How to apply rental income to your WizeFi plan
WizeFi is designed to help you manage and master your personal finances. While it's not currently intended to manage the full complexities of rental properties, it can help you track your net rental income and apply it to your personal FI plan.
Here's how:
Net Rental Income:
WizeFi focuses on your personal income and expenses.
For rental properties, you'll want to track the net rental income, which is your total rent received minus any related expenses.
Simply add this net income amount to your income on the WizeFi plan: Income tab.
Rental Property Management:
For complete rental property management, including expenses and profit tracking, WizeFi isn't there yet. We understand this is important and are working on adding this in the future. Feel free to share with us what you'd like to see for your personal experience.
Tracking Asset Value (Optional):
If you'd like to track the overall value of your rental properties within WizeFi to reflect your net worth, you can!
Here's how:
Calculate the equity of each property (property value minus any outstanding debt).
On the Accounts page, add a manual account labeled "Other Productive Asset".
Only include the net value (equity) of each property in this account.
Be sure to update this at least quarterly, or more often as you see fit.
By following these steps, you can use WizeFi to track your net rental income and, optionally, the overall value of your rental properties for a more comprehensive view of your financial health.