There are many different factors you need to consider when you’re investing in Real Estate. Some of the best real estate investing tools on the market can make the entire investment process seamless. This is why we at Citytistics have created this guide to present some of the best real estate investing tools to navigate the entire process and hopefully make your life easier. So for any real estate investors and buyers, read on to find out more.
Property Analysis without the use of Real Estate Investing Tools
What is Property Analysis?
Property analysis is extremely important especially when you’re comparing against many different properties that you may be investing in. This can include many different factors. Here are some examples of factors that you should be considering
List Price
This one is quite simple, it is what the property is currently listed for. This figure is important as you can try to work out what value to offer to negotiate based on other factors
Description
Next, the description is extremely important. There may be certain things which are missing that you might want for example a pool or an extra bedroom which is quite significant. When you’re comparing against many different properties, the finer details are very important before you even begin to arrange viewings as you want to prioritize those that meet your requirements first and foremost
Value and Rent Estimates
Next up, this one is more important for landlords and those purchasing property to rent out. Based on other properties in the area, you should be able to calculate these values and those that offer the best return on investment (ROI) should be at the top of your list to book viewings.
Property Taxes
Another significant factor that you need to consider is property taxes. This is calculated based on a percentage set by the state which applies to the value of the property and differs across America. For reference, New Jersey and Illinois are at the top of the list while states such as Hawaii and Alabama enjoy lower property taxes.
Detailed financial analysis and projection
The most important factor that anybody looking to turn a profit from their property investment would be the numbers behind the property and whether or not it makes financial sense to invest. This includes the property’s cash flow which is calculated by adding all sources of potential income together and then subtracting any expenses which will provide the value of expected income.
Additionally, you need to be aware of the cap rate and return on investment (ROI) – for reference if you find yourself considering two properties for investment purposes, the property with the higher cap rate is generally thought to be the better choice. The cap rate tells you what the return from a property is current or as it should be while ROI tells you what the return on investment could be over a set time.
Another factor you need to be aware of is acquisition costs which can include expenditure on property surveys, appraisal fees, attorney fees, commission and the list goes on. As you can see there are many different factors which can mean an investment may not be as good as another one. This is another aspect where a good real estate investment tool can allow you to compare possible investments accurately.
Recent sales and rental comps
For any property investment, recent sales and rental comps play a very important factor as they can either add value or reduce the value of a potential deal. Therefore, the information and data that you have on this in the area of which your property needs to be up-to-date and accurate. More often than not you will rely on public data online to accumulate all of the data and you can potentially visit offline channels such as agents and property management companies for additional information.
However, it can be tedious and time-confusing to have to gather the required data yourself. Having it all available and at your fingertips can be much easier. This is where the best real estate investment tools stand out from inferior products and make this entire process easier and effortless.
Once you have all of the data and values mentioned above for each property, that will form the basis of what to compare against different properties. As you can see there is a lot of information that you need to retain and will most likely need to come back to time and time again. This is where real estate investment tools come in to make the whole process easier.
Best Real Estate Investment tool – Dealcheck.io
From our own experience and research, we can recommend Dealcheck.io as the best real estate investment tool for anyone interested in investing in property. It is used by landlords, real estate agents and homeowners alike and it is no wonder why. This real estate investment tool is the best and fastest way to analyze and compare investment properties straight from your phone or tablet which is a great plus for convenience.
Additionally, all of the factors mentioned above such as property analysis, comparing financial analysis and projections and even recent sales and comps information are all available within this real estate investment tool. This means you don’t need to scour the net or have lengthy conversations with agents as all the important information you need is available at your fingertips. –
Another reason which makes this the best real estate investment tool on the market is that the pricing for access is extremely cheap. The free starter package gives you the ability to compare 15 properties. Whilst the $10 “Plus” package allows you to compare 50 properties and finally the $20 “Pro” package allows you to compare as many properties as you need to. With all of the features, this real estate investment tool has it does give you value for money!
There you have it. That’s our guide on everything you need to know about investing in real estate. We hope you enjoyed this article and found it useful. Feel free to browse the rest of our site for even more useful articles and sources of information.