DealCheck app? Good or bad?

General Real Estate Investing
7yFollow

DealCheck app? Good or bad?

Michael Benanti
Member since 2018 · 3 posts · 3 votes
Just trying to get a staring point on how to evaluate a property and a good deal from the MLS before potentially seeing it in person. I came across the DealCheck app and thought why not at least explore it. It got got a good rating (4.6), not that it is always a good indicator. Has anyone used this? I feel like it's more useful for the outline and then I can fill in the numbers and analyze myself rather than use that exclusively. Thoughts?
3Reply
344 views

Most Popular Reply

Anton Ivanov
Rental Property Investor · Rio Rancho, NM · Member since 2013 · 314 posts · 816 votes
7y

@Brandon Sturgill

Sure, I'll send you a pm.

@Ben Leybovich

I appreciate your comment, but I disagree. Judging from your recent posts, you're into syndication, large commercial deals and partnerships. I agree that DealCheck (or the BP calculator) does not provide enough tools or functionality to analyze those types of transactions (yet).

But I would argue that it does a great job at analyzing more traditional buy & hold SFRs and multi-families, as well as flips and rehab projects. 

I've used to it myself to analyze all of the 35 units I bought over the last few years and personally talked to 100's of other investors who've analyzed and closed on great deals using it.

I'd love for you to actually try it and would be happy to receive and incorporate any feedback you have into future releases. Feel free to pm me or email.

8Reply
See this reply in the discussion

32 Replies

Jump to latestLatest
  • Brandon SturgillBusiness Member
    Real Estate Broker · Columbus, OH · Member since 2013 · 3k+ posts · 1k+ votes
    7y

    @Michael Benanti Can you provide the apps proforma assumptions and algorithm? i.e. how do they arrive where they do on analysis...

    937-979-7000
    Realize Multifamily Group11 Review
    View Page
    2Reply
  • Anton Ivanov
    Rental Property Investor · Rio Rancho, NM · Member since 2013 · 314 posts · 816 votes
    7y

    @Michael Benanti

    Feel free to pm any time if you have any questions or need help.

    @Brandon Sturgill

    DealCheck has a complete built-in glossary with explanation of every term/metric, including the exact calculation formulas used.

    2Reply
  • Brandon SturgillBusiness Member
    Real Estate Broker · Columbus, OH · Member since 2013 · 3k+ posts · 1k+ votes
    7y

    @Anton Ivanov can you send me the link? 

    937-979-7000
    Realize Multifamily Group11 Review
    View Page
    1Reply
  • Jason D.
    Rental Property Investor · St. Petersburg, FL · Member since 2017 · 3k+ posts · 4k+ votes
    7y
    @Michael Benanti I have it and have used it for analysis but I prefer the BP calculators.
    1Reply
  • Ben Leybovich
    Rental Property Investor · Phoenix/Lima, Arizona/OH · Member since 2012 · 4k+ posts · 4k+ votes
    7y

    I checked out the app for you. I didn't use it, but I looked at the marketing materials. From the looks of it this thing is no worse than the BP Calculator. Both are enough for a newbie to get started, but neither is particularly good. Both miss a whole lot of logic that needs to be there in order to represent the full scope of the picture. However, as a newbie, you don't know enough yet for this to make a difference.

    I'd put this in practically the same leadgue as the BP calculator. If you want to try either, Michael, go ahead. It'll be a good learning excersize. 

    5Reply
  • Anton Ivanov
    Rental Property Investor · Rio Rancho, NM · Member since 2013 · 314 posts · 816 votes
    7y

    @Brandon Sturgill

    Sure, I'll send you a pm.

    @Ben Leybovich

    I appreciate your comment, but I disagree. Judging from your recent posts, you're into syndication, large commercial deals and partnerships. I agree that DealCheck (or the BP calculator) does not provide enough tools or functionality to analyze those types of transactions (yet).

