Real estate investing is a competitive business, so you need to have the right tools to succeed. While you can certainly invest in property without using any particular tools, why would you even consider doing that? In order to make your life as a real estate investor easier and to have a real chance to succeed in the business, you need the right real estate investment tools. To start your real estate investing career off on the right foot, we have prepared for you a list of the must-have real estate investment tools.
1. Educational Real Estate Investment Tools
While you don’t need a specific degree to invest in real estate, getting the right education is still your best tool to succeed in real estate investing. The best way to learn about real estate investing is to hear about the experiences of others and learn from seasoned real estate investors. Where to find these? Well, you can read books; after all, there is nothing wrong with the traditional way of learning. If you are more technology-oriented, you can find some authentic real estate investment tips and how-to’s at BiggerPockets, an online network which provides e-books, guides, and real estate blogs. Moreover, there are podcasts for those of you, real estate investors, who are not particularly fond of reading.
To sign up for Mashvisor to read our real estate blogs and other online resources, click here.
2. Real Estate Investment Network
Yes, you’ve read it right. Your contacts are actually the #1 most important of your real estate investment tools. Real estate investing is really about whom you know, not what you know. Even before you start investing in real estate, you have to start building your real estate investment network with all types of contacts including real estate agents, real estate brokers, real estate developers, contractors, professional property managers, handymen, real estate lawyers, accountants, financiers, property sellers, property buyers, tenants, home inspectors, home appraisers, other real estate investors, and the list actually keep going on and on. Your contacts in the real estate business are the most important of your real estate investment tools because they will help you throughout the entire process of investing in real estate: in finding investment properties, buying rental property, renovating houses, maintaining your rental property, looking for tenants, dealing with tenants, selling investment properties, etc.
3. Online Property Finders
We live in the 21st century and have to use technology all the time in order to succeed, including as real estate investors. While you can search for investment properties the old way (in newspapers, driving around your neighborhood, etc.), you absolutely have to use online property finders as they are one of the best real estate investment tools. On Mashvisor you can search for investment properties which match your own criteria and preferences, including your budget, preferred rental strategy, target cap rate, cash on cash return, etc. Check out MSL listings. If you are interested in buying a foreclosure, Auction.com is the right place for you. Craigslist offers anything, including real estate properties for sale. LoopNet is helpful for finding commercial real estate for sale.
To sign up for Mashvisor to enjoy the investment property finder, click here.
4. Investment Property Calculator
Searching for property is not the end of the process of becoming a real estate investor. You then have to make sure that your selected income property will be a profitable one. Thus, here comes the next among the must-have real estate investment tools: the investment property calculator, also known as a rental property calculator. This real estate investing tool is the best friend of any real estate investor as it allows you to calculate your rental income, rental expenses, and return on investment (as cap rate or cash on cash return). If you want the best of the best real estate investment tools: use Mashvisor’s investment property calculator.
To sign up for Mashvisor to get access to the best investment property calculator, click here.
5. Predictive Analytics
Before buying investment property, you have to do your due diligence, and the best way to do that is by using traditional and predictive analytics. Using analytics eliminates the need to use spreadsheets and waste tons of time on complicated analysis. Mashvisor’s analytics are based on analysis of trends based on historical data and future outcomes. Predictive analytics are embedded in Mashvisor’s investment property calculator, allowing real estate investors to make smarter and better real estate investment decisions. The data does not only give projections of the rental income, cash flow, cap rate, cash on cash return, and other returns on investment, but also a comparison between traditional real estate investing and Airbnb investing.
To sign up for Mashvisor to get easy access to traditional and predictive analytics, click here.
6. Tenant Screening Real Estate Investment Tools
Screening tenants is a crucial part of becoming a successful landlord, so every real estate investor needs to have an easy, accessible tool for this purpose. The more rental properties you have, the higher the need for a quick routine to select good tenants will become. SmartMove is an online tool which provides rental reports and recommendations to landlords. However, there are many more tenant screening real estate investment tools out there, so make sure to put some efforts into finding the best one for your needs and preferences.
7. Unlocking Doors
If you decide to go for the Airbnb rental strategy, you will definitely need an app which locks and unlocks doors for Airbnb guests when the property owner (you) is not present. This will save you lots of time and efforts and will make out-of-state real estate investing in Airbnb rentals a bit more feasible. So, make sure to check out Lockitron and Keycafe.
OK, this one is a somewhat lame one, we admit. You don’t really need a smartphone to be a successful real estate investor, but it definitely helps. After all, you can put many real estate investment apps and most must-have real estate investment tools on your smartphone to have access to them at all times, easily and conveniently.
In the 21st century, you don’t have to be tech-savvy to use real estate investment tools. While being tech-friendly would definitely help, these must-have real estate investment tools are pretty straightforward to use and master, and they will definitely make you a better real estate investor. To be competitive and successful in the real estate investing business, you have to embrace these real estate investment tools.
To sign up for Mashvisor to enjoy some of the best real estate investment tools out there, click here.