All Forum Posts by: Corey Dutton

The iPad seems to have been made just for the real estate professional. And now with a plethora of apps for real estate, the iPad is a must have for just about any realtor. Here are a list of 5 apps that two successful realtors I know are using on their iPads:

1. Property Evaluator: This is an app for agents who work primarily on REOs or with real estate investors because it is a real estate investment analysis software. It compares your property with similar properties and does comps, projections, etc. It’s a great app for evaluating real estate investment opportunities for your clients.
2. Homesnap: This is a great app for real estate investors that drive around seeking out properties that are not on the MLS, because it allows you to take a "snap" or a photo of a home with your iPad. The app then spits out all kinds of information about the property including: number of bedrooms, bathrooms, the square footage, when did it last sell, what is it worth, etc.
3. School Finder: If you’re an agent that helps families find houses near the best schools, this app rates schools and helps you locate properties for your buyers near the best schools.
4. Mortgage Calculator$: This app is easy to use for agents to help buyers figure out what their monthly payment will be. How many times have you been asked this question and have had to guess? Well, guess no more! This app makes it easy to give your buyers the right mortgage payment in a few taps.
5. Open Home Pro: Agents can manage their open houses with this app. It’s a cool app because realtors can send open house invites, follow up with open house visitors, etc. This app is a very professional way to manage your open houses if you’re an agent.

Check out some of these apps for your iPad or iPhone. These are great tools for real estate professionals.

I hate to be bearish but if interest rates go up, even a little bit, home prices will stagnate immediately. Also, unemployment is the biggest driver behind home prices. This is getting worse everyday. Until I see price increases through the Spring of 2013, I'm not celebrating quite yet. As we know, everything is artificially propped up before an Election. In January, we have to make good on our promises we made last August regarding our deficit. Many people have forgotten that the United States almost lost its Triple A credit rating. This threat isn't over, it's just forgotten about by the American people for now.

And did we forget about the banking crisis in Europe? U.S. Media likes to keep us in our little bubble over here so we don't hear much about that. This is one of the biggest threats to a true recovery. It won't make banks in the U.S. more eager to lend going forward.

Just some things to think about. No one seems to notice any of these factors....

Yes it seems everyone now is a commercial or residential broker. I posted last week about a broker that asked one of my clients for $11,000 upfront before he gave him the term sheet from Zions Bank.

Yes I think it's important to see the property for the reason Brian Hoyt brought up.

Thanks Shane Woods I appreciate that. I'm no pro and this helps get a good idea.

When searching for comparables to determine an after repaired value on a property, how close are they from your subject property? In other words, are your comparables less than 1 mile from the subject property, less or more?

In some more rural or less populated areas I’ve seen comparables close to 3 miles away from the subject property. What do you recommend?

I also suggested that he google the company's name + scam or the guy's name + ripoff and see what comes up.

Chris Clothier VERY well said. Thank you for that.

This friend of mine is a HUGE player in the California real estate market. The nerve this hedge fund manager had to say that to him. What a jerk eh?

A prominent real estate investor in California related a story to me yesterday that nearly knocked me off my chair. This real estate investor specializes in real estate flips and rental properties in California, and has been in the business for 30 years. He currently has a portfolio of over 400 rental properties in California.

He was recently solicited by a hedge fund manager in California for a meeting. The first thing the hedge fund manager said to my friend was, “I really feel sorry for you small guys because we are going to put you all out of business.” My friend was obviously offended by this and replied, “I’ve been doing this 30 years, how long have you been doing this? Six months?”

This hedge fund manager offered to buy all 400 of my friend’s rental properties in California. He told him that his hedge fund was going to put all of the small real estate investors in California out of business. This hedge fund’s goal is to buy up all of the discounted real estate in the State of California and turn it into rental property. As many real estate investors can attest, these hedge funds are coming into the buying scene pretty hot, and are paying prices over retail for properties in California, Arizona, and other States in the West.

Needless to say, my friend flatly refused the hedge fund manager’s offer and walked out of his office. Does this pose a real threat to real estate investors in California? What is your take?

A client in Texas called me today. He is working through a commercial loan broker who said he has a term sheet from Zions Bank to refinance his 100% occupied office/warehouse in Dallas, Texas. But the broker is asking for $11,000 upfront paid directly to his company. What do you think of this?