Quicken H&B - Holding a Private Mortgage

Hi,
How do I setup a mortgage that I am holding under a LLC?

Ideally I'd like to have the mortgage amortization, A/R due and record payments.

Also increase principal amount if needed after the original loan as started.

Tracking the outstanding principal and interest over the life of the mortgage.

Thanks.
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Answers

  • Frankx
    Frankx SuperUser ✭✭✭✭✭
    Hi @mw19,

    Yu can setup the "mortgage LLC" as a separate "business" in your Quicken H&B data file (or you could start a new datafile that only has the business in it).  Then you can setup the mortgage loan receivable - in the amount of the original principal - as an asset account.

    Unfortunately, to the best of my knowledge, Quicken will not be able to compute the principal and interest on the mortgage receivable for you. However you will be able to track the principal & interest over the life of the loan by manually entering that data into Quicken. Hopefully you will be able to find a mortgage calculator somewhere on the web that you can use to compute the amounts, and you would lso need to use that to "increase principal... after the original loan started".

    Hope this helps.

    Frankx

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  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    Sorry @Frankx, but Qwin CAN compute the amortization on such a loan.  Look up "Lender Loan" in Q Help.
    Q user since DOS version 5
    Now running Quicken Windows Subscription, Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
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