Preparing to enter your properties into REMA

GarthChapman

Frequent Forum Member
REIN Member
Aug 30, 2007
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1) It will likely be helpful to have both this User Guide and the REMA[sup]tm[sup] program open so you can easily refer to the Guide as you cruise around REMA[sup]tm getting used to it.2) Expect to spend 1-2 hours reviewing the Sample User data and REMA`s Reports and Modules. (a) We strongly suggest that you first review the Reports available in REMA[sup]tm so you know how REMA[sup]tm digests and regurgitates the information to you. That will help you immensely in deciding what types of data to enter into REMA[sup]tm[/sup]
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3) Expect to spend 10-30 minutes creating your personal settings in My Preferences
for your Portfolio. Here is a general list of what you`ll need:a) Future assumptions of appreciation, inflation, rent increases, operating cost increases, vacancy, Realtor commissions on sale of your propertiesb) Your fiscal year datesc) Advance notification periods for your REMAtm[/sup] Reminders.

4) Expect to spend 15-30 minutes reviewing the Tables to decide whether you want to add, delete or modify any of those Tables to conform to your style of tracking information.a) In general terms most Investors can use the Tables we have set up `right out of the box`, and maybe make a few changes down the road.

5) Expect to spend from as little as 20 to 40 minutes
to enter each of your Properties, depending on how much detail you want to record.

6) Collecting your information on your Properties in advance will speed things up considerably. Once you have been through the Sample User database you will have a very good idea of what you will need to collect. Here is a general list of what you`ll need. Remember that much of this is optional and not required
in order to enter a Property into REMAtm
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(a) Address of the property
(b) Purchase Price and Possession Date
 Legal Description or Condo Plan
(d) Tax Assessment from the municipality
(e) The basic information your Insurer requires to place coverage
(f) Closing costs (or estimates)
(g) Estimated costs of immediate renovations and/or repairs
(h) Mortgage information
(i) JV Partner information- name, cash investment, % ownership
(j) Rent amounts- by property or by suite
(k) Tenants` information
(l) Projected expenses- by item, by month
(m)Goods on Site- what you bought along with the property

The information required to Analyse a Property for potential purchase is substantially the same as the above list, but with some items not needed or not yet applicable.

7) Working in pairs can be very helpful, with one party finding and reading out the information to the other who is entering the data into REMAtm
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8) You may want to print some sections of the Help File & User Guide for easy referral when first using REMAtm[/sup]