt B being Unit 2
What are the advantages and disadvantages of that?
How do I deal with that in Quicken if I decide to rent by room?

Do I set up two Multiunit property with Apt A being one property and Room 1 being Unit 1, Room 2 being Unit 2, and Room 3 being Unit 3, and then Apt B being another property and Room 1 being Unit 1, Room 2 being Unit 2, and Room 3 being Unit 3 on that property.
What are the advantages and disadvantages of that?
How do I enter the info if one person rents the whole apartment (all three rooms) at the same time?

or Do I set up each apartment as separate properties?




Best Answer

  • Gamal MustafaGamal Mustafa Member ✭✭✭
    Accepted Answer
    I bought two 3-bedrooms rental properties in the same building, near a college university. Apt A and Apt B. I am not sure yet how I would rent them, but I might rent the whole apartment to a single person or I might rent just individual rooms to college students.

    The question is how do I set up that in Quicken, Home, Business & Rental Property.

    Do I set up a Multiunit property with Apt A being Unit 1 and Apt B being Unit 2
    What are the advantages and disadvantages of that?
    How do I deal with that in Quicken if I decide to rent by room?

    Do I set up two Multiunit property with Apt A being one property and Room 1 being Unit 1, Room 2 being Unit 2, and Room 3 being Unit 3, and then Apt B being another property and Room 1 being Unit 1, Room 2 being Unit 2, and Room 3 being Unit 3 on that property.
    What are the advantages and disadvantages of that?
    How do I enter the info if one person rents the whole apartment (all three rooms) at the same time?

    or Do I set up each apartment as separate properties?

    Ok, from what I read this is what I now understand:

    1. About when to use "multiunit property", even thou I bought 2 apartments in the same building they are considered by quicken as two different properties and not two units from the same property, as each property pays taxes and has its own separate expenses. Only if I own the whole building with multiple apartments should I use "multiunit property". (That assumes that I only pay taxes for the whole building and have one loan for the whole property and not for each apartment.

    2. About renting the whole apartment to a single person or I renting just individual rooms to college students.  I could have one tenant or multiple tenants renting in the same property. For multiple tenants I just need to do the following:
    1. Enter a tenant in Quicken for each person and select the same property
    2. Split rent between all tenants (roommates). That's it.

Answers

  • Quicken_NatalieQuicken_Natalie Moderator mod
    edited August 2020
    Hello @Gamal Mustafa,

    Thank you for taking the time to visit the Community and post your inquiry, although I apologize that you have not yet received a response.

    If you are still needing assistance, would you mind posting back to let us know what version/release of Quicken you're currently using? You can find this under Help>About Quicken

    If you have not already done so, I suggest taking a look at this FAQ Series for more details on how to set up and use the Rental Property features in Quicken.

    I hope this helps!

    -Quicken Natalie

     
  • Gamal MustafaGamal Mustafa Member ✭✭✭
    Year: 2020
    Version: R28.18
    Build 27:.1.28.18

    I have been using quicken since 1993
  • Gamal MustafaGamal Mustafa Member ✭✭✭
    Accepted Answer
    I bought two 3-bedrooms rental properties in the same building, near a college university. Apt A and Apt B. I am not sure yet how I would rent them, but I might rent the whole apartment to a single person or I might rent just individual rooms to college students.

    The question is how do I set up that in Quicken, Home, Business & Rental Property.

    Do I set up a Multiunit property with Apt A being Unit 1 and Apt B being Unit 2
    What are the advantages and disadvantages of that?
    How do I deal with that in Quicken if I decide to rent by room?

    Do I set up two Multiunit property with Apt A being one property and Room 1 being Unit 1, Room 2 being Unit 2, and Room 3 being Unit 3, and then Apt B being another property and Room 1 being Unit 1, Room 2 being Unit 2, and Room 3 being Unit 3 on that property.
    What are the advantages and disadvantages of that?
    How do I enter the info if one person rents the whole apartment (all three rooms) at the same time?

    or Do I set up each apartment as separate properties?

    Ok, from what I read this is what I now understand:

    1. About when to use "multiunit property", even thou I bought 2 apartments in the same building they are considered by quicken as two different properties and not two units from the same property, as each property pays taxes and has its own separate expenses. Only if I own the whole building with multiple apartments should I use "multiunit property". (That assumes that I only pay taxes for the whole building and have one loan for the whole property and not for each apartment.

    2. About renting the whole apartment to a single person or I renting just individual rooms to college students.  I could have one tenant or multiple tenants renting in the same property. For multiple tenants I just need to do the following:
    1. Enter a tenant in Quicken for each person and select the same property
    2. Split rent between all tenants (roommates). That's it.
This discussion has been closed.