In this modern day and age, what is one thing you always carry with you at any given time and day?
If you guessed phone, you are right! This is especially true for real estate investors who are always on the move, looking for lucrative real estate investment opportunities. Long gone are the days of searching for investment properties on maps; you can now rely on a working GPS to take you across town in search of the best deals in real estate.
Of course, GPS is not the only kind of technology a real estate investor needs to find great investments. Real estate is a data-intensive industry. For this reason, access to information via real estate investing apps is crucial. You can gain leverage in the real estate business if you know which real estate investing apps to use.
Here are the 7 best real estate investing apps for 2019:
Best Apps for Real Estate Investors
This app is a great option if flipping homes is a prominent part of your real estate investment strategy. Whether you are looking to flip short sales, foreclosures, commercial properties or any other types of real estate investments, this app helps you understand your potential profits. It is useful for factoring in the costs of materials and labor to determine an estimated sale price. Basically, it gives you an idea of the total cost of any project you wish to undertake. The program pulls expense factors from a database and estimates a sales price and corresponding return on investment. The investment property analysis breakdown can be seen in the Flip Analysis report, which is made available within seconds.
The numbers will depend on the time the property is held (from one to 12 months in total). Although this app is primarily used for house flips, it also allows you to calculate the costs of a 30-year mortgage. It allows property management professionals to keep up with the month-to-month expenses (such as holding and improvement costs) of long-term investments. This information makes it easier for you, as a real estate investor, to calculate your current return on investment at any given time.
One downside of using this app is that timely estimates depend on the speed of response from building wholesalers and contractors. Another con is the fact that the numbers don’t account for back taxes owed on the property, which is crucial to know for house flipping real estate projects.
Realtor.com allows you to narrow down your investment property search; you can filter results by price, type (i.e. multi-family home), and days on market. The app’s property listings feature exterior and interior photos as well as property details such as room size and the number of bedrooms and baths. The app also provides a breakdown of the neighborhood, offering demographics and useful data related to schools and amenities.
The only issue with this app is that it provides listings that are geared towards current market levels. It doesn’t offer as many leads on the undervalued properties that you may favor as a real estate investor.
This is a good option for real investors who are always on the lookout for a good deal. You can use this app to look for a property filtered by its auction date, location and/or associated keywords. Auction.com provides you the ability to view deals from your mobile phone, anywhere and anytime. The program shows you pending foreclosures and bank-owned properties that you can look into further and even buy online. Auction.com is a useful real estate investing app because you can actually buy and sell real estate within the app. So, this is a great option if you have no problem buying investment property online.
A downside of this app is that the status of the auction homes listed can change quickly. Due to this, a property you might find after hours of scrolling through the listing may suddenly not be available anymore. Moreover, in the auction arena, you really never know what you’re getting since you are buying homes without seeing them.
You can find Auction.com properties in the Mashvisor Property Marketplace where you can use an investment property calculator to analyze all deals before making a move!
If you need an accurate assessment of risk and reward, this app is for you. What makes ValueChek stand out amongst other real estate investing apps is its ability to differentiate repair costs based on the regional market. It estimates rehab costs by applying material and labor prices to the square footage of the targeted area. With this app, you don’t need to input data for evaluating rehab costs. ValueChek ultimately saves you time so you don’t have to spend hours searching remote possibilities online.
If you are a new real estate investor looking to learn more about making money in real estate, this app is brimming with resources. The BiggerPockets app contains blog posts, podcasts, ebooks, guides, and more. There is also a website with updated content for those who are not too fond of using mobile apps.
This app will teach you things like how to buy a property that will increase in value or the kind of projects to complete for a profitable house flip. BiggerPockets also caters to non-investors and teaches them how to be better homeowners.
Commercial real estate investments can generate positive cash flow when managed correctly. The Ten-X Commercial app is the perfect real estate investing app if you want to focus on commercial property. This app lets you find hot deals on current commercial real estate properties. It also offers you the chance to review and sign off on due diligence. Not only that, but you can also submit offers within the app. The app allows you to view multiple listings with ease via table or map view. You have the option of searching listings by location, price and/or characteristics. You also can set up alerts for every time a new investment property hits the market.
Although it’s not an app per se, Mashvisor has mobile-friendly tools that can be used on the go, anywhere and anytime. Mashvisor’s rental property calculator provides you with the numbers you need in order to estimate the expected rental income, expenses, and profit from your rental property. It can even help you choose the optimal rental strategy for your future income property. The calculator disaggregates the data into two categories based on the rental strategy: traditional and Airbnb data. Using your input about your investment financing, Mashvisor will tell you which rental strategy is most profitable.
What makes Mashvisor’s rental property calculator different from the rest is its neighborhood analysis; you can use the data from the calculator to compare different neighborhoods in hundreds of US cities and towns and decide how profitable a certain neighborhood is. It’s the ultimate real estate market research tool. The neighborhood analysis also gives you insight into the best investment property type (house, townhouse, single-family home, multi-family home, condo, etc.) in your area.
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With the increased use of technology in this digitized era, it is essential to have access to information anywhere, anytime. This applies especially to the real estate investing business. As a real estate investor, you can take your profit margins to the next level by knowing the best real estate investing apps of the year. These apps allow you to locate and bid on profitable investment properties, expand your investing knowledge, and balance your project budget all from the comfort of your own phone. It goes without saying that investing in real estate has never been easier!