Owning rental properties can be a lucrative investment, this is why always looking for ways to grow your business would be a wise path to head down. In this post, we are sharing 3 tools that can greatly benefit you as a real estate investor, and will have you growing your portfolio in no time.
The Freedom Cheat Sheet by Clayton Morris
Sometimes it’s wise to follow in the footprints of the experts. There are many self-help financial gurus who write books or hold seminars. One such person is American investor Clayton Morris. For him, creating passive income through real estate was the ultimate goal, so he developed the Freedom Cheat Cheat. This formula gives people the ability to declare financial freedom by calculating a freedom number, which is the minimum number of rental properties needed in order to cover all of a person’s monthly expenses. The basic idea is to take the average amount of your monthly expenses (increased by 10% to be conservative). Divide that number by the average single-family rental (decreased by 40% for maintenance estimates). The rounded result is the number of rental properties needed to cover all monthly expenses.
DealCheck – Real Estate Analysis Software
Once you are ready to commit to becoming an investor. It’s time to turn your focus towards the prospective properties themselves. There are valuable tools that can help assess a property’s potential income. DealCheck is software that gives you the ability to analyze a property, enter specific parameters and then calculate results. You will have access to collated data from all over the web, such as photos, detailed descriptions, value, profit from a sale, acquisition costs, the potential for flipping, and rental estimates. You can then enter the price you want to offer for purchase, including closing costs and other estimated expenditures. You can also compare the rental price to others in the area.
Innago – Free Rental Property Management Software
It isn’t enough to get the initial money flow. You also need to keep a steady stream coming in by having happy tenants. Because of today’s technological advances, there are a variety of apps that can help guide you on your real estate venture if you feel ready to manage your rental properties in addition to purchasing them. One great example is Innago. It provides many services to keep both tenants and managers happy, such as online portals for payment and maintenance requests, on-the-go cloud-based tenant screening, online lease signing/instant updates, and communication tools such as personalized account reps who are available around the clock.
Interested in learning more about how you can leverage real estate to earn passive income? Contact the experts at Morris Invest today!