Preliminary orbit determination is a multipoint boundary value problem which may be solved by the generalized Newton-Raphson iteration. When applied formally the method suffers from extensive computer storage requirements, fairly long execution times and in some cases, insufficient accuracy. In this work we seek to remove these practical difficulties via modification of the computational algorithm in such a way that solution storage is eliminated for the most part and computational speed and tolerance to imprecise integration algorithms is improved. The modified methods are applied to nine typical preliminary orbit determination problems to demonstrate fast convergence and short computation times, even with very poor starting values for the iteration. Excellent precision of the resulting solution is also demonstrated as well as the algorithm's ability to handle circular, elliptic, parabolic and hyperbolic orbits.