    But I would argue that it does a great job at analyzing more traditional buy & hold SFRs and multi-families, as well as flips and rehab projects. 

    I've used to it myself to analyze all of the 35 units I bought over the last few years and personally talked to 100's of other investors who've analyzed and closed on great deals using it.

    I'd love for you to actually try it and would be happy to receive and incorporate any feedback you have into future releases. Feel free to pm me or email.

    8Reply
  • Ben Leybovich
    Rental Property Investor · Phoenix/Lima, Arizona/OH · Member since 2012 · 4k+ posts · 4k+ votes
    7y
    Originally posted by @Anton Ivanov:

    @Brandon Sturgill

    Sure, I'll send you a pm.

    @Ben Leybovich

    I appreciate your comment, but I disagree. Judging from your recent posts, you're into syndication, large commercial deals and partnerships. I agree that DealCheck (or the BP calculator) does not provide enough tools or functionality to analyze those types of transactions (yet).

    But I would argue that it does a great job at analyzing more traditional buy & hold SFRs and multi-families, as well as flips and rehab projects. 

    I've used to it myself to analyze all of the 35 units I bought over the last few years and personally talked to 100's of other investors who've analyzed and closed on great deals using it.

    I'd love for you to actually try it and would be happy to receive and incorporate any feedback you have into future releases. Feel free to pm me or email.

     I am not sure what you are disagreeing with, Anton. As I mentioned, it's a fine enough app, with enough logic and capability for small-scale acquisitions from the looks of it. I don't disagree that it is a good tool for someone just starting.

    Now, should folks be using such tools in the first place? I don't believe so. 

    The issue I take with anyone looking for an app instead of building their own is that it misses the forest for the trees. What folks should be doing is developing the understanding enabling them to build their own tools. The more dialed in the understanding, the more dialed in are the tools. Our tools are a reflection of our ability to rationalize...

    This, in turn, is where the competitive advantage is.

    Think about it. If everyone uses your tool, and everyone gets the same answer and places the same offer, then no one has any competitive advantage. That's just stupid. We are not talking about a payment portal for a PM where as long as it processes, it's fine. This is a tool that is supposed to achieve a competitive advantage in the marketplace, which will allow you to outperform the competition.

    Thus, if you are OK with me being nice, I'll repeat myself and tell the newbie OP that I think your tool is fine to use and learn from. If, however, you are not specifically looking for me to be nice and would like me to be honest instead, I'll say that using tools like your app completely misses the point and should be avoided, outside of as a teaching tool.

    2Reply
  • Anton Ivanov
    Rental Property Investor · Rio Rancho, NM · Member since 2013 · 314 posts · 816 votes
    7y

    @Ben Leybovich

    I think in the perfect world, new investors would spend enough time and energy learning how to analyze properties themselves, what the various calculations mean, etc. But from what I've observed (and I'm sure you've seen too), only a few new investors, who are more analytical in nature, do this.

    One of the issues that I've seen again and again is new investors putting together a "spreadsheet" based on their limited understanding, that produces inaccurate or misleading numbers. The problem is that they are not knowledgable enough to understand that the analysis is inaccurate, but start making investment decisions based on the analysis anyway.

    That is one of the main problems I wanted to solve with DealCheck by providing a tool that takes most of the guess work out of running analysis calculations and evaluating rentals/flips/wholesale deals that will satisfy 80%+ of investors out there.

    But going further, I think that tools like DealCheck are perfectly viable even for more experienced investors. I own a portfolio of 35 units worth just under $4 million and I find that the analysis, projections and valuation tools DealCheck provides are sufficient for me to make investment decisions. 

    Now, granted, I don't do syndicates, partnerships, complex financing or large commercial developments for my deals, but again, I don't think most investors do either. Based on the statistics I've seen, most investors in the US own less than 10 units, which are predominantly SFRs or 2-4 multi-family.

