The following are notes from our July 1st graduate coaching call.
Real Estate Agents:
We need to find the best investor minded agents to work with. The key is we need to pinpoint who really has the experience with other real estate investors. We want to ask the agents we find how many deals in the past year they have helped other investors in either buying or selling. One way to find a good agent is by asking for referrals from other savvy investors at investment club meetings.
Creative Mortgage Brokers:
We want to work with a mortgage broker that has the mentality to get the loan for either ourselves or for someone we might be handing a property to. We want a broker that can find loan programs from many different sources. One that is motivated enough by the commission to even find new loan programs they haven’t worked with in the past to get a deal done. A creative loan officer at the bank can only be as creative as the loan programs their bank offers. We can find referrals to creative mortgage brokers at the real estate investment clubs too.
Rentometer.com
We can search for a particular address and zip code using this website. If we have found a potential good rental income property, we can load in the address, guess on the rents that could be collected and let the website determine what are the actual rents in the area. It calculates this based on comparable rents in the area. This can be a great tool to use to see if a property has the potential to cash flow. One would also want to talk to a property manager to verify rents as well.
Costestimator.com
We discussed how by going to servicemajic.com we can find a free back way into costestimator.com. This website can be helpful for us to determine the estimated costs of any rehab project based on the details of the room, project, how high quality of the project and by zip code. This is can be a great aid in analyzing the repairs of a potential property. At servicemajic.com we click on the project tools link. Followed, by the estimate link. We then click on Kitchen Estimator link for example. This will now allow us to link to costestimator.com. From here we type in the zip code and start estimating repairs. Ultimately we would want a free estimate from a local contractor if we are proceeding further with a property.
Merlindata.com
This website allows us to pay a fee for a skip trace. A skip trace can be used when we need to find the owner or relative of a vacant property. Merlindata.com guarantees that we don’t have to pay if they can’t give you information on a verified link to the property. The standard skip trace can cost from $25 on up based on what information we need to find out?
We need to have the best people on our team so it is best to ask the right questions and get the right referrals to the most experienced team.
These websites are free and allow us to become more savvy real estate investors. We will have to pay a fee for a skip trace on Merlindata.com These websites can help us be more productive in analyzing properties.
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