Help getting started

[mikedenove]

Hi,

Thanks to Roy for answering my previous query. I'm getting flustered trying to work out the best way to start using Landlord Vision.

I have 2 properties:
1 let since November 2012 (Prop A)
1 let since January 2013 (Prop B)

Prop A is let for 12 months, existing tenancy is May -> May
Prop B is let for 12 months, existing tenancy is July -> July

Prop A was re-mortgaged in July 2016.
Prop B has no mortgage.

It's going to take a lot (too much) work to enter all tenancies, income, expenses etc from when each property was originally let out, therefore I considered just basing them on their May 2017, and July 2017 start dates respectively; however this then means that for Property A where there is a mortgage, I'm going to have 10 months of mortgage payments on the system, with no income during that period.

Any suggestions on how I should best approach this? I'd rather not revert back to my basic spreadsheets, but it's looking like the easiest option right now

[mikedenove]

Thinking about this again today, I'm wondering whether the best approach is to do as I said, and start each tenancy from their respective May and July 2017 dates, keep the mortgage on their from July 2016, but then just offset the 10 months of mortgage payments with a single income payment for the same amount. Thoughts?

[mikedenove]

Thinking about this again today, I'm wondering whether the best approach is to do as I said, and start each tenancy from their respective May and July 2017 dates, keep the mortgage on their from July 2016, but then just offset the 10 months of mortgage payments with a single income payment for the same amount. Thoughts?

I've taken this approach, and have now entered all expenses/income since both tenancies began and I'm delighted to say that the figures in Landlord Vision match my bank account!

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