Top 14 Real Estate Investor Tools

3 Mar

Real Estate Investor Tools You Need Before You Get Started

In this series we are looking at How to Go From $0 to $10,000 a Month as a Real Estate Investor.

Today, I would like to give you our Top 14 Real Estate Investor Tools we use to evaluate real estate investment deals on a daily basis; you can start using them immediately.

Real Estate Analysis Spreadsheets Real Estate Investors Tools | Analysis

1. Opportunity Evaluator 

We use this everyday and it’s great tool made by Scott Scheel of Commercial Property Academy.  Use this tool to evaluate multi-family properties and determine cash flow, projected cash flow, debt coverage, expenses and value.

2. Residential Fix and Flip Deal Analyzer

This is a great spreadsheet that you can enter in a range of values along with projected expenses resulting in potential profit.  You can use this spreadsheet to determine what price to offer on a bank owned home.

Renovation Tools

1. Work Order

We use this spreadsheet to submit to our contractor.  He will then give us a detailed bid with a contract.

2. Fix and Flip Check List

Use this spreadsheet doing a walk through on a property to determine what you want to renovate, you can then copy it to the work order for the contractor.

Valuation Tools

Determining value is the most important part of buying properties, I would highly recommend that you work with a licensed realtor or an appraiser that will help you determine value.  The tools below will work, but before you pull the trigger I would consult an expert.  You can also read this blog post on How to Value a Rental Property.

1. Zillow

Sign up for a free membership and click on the “Homes” tab, and scroll down to “Recent Home Sales” type in the address and get a Zestimate.  The picture below is of a house we are closed on today.  We valued the property at $175k- $200K after fix up was complete.  It looks like from Zillows Zestimate the comps are in same range.

Valuation Tools

2. Netvalue Central

This is the service we use in Arizona; the data is complied from the county tax records and is very informative. You can pull comps, trustee sales and pending foreclosures. 

Legal Services

1. Paralegal Plus

You will want to set up an LLC to buy and sell the properties through for liability reasons, we set up all of our LLC’s through Paralegal Plus, and they operate in AZ, CA, and NV.

2. Legal Zoom

You can set up LLC’s across the nation at a reasonable price using Legal Zoom. 

Word Documents 

1. Residential Purchase Contract

We use this Purchase Contract along with the standard Arizona Real Estate Contract provided by the Arizona Department of Real Estate.  You’ll have to change the verbiage to reflect the County and State you are located in.

2. Residential Lease Agreement

Using this lease will protect you as the landlord and give clear instructions to the tenant.  This agreement is geared toward Arizona law so consult your attorney before using.

3. Promissory Note & Deed of Trust

Use these if you are going to sell a property and provide seller financing. 

Tenant Screening 

1. NTNonline.com 

We use this frequently; they provide a great resource for investors to qualify tenants.  They use a point system to determine the quality of the tenant.

Foreclosures and Reo’s.

1. Foreclourse.com

They have the largest database for foreclosures, bank owned properties, tax liens and FSBO. You can use this to locate deals in your area.

2. RealtyTrac

They have a 7 day free trail along with email property match alerts. They also have an extensive database of foreclosures.

Notice: These documents and spreadsheets are provided for general informational purposes. Before you utilize any legal form you find here, you should have it reviewed by a lawyer in your jurisdiction to be sure that it meets your legal needs, and will be held valid by a court in the jurisdiction where you reside.

In the next post for this series we’ll be learning how to Assembling Your Investment Team, having the right people on your team will make the investment process easier and more streamline. Your team is your key asset to creating momentum and making big money in real estate.

To follow along with this series make sure you subscribe to our RSS feed or bookmark and come back to this page where I’ll be linking to each new post as it is published on the blog.

If you have any questions please feel free to leave a comment below or email me at SeanTerry@cox.net.

Happy Investing! 

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4 Responses to “Top 14 Real Estate Investor Tools”

  1. BaltimoreREIA 21. Mar, 2009 at 1:20 am #

    It will be good to pick up real estate lingo if you are a real estate investor or a first-time buyer who is not familiar with the real estate jargon that is brimming over with terms and acronyms.Smart Tax,Tax Strategies,Smart Tax Strategies, Real Estate Investor, Real Estate,Real Estates Association

  2. Mortgage Process 06. May, 2009 at 4:39 am #

    Really, you have referred some good investor tools and references to know about that more deeply. In these things, from my point of view there should be manly visual aspect to invest in real estates.

    Real Estates is the field where losses are very less. Thanks for the sharing these tips, these are really much informative.

    Thanks
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  3. Pamela Greer 21. Dec, 2009 at 8:57 pm #

    Hi!. Thanks for the blog. I

  4. Greg Sidoff 27. Jan, 2010 at 10:19 am #

    This is extremely beneficial information. If one were to use these tools, and invest right now, one could become a successful investor.