    7Reply
  • Matthew G.
    Specialist · Pasadena, CA · Member since 2017 · 133 posts · 86 votes
    7y

    I haven't used the app, but I would disagree with @Ben Leybovich. Your competitive advantage comes from experience, knowing your market, and seeing greater potential in a property than what others may see. If investors see a property and from comps believe the property is only $100k, but you know the area and market and think you can get $120k, then that allows your max offer to be different than other investors. If you are an experienced flipper and have a team of contractors that can get work done cheaply and quickly, that also becomes your competitive advantage. Even if you all used the same app, your insight and experience allows you to make a better offer.

    Personally I would probably still use a spreadsheet just because you can customize it easily and it can do more if you need it. Since the DealCheck app makes nice reports, I would probably use it after the fact to check my numbers and print out reports if needed.

    5Reply
  • Joe Recio
    New to Real Estate · Conroe, TX · Member since 2019 · 2 posts · 0 votes
    6y

    I have been trying it. But being a new investor. I could not give a good or bad report. So far I been using BiggerPockets analyzing app and still learning what everything means.

    0Reply
  • John T.Pro Member
    Investor · East coast · Member since 2017 · 56 posts · 16 votes
    6y

         It works fantastic for me, and it is very easy to learn.  Of course, there are plenty of calculators out there, some are good as well, but since the question is about Dealcheck, I can say that is a great one.  There is a plus for me, and it is that the founder is an investor as well(, so he knows what is useful and what is not. He created it for himself originally,  and it became a success afterwards.  I talked to him by email once a while, and he is a very down to earth guy, always willing to help and to listen as well, very nice people. 

         By the way, I am not getting any commission for my opinion, or I am affiliated or anything. This is just my point of view.     

    2Reply
  • Matt Pena
    Investor · Waxahachie, TX · Member since 2018 · 13 posts · 11 votes
    6y

    I agree with @Juan T.  Its very simple to figure out & use and it gives enough metrics to analyze single family properties.  They are also constantly updating it and adding new features/metrics to help.  I've only asked them one question through their messenger and they were very responsive.  I like it and use it all the time.  I used to use the biggerpockets analyzer but it was a pain to login to the BP site everytime.  I like that Deal Check is a standalone app.  I am also not getting any commission or cash.  I just like using it.  Makes it easy for me to explain and show the numbers to my spouse and others.

    2Reply
  • Brandon MoreauPro Member
    Rental Property Investor · Lynden, WA · Member since 2019 · 13 posts · 2 votes
    6y

    Lots of back and forth I didnt read.. But for Me, I use it... ive communicated with the app builders and they respond real quick if you have suggestions or comments.. it Cost$$ is the downfall I have.. But the recent updates are good. And Is a great app for doing a quick analysis if your out cruisin for deals... i set my criteria, and if the properties meet I go and do a deeper analysis later...  I recommend trying it for yourself.. pay to analyze a few properties... the first free 5 doesnt do any justice until you get used to using it. 

    1Reply
  • Elisa Angela
    Member since 2021 · 1 post · 1 vote
    5y

    I used to use deal check for years. I was very happy to be able to edit and add the accurate comps, since in most cases it was inaccurate. And was able to edit my won brad. Sadly, today subscription was actually DOWNGRADED and they send me a deceitful message that it was updated. All of my saved analysis is  glitching. 

    I am very disappointed that I am not longer able to perform tHe tasks I have been able to do unless I pay twice as much as paying before for their premium version, which is now from 13.99 to 23.99

    The price change seems unreasonable, so I will switch back to use the bigger pockets tools, which price is more reasonable.

    1Reply
  • Anton Ivanov
    Rental Property Investor · Rio Rancho, NM · Member since 2013 · 314 posts · 816 votes
    5y

    @Elisa Angela

    I took a look and it looks like several members of our team reached out to you regarding the issues with your account. They have not received a response back from you. If you still need help or have questions, please reply to them directly, or you can also send me a PM here and I will look into it for you.

