2 Properties, 1 Loan

I have been unable to think of any way to do this as you have posed the question.

The only way I can think that Quicken could handle this would be as two loans. But I'm guessing that there is no way to create two loans such that the total of their principal amounts for each payment and the total of their interest amounts for each payment would equal the total principal and interest of each of your real-world single payments.

If two such loans could be created in Quicken, I think there would be a way to accomplish your goal.

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

"ebloch" wrote

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...

Hi John,

I considered doing this, but didn't like the idea because then the check amount & reconcilliation with my bank statement wouldn't match.

I don't think there's any way to do what I wish in Quicken.

I posed the question because I didn't want to create a loan with just one of the properties. If I did that then I would show low profit -- or most probably a loss -- on that property on a P&L statement. Even though the other property would show profit, I don't want any negatives when I present my statements to a Creditor.

I considered creating a tag that represents BOTH properties, but dislike that idea for various reasons. So, I'm considering that, or just manually splitting the loan.

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.

"John Pollard" wrote

Actually, that's the best idea so far! Tomorrow I'll play with some amortization programs & see if that'll work. Thanks!

"Rick Hess" wrote in news:h6vh39$qv6$ snipped-for-privacy@aioe.org:

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. .