based upon facts—from your office, at home, or on the go. How do you choose a software tool? You’ll want to look for a few key capabilities. First, you need good data and plenty of it. You’ll need nationwide title company data as well as MLS sales data and FSBO (for sale by owner) information. Importantly, you must know when you are comparing apples to apples or apples to oranges. So, you need accurate square footage numbers, accurate bedroom and bathroom counts, as well as current interior and exterior property photos. With accurate, easily comparable data in your pocket—literally—you can properly set the ceiling on your after-repair value. You’ll know if a deal will make a great flip, or if it is better suited for a buy-and-hold strategy. You’ll also have a real feel for your margins. The best tools will allow you to choose a realistic spread of comps on your own rather than hav- ing to trust potentially low-balled lender comps to the rose-colored comps agents may be tempt- ed to show you. These tools will also allow you to quickly map your selected properties, so you can avoid out-of-area comps that can creep in when appraisers lack sufficient options close by. BE THE HUNTER! When you are equipped with the right tool, if you feel a deal justifies going above list price and the bank says it doesn’t appraise, you now have the data to dispute an appraisal with verifiable information. This can mean less money down or being able to avoid properties a bank won’t lend on. In an aggressive market, it’s better to be on the hunt than to be hunted! Using the right tools can put you in
the driver’s seat of every one of your deals, helping you avoid the risk of overpaying in your chosen markets. If you are investing in multiple cit- ies, this type of data-driven deci- sion-making is even more important, as juggling data from multiple mar- kets can be overwhelming. If you’re selling, this type of tool can protect you as well, especially if a market has gone up more than you anticipated. Data-driven insights can keep you from selling too low and leaving tens of thousands of dollars on the table. My favorite tool is Housefolios. It stands out from other tools, con- taining all the features mentioned above. In addition to instant compa- rables, Housefolios software gives you proformas with information crucial to your purchase decision. With Housefolios, you won’t have to sweat to know if your next project is a flip, a buy-and-hold, a turnkey, or a wholesale deal!
Housefolios has plans starting at just $29 a month. I can’t rec- ommend any other tool that does all that this one does. Why take chances you don’t need to? Ask for a Housefolios demo before you buy or sell another property! House- folios offers powerful tools to help you compete profitably in today’s markets. Go to housefolios.com/ thinkrealty for a special offer just for Think Realty readers. •
Rob Fuller has been investing in real estate for more than 10 years. In 2015, he formed ROI Property Group LLC, a California-based LLC that develops,
builds ground up, and runs a fix-and-flip operation. The company’s strategic approach includes analysis, technology, acquisitions, and field operations. Fuller is also the CEO of Housefolios, a prop- tech company based in Provo, Utah, that was designed to help Fuller run his real estate business. It has been expanded to be used by other real estate professionals to organize and add value to their businesses.
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