    For the record, it is not possible for us to "downgrade" or change your subscription in any way. It is something only you have access to unless your subscription is automatically canceled due to a payment issue.

    We also have never increased prices for our existing subscribers as long as their subscription is active. We have users who have been paying the same price as it was 4 years ago when they originally subscribed.

    1Reply
  • Edwing Hernandez
    New to Real Estate · NJ · Member since 2020 · 5 posts · 3 votes
    5y
    Originally posted by @Brandon Sturgill:

    @Michael Benanti Can you provide the apps proforma assumptions and algorithm? i.e. how do they arrive where they do on analysis...

    I'm also interested to see that link because I can't find it in your website guys!


    Thanks!

    2Reply
  • Brandon SturgillBusiness Member
    Real Estate Broker · Columbus, OH · Member since 2013 · 3k+ posts · 1k+ votes
    5y

    @Edwing Hernandez Lots of unsupported claims...same story with Roofstock...nothing like getting on camera and claiming you have a magic formula but no evidence of what's in the potion....they want you to go on faith alone, I guess...

    937-979-7000
    Realize Multifamily Group11 Review
    View Page
    1Reply
  • Anton Ivanov
    Rental Property Investor · Rio Rancho, NM · Member since 2013 · 314 posts · 816 votes
    5y

    @Edwing Hernandez @Brandon Sturgill

    All of the formulas used by our software are 100% transparent and verifiable. You can find question mark icons next to every calculation inside our software - hover over those icons to see the exact formulas used for that specific metric.

    There is also a built-in glossary page in our app that lists the calculation formulas and explanations of all real estate metrics we calculate.

    We don't use "magic" formulas or publish "unsupported" claims.

    If you have any questions about any of our calculations, please send me a PM or contact our support team via our website.

    2Reply
  • Dan Johnson
    Member since 2018 · 3 posts · 1 vote
    5y

    I built a model, and then discovered the deal check app.. and then checked my model.  Am impressed with what it does.   I learned a lot from doing my own model, and getting a feel for what matters most.  But, I think I will start using the app.  It is easier with the app to pull the data in for property of interest, and comps.     Also to identify & screen opportunities.  the fee-based services seem worthwhile at least while actively looking.   

    1Reply
  • Rae AshleighPro Member
    Member since 2018 · 17 posts · 6 votes
    5y

    @Jason D. could you elaborate re: why you prefer the BP calcs?

    @Anton Ivanov It looks like a nice platform.  We have been using BP Pro and are always interested to incorporate new tools on our learning journey.  Could you highlight a few ways that using DealCheck could augment what we are doing on BP Pro?

    Many thanks--

    Rae

    2Reply
  • Anton Ivanov
    Rental Property Investor · Rio Rancho, NM · Member since 2013 · 314 posts · 816 votes
    5y

    @Rae Ashleigh

    I'll send you a PM.

    1Reply
  • Rae AshleighPro Member
    Member since 2018 · 17 posts · 6 votes
    5y

    @Anton Ivanov thank you very much!

    0Reply
  • Jon S.Pro Member
    Investor · Tampa, FL · Member since 2015 · 530 posts · 92 votes
    5y

    @Rae Ashleigh @Anton Ivanov

    Same question as Rae. How is DealCheck different from and an improvement over BP Pro?

    Thanks

    0Reply
  • Jon S.Pro Member
    Investor · Tampa, FL · Member since 2015 · 530 posts · 92 votes
    5y

    @Michael Benanti

    Following

    0Reply
  • Johnson Best
    Member since 2017 · 68 posts · 10 votes
    2y
    Quote from @Anton Ivanov:

    @Rae Ashleigh

    I'll send you a PM.

     @anton i am also interested to give the app a try, can you send me any and best promo first time user code ?

    @Anton Ivanovundefined

    0Reply
Join the conversationCreate a free account to reply, vote on answers and follow this thread.
Log InJoin for Free