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Let
us answer some of your Frequently Asked Questions
1. Why was Rental-Magic!™
software created?
The designer of the software wanted to purchase a cottage at the beach
as an investment. Having limited funds, it was essential to confirm that
a selected property would match his financial profile. Negative cash flow
was not an option. It quickly became apparent that numerous financial
calculations were required for each and every property. Altering a single
variable such as the mortgage interest rate could change a property from
positive to negative cash flow. Rental-Magic!™ was born out of the designer’s
inability to locate a software package to assist in the analysis of investment
properties.
2. Why do I need the products you offer?
Investor interest in rental property has exploded in recent years. Real estate has become the “go to” investment alternative to stocks. Property investors need to make informed decisions just as stock investors do. Rental-Magic!™ can take the mystery out of investing in properties of this type. It will educate you and assist you to make informed buying decisions. If you use financial advisors, it will open the door to more effective dialogue with them regarding your rental property investments.
3. Do I need a background in accounting or finance in order for the software to be useful to me?
No. In fact, the concept for this program originated as the developer, who was not an accountant, tried to understand the mechanics of investing in rental property. The result is a simple step-by-step process that provides the average person with an effective tool that enables him or her to shop for investment properties without being 100% dependent on expensive financial consultants.
4. Why does the real estate agent need the Rental-Magic!™ Professional version?
The Rental-Magic!™ Professional version was created with the real estate professional in mind. With multiple listings, the professional needs to be able to quickly tailor the analysis of any property to any client. The professional version can demonstrate the most logical approach to purchasing a property based on a client’s financial profile. With powerful search features, the Professional version allows you to quickly locate listings and alter them for different clients and e-mail a property analysis to a client or third party. Prepare in minutes reports that used to take hours to complete.
5. What are the minimum system requirements to run your software?
- Pentium 166 Hz or higher/faster
- (Pentium III recommended)
- Super VGA, 256 colors or higher
- Mouse
- RAM - what the operating system requires.
- Generally, it is:
- 64 MB Win 98 2nd Edition, ME, NT 4.0 SP6, Win 2000
- 128 MB Win XP
- GMH Software recommends having more than the required minimum.
- Generally, it is:
- Operating Systems:
- Win 98, 2nd Edition
- Win NT 4.0 Service Pack 6.0
- Win ME
- Win 2000
- Win XP
- HD space: 65MB and Internet Explorer 4.01 SP-1
6. Do I need to purchase other software to run your program?
There is no need to purchase additional software. Rental-Magic!™ will install its own limited version of Microsoft® Access. There is no need to register this version of Access with Microsoft® as it is already licensed through GMH Software, LLC.
7. Will Rental-Magic!™ run if I do not have Microsoft® Access installed on my computer?
There is no need for you to have Access on your computer for Rental-Magic!™ as it installs its own copy of Access. This copy is already licensed through GMH Software, LLC.
8. How do I install Rental-Magic!™ on my computer?
Rental-Magic!™ will install like most other software does. Download the file from our site. We recommend that you create its own folder to receive the downloaded file. Once the download is complete, navigate to the folder and double-click to run the downloaded program. The program installs itself, but you must have the Serial Number that you received when buying the program for the installation to be complete.
9. What happens if I am not completely satisfied with the Rental-Magic!™ software after my purchase?
Within 14 days of purchase, you may contact customer support and request a full refund.
10. I want to see the effect depreciation has on the evaluation. How can Rental-Magic!™ show this?
Rental-Magic!™ calculates depreciation by entering the
years, not a percent. The
larger the number of years, the smaller the depreciation for each year.
Enter 10,000 years (without the comma) to force the depreciation to a
value so low that there is effectively is no depreciation. Compare reports
run with and without depreciation.
11. Can I use the Mortgage tab to do a quick ‘monthly payment’ calculation?
This is not recommended. The loan amount is a calculated value and there are several factors that can affect the final monthly payment calculation. The better way is to use the button towards the right side of the screen, above the tabs, marked ‘Monthly Pmt. Calculator’. This calculator allows direct entry of the required data and a display of the monthly payment. It also shows the principal, interest and total paid for the first 12 months of the loan.
12. My ‘Cash Gain/Loss’ column on the ‘1st Year Summary Info’ tab indicates a loss. Is this bad?
Not necessarily. Suppose your results show a $1,000 loss in Cash Flow, but an overall gain. Consider the economy. Will the expected increase in rent the next year eliminate that deficit? How much do you pay when you rent in the area? The $1,000 loss might be less than you are paying now, so you are getting a discount for your vacation time and gaining value in the property.
