In ReiOps, a property that is being considered for purchase is called a Candidate Property. There are several steps that a candidate property goes through before you can safely present an offer for it.
The first step is gathering significant data about the property, like its Parcel ID, any available public data like taxes, assessed values, etc. Depending where the property is located, ReiOps can do this data gathering task for you in seconds, as long as the location is within the area where we keep parcel data in our databases. For many other locations we may not have the data in our databases but we may have the pointers you need to figure them out yourself, like the counties' sites where the information may be available. In some rare circumstances you will need to figure this out by yourself. The reason most of the time isn't any lack of functionality by ReiOps rather a less user friendly approach from some counties. Unfortunately some counties in the US tend to be very user unfriendly; fortunately it's only a minority.
The list of Counties where we can provide immediate access to data can be found in the Data Sources page.
You will also need to evaluate any required repairs to the property. This is something that you need to evaluate by yourself and enter the data in ReiOps so it gets considered when you move to the deal structure analysis and the different financial indicators.
Depending on the type of property, this module is integrated with several other modules in ReiOps.
If it's a single residence property then your next step would be the Deal Structuring Module, where you will be simulating different types of deals, like flipping, buy and hold, seller financing, lease options and others. The Deal Structuring module will allow you to compare different deal structures, with different variations. The Deal Structuring module can calculate the cash flow for each deal together with some other financial indicators so you can decide with confidence what will be the best alternative to go with.
If it's a commercial property like a multi-family building then you would move to the Operations Module which will allow you to enter the operating data of the property like the rent roll, the different operating expenses, the different types of mortgages to be used on the purchase, etc. Based on all this data ReiOps will present you with the resulting cash flow, determine the NOI(Net Operating Income) and calculate several financial measurements like CAP rates, return on investment and others.
Also, if you plan to purchase the property in a partnership, you could use the Partnership module to simulate different alternatives of partnerships, like different types of partners, different return rules for each partner, etc.
Once you go through the steps above you will be ready to present your offer (or multiple offers) with confidence, knowing exactly the level of return for each one of them. Also, when you get the counter offers, it will take you seconds to analyze it as all the data is already in the system.
As always, one of the main benefits of ReiOps is cutting the time to execute the main tasks related to Real Estate Investments. The steps above are usually required steps; however, performing them with ReiOps will reduce immensely the time spent in executing the tasks with the additional advantage of being much more precise then doing it manually.
To learn more about the modules mentioned above please see: