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Apps for Real Estate Investors

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The Ten Must Have Apps For Real Estate Investors

These are ten apps that I personally use and they induce lives more productive, they can help you make better decisions, they can help buy status a bit more convenient. You now what it’s not going to do, these are not going to acquire you a billionaire overnight.

In fact, mastering, internet itself is not going to induce you rich or not. If you hope to engineering is what’s holding you back, you’re wrong. Knowing how to do this business is what might be holding you back. These tools, these apps can acquire status a little bit more efficient, but they’re not going to persuasion or transgress you.

In this blog, I’m going to take you inside of that screen on my phone that has the apps that I completely must have on me at all seasons to be a productive real estate investor these days because otherwise, I have to go back to my computer and so often, I’m out and about. I’m with family. I’m with my teens and so sometimes, I have to be able to acquire intelligent real estate vesting decisions from my phone and these apps allow me to do that.

Google Maps

Google Maps has several different facets that make it helpful. The first is obvious that it allows you to steer to the owned, know where it is, but too, it shows you and you have been able every kind of tell various kinds of on the video, it gives you property lines. Now, these aren’t going to be sketch or property lines, but they give you a good manifestation as to where the property lines are liable to be. That can be helpful.

Also, if you are interested in, you can change to satellite background and you’d be able to see kind of in its relationship with other owneds. What the terrain is like. I affection ow some owneds actually have this right here, which is a street background which is amazing. I remember when I firstly croaked beginning in real estate, I had a fantasy that one day, I can have like a little radio heard bee or defect that could control around and show me owneds without me having to get out of my sit.

That was a fantasy 15 years ago. Today we have it and it’s free. It’s called Google Street. It’s amazing. Okay. It helps you with that as well and this here, the other obvious status such as if you’re trying to got to get, it shows you what congestion is. That can come in real helpful when you’re trying to move around and look at the traffic.

It can tell you status like if that owned is in an area where there is … We’re kind of in a rural area, so it’s not showing so much better, but that can be helpful too. If you’re picking out owneds, you wish to make sure you’re not in a high congestion discipline if it’s a residential because it’s a lot harder to sell those. Oh, there it goes.

Google Maps has several different features and I end up expending it all the time. That’s in contrast to the other mapping software that the iPhone comes with, which is not nearly as effective. Google Maps, they gives you all these staggering features.

Google Voice

Google Voice is splendid because it allows you to have both call and textbook facets. What’s so nice about that is you don’t have to go out and buy a bran-new phone line. You don’t have to go out and pay for one of those services like RingCentral or Grasshopper, you could just call Google Voice and it can be your mention business telephone. It’s wonderful and often seasons, marketers are texting a lot these days and so it allows you to textbook, but it also doesn’t give the home owners your actual personal cellphone number. Google Voice can come in handy right there and I use it all the time.

Local MLS

My MLS system has an app to access all the MLSchronicles, which is absolutely fantastic because having direct MLS access grows such a significant difference in your ability to see what’s really going on both shut, active, withdraw, expired and you are not able to have this quirk, but your MLS maybe has a mobile version.

I’ll get more into this concept of mobile network with Puffin, but you can actually setup a shortcut on your dwelling screen that would be a link to the mobile form of your neighbourhood MLS. That’s what this is for right here, this Flexmls, for me. For you, you are not able to have an actual app, but you still maybe have a mobile version.

Realtor.com

Realtor.com, this is really helpful for looking at actives and looking at actives in a manner that is where it’s really easy to consider. That’s a recent pursue, but let’s say you’re going the for sale pursue, well, that “ve given me” location. It’s going to show me active ones for sale on a delineate. Certainly easy to steer through and see what’s going on.

Now, one of the things that’s important to realise is that realtor.com has the most accurate information. Zillow through court cases lately has lost their feed for direct access to the most up to date ability when owneds become available for sale. realtor.com is much better for for sale ability. That’s active auctions, but that’s nice to know. It’s nice to know what’s going on with the owned and as far as the rivalry and that’s what actives can be useful for and realtor.com can be a nice and easy canal to access that.

Zillow Rentals

Zillow Rentals this is another stunning tool that’s just recently are also available as far as real estate investing is cited. It does this, it allows you to see what other owneds are leasing for. That is a huge, massive consider because for a long time, it’s been really hard to figure out what owneds payment for. It’s always been pretty easy to figure out what they’re selling for, but this gives people the ability to quickly scan to see what the picture is leasing for.

Now that doesn’t mean it’s the end it will be the exact number of what your dimension might rent for, but it’ll give you a good ballpark. A mas of they just dimension administrator oversaw, so our data is pretty accurate on information materials. Regularly, the dimension administrators are the ones that priced them properly because they’re trying to rent them.

Back in the old days, what I used to have to do is call a bow of dimension managers and asking questions what they’d payment for. These epoches, I don’t have to call anybody. I accurately jump on the Zillow Rentals app. Zillow Rentals in its relationship with realtor.com, that app, this one is actually far better for rentals.

RealQuest

RealQuestis the text version of the dimension ability. Now, you may not have a Realist you may have access to, there’s a service for the public announced RealQuest. It’s the same concept, same firm, Core Logic. If you don’t have that, you can always go to an web site that caters this. I thwarted demonstrating on the videos NETR Online ans you can find your charge registers from here for free. This is public records.

The difference is the data on RealQuest is easier to view for me, but this is the tax registers. It’s what the government, the local excise approving considers of the property is. Whether it’s square footage, bedrooms, bathrooms, all that data. It comes in real handy. Right there between the MLS coms, active coms, which I can get from the MLS but this is a nice easy-going road to consider it on realtor.com. If I’ve got a rental, I want to see what the rental charges are here and this is an issue which the taxing approving has as far as their ability. That can give me an enormous summarize of data on a dimension and facilitate me make better decisions much faster.

JotNotPro

JotNotPro is an superb app. What it does is it allows you to take a picture of anything that’s document shrewd and it will proselytize that document into a PDF that you can email. What this allows you to do is take all this documents that the marketer has, whether it’s there deed and their mortgage ability, whether it’s official documents you accurately had signed and it makes it possible to digitize it. Makes a big difference. It’s fast and easy.

The only time it’s not fast and easy is if we’re talking about thirty, or forty, or fifty sheets, then you have to take a coat with private individuals page and it can be a little bit long and attracted out. For the most significant part of real estate investors, it can really come in handy to be able to just take a speedy few evokes and have a document, digitized you can email to a title firm or otherwise.

Puffin

Puffin is a mobile web browser. It moves browsing the web a lot easier on a mobile machine. I hope that you can see this. When you press something, check, it makes a little circle. It moves it so simple to know what you’re touching. It seems to respond really quickly to any website, specially public registers where it’s government based and it’s really clunky otherwise on a mobile device.

I end up using Puffin a lot as my web browser when I’m trying to browse the governmental thrusts websites. Whether it’s for dimension ability or plays that like record-keepers agency, that kind of data.

Youtube Capture

The Youtube captureapp is an app that is used to be able to is not simply punches a video, but you have been able film numerous videos. What it will do is this, you have been able film those different shootings and then you can mix them together. All in one video if you’d like to and it makes a huge difference. I accurately altered this app, so that’s why it’s demonstrating like this.

This app is great if you are interested in cook videos of your owneds and you don’t have to have a bow of video editing application, fancy video camera, or anything in the like. You can accurately do it all right there with the Youtube Capture app. It’s fantastic.

Evernote

Lastly” were having” Evernote . Evernote has been a game changer for me. There’s the tones on this actual video right there. Evernote is where I keep track of everything. When I roam look at owneds, I take notes of everything that needs to be done to it. I prepare notes about everything I check. I take evokes, include those evokes in there. There’s so much you can do with Evernote. I have entire videos on this subject to be more productive in real estate. Without Evernote, I wouldn’t be nearly as productive as I am.

Conclusion

I hope you knowledge this video. I hope you picked up some tips-off that might allow you to be more productive, help your business be a bit more handy so you can be more mobile while you’re making decisions on the wing. If you have any questions or you have any mulls or notions on some additional apps that might need to be considered, go ahead, utilized those accurately below here in the video and I’d try to tore about time out of my schedule to affirmation and to correspond with those that interact with my Youtube channel, actually appreciate it.

If you want to take your enterprises to an completely new grade, I strongly promote you to watch as many of the videos I’ve provide as is practicable because I try to provide signal, the truth amongst all the noise and garbage out there that is not going to help you be more productive. My videos, my training’s will.

Also, grab a copy of both of my works. This one here How to Be a Real Estate Investor as well as Real Estate Investing Gone Bad

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Errors Investors Make

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These lessons are not strictly for real estate. They can pertain to stocks or other types of investing. It’s something that if corrected early on, can make a huge impact on how you invest.

 

Margin of Security

This is the boundary of lapse, or the chamber of lapse you allow for in the spate, so that if you make a mistake on your calculates or something goes wrong, you have enough boundary so that you will not fail coin. You’ve encompassed yourself so that “youre still” going to make money, even if some added expenditures come up.

Author Benjamin Graham wrote a work called, The Intelligent Investor and also acts as a mentor to Warren Buffett, who you might know is the best living equities and business investor in the world. It was Ben Graham that took this idea to the spotlight world of expending advice. The sentiment that you buy a inventory and figure in a boundary of security so that if your estimates of the essential ethic of that inventory are off or something goes wrong causing ethic to drop-off, you’d be ok because you figured in a safety net.

Apply This Concept in Real estate

You can use this concept on deals that you close on 

  • Buy it with your own money
  • Buy with a mix of a traditional bank loan and your own down payment
  • Get a hard coin loan and a down payment
  • Get private financing for the entire thing,
  • Return the homeowners some coin and you catch up their back pays.
  • Renovate the home and resell to a retail purchaser
  • Restore and then rent it out to a tenant
  • Do nothing to the property, you’re clearly just going to close on it, because you need to close
  • An auction
  • A wholesaler who is throwing it to you
  • The seller needs money soon, and then you’re going to directly resell it on world markets Any deal that you close on

Exclusions:

What’s omitted from this rule? Whenever “youre not” closing on the deal.

When you’re receiving a commission When you assign your interest When throwing a spate When “youre not” putting your own coin into it, When you’re going to realise someone else’s fee

Those the different types of dealings, this concept doesn’t relate, because it doesn’t matter if you have a boundary of security. You’re not closing on it.

I hope I attained that clear.

This is for deals that you’re closing on. You need to have a margin of security. You may be thinking,” Okay, well, what’s the percentage? What should be my boundary of security ?” Well, there really isn’t a percentage, per se, because percentages break down. They break down both when the price of the property gets really low-toned as well as when it gets really high-pitched. Instead, it’s more of a gut reaction when you look at the numbers.

2 Main Mistakes

Here are the 2 main places I’ve seen where people make a mistake, and therefore you have to have boundary of safety.

1. The estimated requirements. Sometimes they refer to this as the ARV, After Repair Value, but you may not be preparing it up. That’s why I use the phrase “estimated value.” What’s the property going to be worth that you’re buying, right, or what is it worth that you’re buying? You have the estimated value. Then you also, that’s the first place people make all kinds of mistakes.

2. The renovation rates. How much is it going to take, how much is it going to cost to get onto to this ARV if you’re going to use, if you’re going to fixing?

Estimated ethic

It is a very common act for a real estate investor to be overly positive. They think to themselves,” Well, I deemed the comps, and a home down the road sold for this much, but this one could sell for even more .” A spate of investors get overly confident.

On the other side, the same investor will miscalculate how much it’s going to cost refurbish. They conclude,” This will be easy, it exactly necessary some paint there, a little treetop molding, to cover up any issues.

Why does this happen, this being optimistic on what a home is merit and how much work it needs? Often it is just a trait of an entrepreneur. We’re optimistic by nature. We meet a spate and think” How can this be done? We look at it from the perspectives of,” We can do this, and here’s how we will .”

That is what is so thought-provoking about the relevant recommendations of boundary of security, It means that you have to be, the exact opposite. You must be extremely pessimistic about this. You need to deem a comp and think,” Well, it’s not becoming bring in 200 here, because the other home had more square feet, and a puddle and mine doesn’t, it is also on a more running around street then the others that sold for more .”

Pessimism

I know it is a strange concept, but being pessimistic erects in the margin of safety. Being Cynical about how much a home will sell for, and being pessimistic about renovation rates. You can even choose to set up the standard rules for your safety net. Like it will cost 20% more then you estimated for renovations and will sell for 10% less then “youre thinking”, but that breaks down a lot.

You could look at a spate and think,” I think it’s going to go for 300, but what if it only sells for 280 ?” Then you calculate renovations and think,” If my calculates say it’s going to cost 20,000 to refurbish, based on inspections by my contractor, but what if it expenses 30,000 ?” See what I signify? It’s not basically a percentage, but you need to build in this boundary of security so that if your apprehensions are wrong, and these two areas are the most commonly misestimated.

Example

There are many homes you can go wrong but these two are the biggest. I’m going to give you an example, a spate I am doing. I had an evaluation at 600,000 on a condo, and everything was going well, and I got it at 375. Still lots of potential for profit and the place didn’t need much work. I had to close on the spate rapidly and after closing upon extensive investigations I discovered that

1. The condo did not have the right kind of licensing needed to turn it into a nightly rental 2. The condo does not have right of entry to the HOA facilities like the puddle or gym.

How did I not see this before purchasing? I read through the HOA docs, and overlooked it until I had already closed on it. Now these two things might not seem like a big agony, but it actually ended up being 100,000 change in ethic. So now the spate is exclusively worth 500,000 instead of 600,000 Thankfully because I had a margin of security this is not the end of the world but what if I did not have a boundary of security?

Let’s say I was buying the property at, 450 believing it would sell for 600, and then catch out its worth 500 because of the two issues we found.

Margin of Safety

Using a boundary of security is how me and my students have continued to be successful each year despite what the real estate grocery is doing. When the bubble of real estate was burst, we are continuing continued to be successful. We did a lot of short sales, lots of home flipping, but we maintained a boundary of safety in our deals. We never took on a spate we couldn’t manage since we are always attained sure to leave a boundary of security. The best part is that sometimes your calculates are wrong on the OPPOSITE side meaning you expend style less than your original illustration which means you make even more coin then you had expected.

Maintaining Discipline

I watched a great interview with Warren Buffett and Steve Forbes, writer of Forbes magazine. Where, Steve questioned Warren a very simple question. He said, “” A spate of people know about ethic expending and contrarian investing, the notion that you calculate the basic ethic of a business or a inventory, and you hold your flame until it makes the right price to buy it at, but Warren, you’ve been better than anyone else at that. Why are you so much better ?”

Warren Replied,” You have to have discipline when you’re making decisions, because at the end of the day, you can be persuasion to take a spate, especially if you want to have spate pour .”

Real estate investors, you know what spate pour is. You want to get some deals in the labour, you need to get rehabs started, so you can realise more coin, so you break-dance your boundary of security the regulation and pick up some deals at a higher toll detail than you are able to. I have heard “theyre saying” circumstances like,” I want to keep the flow becoming. I exactly want to retain the whole machine pour ,” and so they take deals they should not.

Back to the Forbes and Buffet interview. The interesting thing Warren said was,” You know, for me, a lot of “its not about” the home runs I’ve hit. It’s about the deals that I did not lose coin on. I either violated even, or did a little better .” He said,” The first the principles of the rule of expending is to not fail coin, and regulation quantity 2 is to not forget regulation quantity 1.” When you insist a boundary of security, it’s not inevitably that you hit home runs, it’s that you didn’t go backwards, because going backwards can be extremely lessening. Not only disheartening, from an psychological posture, but also from a business stance.

Go With Fewer Deals

When you include a boundary of safety in your deals, you’re giving yourself assurance that if your apprehensions are incorrect, you will still make a profit. It entails self-discipline, because this means you’re going to pass on more deals. When you start using this concept, you are going to close on fewer deals.

Why?

You might be thinking this is a bad act. When you are looking for deals and representing gives on them, you are going to have to apply a boundary of security that will see numerous deals unsafe investments. Though, you will be taking fewer deals it also means you are not going backwards, and it means that the deals you do are often productive. It will pressure you to think in terms of how to monetize deals, which means you may get better at throwing. You may even get your real estate permission to receive commission recommendations.

These are the things I do because I’m very vigilant about the deals I shut, the deals that I’m really putting coin into, whether it’s my money or someone else’s. If you’re ensure a loan or if you’re signing on behalf of your LLC and you’re doing the right thing that means that you need to realise the right choices on the contracts that you’re closing.

Many people complain about how hard money lenders have a 65 cents on the dollar regulation that you need to buy the property at 65% of its ethic right now at the nation it is currently in. Numerous investors do not like this concept because it’s like,” Where in the world can I find a spate like that ?” It is a lot harder to find deals that ideal, but it’s also a good the examinations and balances too, because if you’re getting deals that inexpensive, you’re already lay out for that boundary of safety.

Everyone has a different threshold, so I’m not telling you that’s the rule to live by because, as the deals go up in worth, 65 cents on the dollar is a embezzle, right? It’s not about the percentage. It’s about considering the numbers and calculating some calculates, then saying,” If I was mistaken here and I was incorrect there, how much chamber do I still have ?” That’s why you won’t find an ideal percentage. For me independently, I look for larger revenues or I don’t throw in the time messing with a spate, but you may be okay with less revenues, still utilizing a boundary of safety.

All right, thanks so much for watching. Hear more about us at FreedomMentor.com. If you’d like to learn more about how you can work with us directly 1 on 1 on real estate deals, check out our apprentice curriculum. I’ve also got a great book out there, How To Be A Real Estate Investor, and a ton of these videos. There’s just a treasure trove of videos, with all types of great tips that you can dig into as well. All right, I will see you on the next video.