I have been looking for a way to "pre-analyze" deals so that I don't have to waste more time analyzing deals that are ultimately duds. The other day a property manager friend of mine sent me this survey that she received from a company called Propel that after completing it has been sending her a list of cash flowing properties that came on the market in the last 24 hours... I filled it out and I havent paid anything and have been receiving a list of properties that meet my investment parameters every day. Does anyone know this company?
I would agree with Jon, after looking at the markets you prefer, you will then be able to look at properties and say "yay" or "nay" to them. Example, in the Cleveland market, I know what areas are better than others and where property taxes are $2,000 to $4,000 more if they were in one of the neighboring cities. You'll also get an idea of what rents would be in those markets and can then make an educated guess on whether or not it may reach your preferences, or especially if you try utilizing the 1%-2% rule because if you know the area and can estimate property taxes then you will know if you should spend more time on it. One thing you could also do is look at square footages and compare to what it is selling to and what has sold previously and you will have an idea if it is possibly overvalued or undervalued.
Never heard of it but I would not rely on it. I would still be checking the MLS multiple times a day and after a few weeks of analysis you will be able to look at a listing and know within 20 seconds if it is worth doing any further analysis on.
I would agree with Jon, after looking at the markets you prefer, you will then be able to look at properties and say "yay" or "nay" to them. Example, in the Cleveland market, I know what areas are better than others and where property taxes are $2,000 to $4,000 more if they were in one of the neighboring cities. You'll also get an idea of what rents would be in those markets and can then make an educated guess on whether or not it may reach your preferences, or especially if you try utilizing the 1%-2% rule because if you know the area and can estimate property taxes then you will know if you should spend more time on it. One thing you could also do is look at square footages and compare to what it is selling to and what has sold previously and you will have an idea if it is possibly overvalued or undervalued.
I have been looking for a way to "pre-analyze" deals so that I don't have to waste more time analyzing deals that are ultimately duds. The other day a property manager friend of mine sent me this survey that she received from a company called Propel that after completing it has been sending her a list of cash flowing properties that came on the market in the last 24 hours... I filled it out and I havent paid anything and have been receiving a list of properties that meet my investment parameters every day. Does anyone know this company?
Use the 50% rule. Best back of the napkin math out there.