As a real estate investor, one of the hardest things can be to find good deals. It seems like when a property comes on the market that is a really good deal, by the time you find it someone has already snatched it up.
Every day new properties are coming on the market, but you could easily spend all of your time just clicking through properties that you’re not interested in, trying to find that rare jewel that’s a deal. You know that there are probably deals slipping past you all the time, but there just isn’t enough time to search through every property.
And when you find one that might potentially be a deal, you then have to try to find “comps” – properties that have sold nearby – to try to determine what the market value of the house would be. And then you have to run calculations on it to estimate if there is enough of a margin after repairs for it to be profitable. What a pain, right!?
What if that could be automated for you? What if you could go in one time and put in what you’re looking for, and start receiving a daily email with any properties that meet your criteria?
I’m about to share with you a system I found that does just that.
First, I want to briefly tell you about a new feature that makes this a no-brainer. In the past, the system could only find deals on the MLS. But now it will even find deals on Craigslist! Since Craigslist isn’t designed for real estate, it can’t run all the calculations for you. But it will show you only the listings that meet your criteria. There are boxes you can click to tell it what kinds of deals you’re interested in and it will create a list for you. That way you don’t have to go through the tons of real estate listings on Craigslist to try to find a deal. It does the heavy lifting for you and shows you just the ones that look the most like a deal.
If you’d like to check out a short video I recorded about it, you can see it here:
I recorded that when they had just released some of the new features. But it’s out of beta now and everything is working great!
This is one of my favorite tools for finding deals. It’s like a search engine for real estate investors. You basically go in and tell it what you’re looking for and it emails you a list of potential deals.
For example, you put in the price range you’re looking for and how much of a profit margin you want. It goes out and searches through multiple property listing websites. When it finds properties that are within your price range, it goes out and finds other properties in those areas that have sold recently to compare what they’ve sold for to help you get an idea of what you could sell this property for. It only shows you the properties that look like a deal.
So let’s say you put in that you’re only interested in properties that are selling for $100,000 or less and that have at least $30,000 of profit margin. You can put in what percentage you’d like to use as an estimate for repairs and other costs. If it finds a house that’s selling for $100,000, it will check to see what other properties in that area have sold for. Let’s say you put in an estimate of 12% for costs. It will analyze the property to see if you should be able to make at least $30,000 after repairs and other costs.
Obviously you’ll still need to do your own homework, but this does the heavy lifting for you. It saves so many hours of work.
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