Entering properties that you`ve had for two or more years...

seanverret

New Forum Member
Registered
Sep 14, 2007
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Edmonton, AB
#1
Hi Garth and all,

I`ve tried to enter in all my information for a property that I bought back in 2004. When I first bought it, I lived upstairs and had renters downstairs. Now I live somewhere else and have renters up and down. At one point during the course of living there I changed the way I pay my mortgage from monthly to weekly. Of course there were various expenses over the years some of which I claimed 50% and others 100% on my taxes. So that`s the background.

My question is, what is the best method to go about entering the information, expenses etc. I have this information, but only being a REIN member for the past 7 months means I`ve really only been keeping "diligent" records and filing systems since I`ve learned more etc.

Would most people just reccommend that I start from "now" and put it what I owe on my mortgage right now and manually enter the payments etc. for the time being just so the numbers come out correct in the end?

I guess when I run the various reports, none of the numbers end of being correct and I want to try and start with something that actually works.

The most frustrating thing is that I`m a computer/numbers person and should be able to figure this out but it`s turning out to much more difficult than I thought. It makes me wonder if the rest of the non-computer-savvy people are having these troubles or worse, or am I doing something completely wrong...

Thanks
Sean
 

GarthChapman

Frequent Forum Member
REIN Member
Aug 30, 2007
1,821
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#2
Hi Sean,
As REMA is primarily a forward-looking tool I would recommend that you enter the current information. You can enter the Property as purchased in 2004, but only enter the current financial info regarding Mortgages, Income and Expenses (just watch that the `effective dates` on those entries are current).

This is how I have entered mine, and that keeps it simple.

Hope that helps,
 

seanverret

New Forum Member
Registered
Sep 14, 2007
298
1
0
41
Edmonton, AB
#3
Hi Garth,

Yeah I think that makes things a lot simpler too. I think I`ll go back and reenter the mortgage value as of today and just go from there.

Thanks
Sean