Check with your accountant or financial advisor before investing in real estate.
13. Can I look at the Summary Report before printing it?
Yes. The printed report comes up in Preview Mode. If you don’t want to print it, use menu item ‘Close’ to close the report. Be careful not to ‘Exit’ from the program.
14. Why is the Rental-Magic!™ summary only one
year? Wouldn’t it be useful to project three or five years?
Possibly, but we feel that trying to guess the distant future is too speculative and not very reliable. Rental-Magic!™ allows the user to factor in an estimate for the annual local property appreciation. This involves some speculation, but as it applies to only one year, its effects are limited. The program would need at least 3 other factors -- tax rates, expenses and rental income -- to attempt to project values three to five years in advance. These variable factors, compounded over several years, are too unpredictable to yield reliable results.
15. Is there anything special about the ‘Check All’ button on the Purchase tab?
This button is actually a toggle. If all of the boxes are unchecked, clicking this button checks them all. If all of the boxes are checked, clicking the button un-checks them all. If some, but not all, of the boxes are checked, it checks them all.
16. What does the phrase at the bottom of the Rental-Magic!™ calculator mean?
Sometimes, the built-in calculator may not have enough digits or the proper display. It is easy to bring up the Windows® calculator by clicking one time on the line ‘Display the Windows® Calculator’. This shortcut will work as long as the Windows® calculator has the file name Calc.exe and it is in the usual folder. If either of these conditions change, this feature may not work.
17. I have the Professional version. How does the information about the property, etc. get entered?
There are ‘Add – Edit – Search’ buttons on the various tabs. Click on them to open the appropriate Maintenance window for that tab. Once data has been entered, it does not have to be re-entered for other projections. If new data is entered, you must press the ‘Save’ button to store the information in the program’s database.
There is a second step. Once data has been entered and saved, it must be linked to your projection using the “Set” button located on the Maintenance window (for example, click “Set Property”). Then close the Maintenance window, and the information you entered should appear on the Property screen tab.
18. Can Rental-Magic!™ create a file that can be sent to someone, especially by e-mail?
Yes, the program has 2 types of reports for export. They are Snapshot files or Rich Text Format files.
Snapshot files are files created from database reports. They look just like the printed report and it can only be seen and printed with a Snapshot viewer. The 3-letter file extension is ‘snp’.
20. Where can I get the viewer?
The viewer is often found on computers with later versions of Windows®. Double-click on a Snapshot file (MyFile.snp) to open it. If the report shows clearly in the preview window, Snapshot is already installed on your computer.
If the ‘Open with…’ dialog box opens, close it and install the Snapshot Viewer. Snapshot Viewer is a FREE program from Microsoft®. In May 2004, the location for download was:
There are instructions on this site about the installation and software requirements.
If this link is no longer active, search Microsoft® for either ‘snpvw.exe’ or ‘Snapshot Viewer’.
This type of file is an enhanced text file. It only allows a minor amount of formatting, but it can be read by a wider variety of programs than just Microsoft® Word. This type of file does not have the polished look of either the printed report or the Snapshot file, but the same information is available. The 3-letter file extension is ‘rtf’.
22. What type of picture files can be used?
Four types of pictures can be shown, bitmap (.BMP), GIF, TIF, and JPG. JPG and GIF usually have the smallest file size and JPG is the most common. Some JPG files have the 4-digit extension ‘. JPEG’, but Rental-Magic!™ does not recognize that file extension. Change it to ‘JPG’.
23. I am a keyboard person. Can I navigate through Rental-Magic!™ using my keyboard?
For the most part, yes you can. Once the cursor is on a tab, the Tab key will move it through the data entry fields and other buttons on the tab. The Tab key will not navigate from tab to tab.
Most buttons have a letter or space that is underlined. Holding the Alt key down; then tapping that letter or space key will activate the button. For example, Alt + C brings up the Rental-Magic!™ calculator.
Menu items can also be activated with keystrokes. Press the Alt key and the upper menu is activated. The File menu is highlighted. Press the underlined letter to display the menu that you want to see. Finally, press the underlined letter in a menu item to perform the operation. Use the key sequence of Alt, then H, then A and the Rental-Magic!™ About screen will be displayed.
24. How do you compare with other competitive products of this kind?
Rental-Magic!™ was created because another product of its kind could not be located. We believe that you will find Rental-Magic!™ user-friendly, educational and fun to use as you analyze various properties of your choice. It is less costly and more convenient than constantly seeking the advice of a financial consultant. There may be similar products available, but we know of no better alternative to Rental-Magic!™
