II  Tools To Become A Successful RE Investor B

Hands-on or digital tools are essential for your real estate investment ventures. They can assist you in tracking the housing market and keeping your returns high. Whether you’re just entering the market as a real estate investor or you own a few properties and want help taking your business to the next level, we cover the must-have tools you need to become a successful real estate investor.

Key Takeaways

  • Discover the perfect home to invest in with online property finders designed to let you explore the local area and guide you in making an informed purchase.
  • Real estate comparables can tell you a home’s actual value compared to others in the market area, ensuring a worthy investment and reducing the risk of going over budget.
  • Keeping track of your taxes, expenses, and rental income is made possible through financial management software that works with you for maximum gains.
  • From a single-family home to a multiple-unit residency, using the right property management software will help you stay organized and cultivate positive relationships with your tenants.
  • Remain open-minded and unafraid to make connections as you network and find the right people to support you along your investment journey.

Infinity Investing Featured Event

In this FREE event you’ll discover how the top 1% use little-known “compounders” to grow & protect their reserves. Our Infinity team of experts show you how to be the best possible steward of your finances and how to make your money and investments work for you instead of you working for them. Regardless of your financial situation today, you’ll have a road map to get to where you want to be.

Property Search

One of the first steps to becoming a successful real estate investor is looking for properties through online marketplaces. These property search tools help you better understand the different real estate markets. Roofstock Marketplace comes highly recommended as the leading online platform for discovering single-family home and short-term vacation rental investment opportunities, with the added convenience of completing a transaction remotely.

Another great property search tool is ForSaleByOwner, or FSBO, which cuts the middleman out of the sale and lets investors work and negotiate directly with the sellers themselves. FSBO also provides investors with extra assistance with state-specific forms if the real estate purchase occurs out of state. If you want more innovation, consider using Knight Frank as your online property finder. Knight Frank gives real estate investors a detailed look at the target market area’s demographics, weather patterns, and school ratings.

Real Estate Comparables

Comparing real estate properties in an area you wish to buy or sell in can give you a well-rounded understanding of the housing market. Real estate comparables, or comps, help determine a property’s value by comparing it to others with similar features that have sold in the area. Comps can also show you if a home is worth purchasing by presenting the risks and rewards of owning property in specific neighborhoods. For example, the Neighborhood Rating feature from Roofstock incorporates employment rates, school district quality, and home values into its analysis.

Vacation rentals are a promising investment depending on the appeal of the destination or property. Airbnb is a good market research tool that gives you an idea of the rental rates and potential profits you can expect in a specific area. For a map-based approach to comps, choose MapLiv. Its search interface uses property addresses, ZIP codes, or interesting landmarks to show you comparable real estate prices.

Networking

Among the numerous helpful real estate investing tools, networking is one of the easiest to use. You will enter a new world of communication and connection throughout each step of acquiring real estate. Investing in real estate means meeting with property managers, building contractors, prospective tenants, and other investors along your journey. 

Maintain positive relationships with everyone you come across because knowing the right person could be what sets you apart from other real estate investors. Through networking, you may be able to expedite specific steps of the investment process or use the skills of others within your network of professionals in the industry.

Financial Management 

Once you have purchased a property, it’s time to adopt a few tools to help you manage it with ease. Many financial management tools make it possible for you to take care of a property on your own with user-friendly software designed to maximize your returns. For an online payment platform, consider using PayYourRent. Here, you can conveniently collect rent and set up recurring payments to ensure you get the rent money on time each month. It comes with additional security features, like applicant screening and application receipt, to ensure safety and integrity.

Using financial management tools can keep you on track as a real estate investor. It is important to think about how you will oversee your finances, from taxes to expenses, so a financial management software like Stessa is an excellent choice. The Stessa Tax Center can generate individual tax reports and track expenses for optimal organization. It even offers multiple accounts if you choose to expand your real estate portfolio with more properties.

Property Management 

While self-managing real estate property is possible, it can become challenging as you grow your investment portfolio. TenantCloud helps you improve your relationship with your tenants by organizing rental applications and customizing online leases if you own several rental homes. Through TenantCloud, you can also submit maintenance requests and manage bids from maintenance professionals to complete repairs promptly. This property management tool also lets you advertise vacant rental properties to help close the gap in your tenant turnover rate.

For more extensive real estate portfolios, choose Propertyware. It specializes in assisting property managers with 250 or more residential units. Its customizable interface makes property management a breeze, with innovative dashboards and reports. The platform upholds excellent safety standards using a two-way data exchange. If you need a cloud-based management software with more power, you’ll love AppFolio for its eye for detail that can enhance your real estate investment strategy. AppFolio presents an award-winning customer service team designed to guide you on your path to success.

Real Estate Investing

Continuing Education

With the right investment education, you can adequately apply the tools needed to become a successful real estate investor. Find a trustworthy mentor who believes in your ability to achieve financial freedom, like the team at Infinity Investing. We know that earning passive income through real estate investment is possible as long as you’re ready to learn strategies until the right one comes your way. Our memberships provide the necessary tools, resources, and training to maximize and multiply your income streams.

Purchase Infinity Investment’s 360 Pro membership for exclusive access to real estate investment properties and training archives and videos. The membership also includes investing workshops, a portfolio analysis by an expert, and access to our private Facebook community where like-minded individuals mentor each other.

Take the challenging real estate investing process and streamline it with financial and property management software. Be ready to educate yourself and network as you make your way along your path to success, and don’t hesitate to use these digital tools to help you become a wealthy real estate investor. Be sure to sign up for Infinity Investing’s free or pro membership for beneficial resources to help you generate income.

Infinity Investing Featured Event

In this FREE event you’ll discover how the top 1% use little-known “compounders” to grow & protect their reserves. Our Infinity team of experts show you how to be the best possible steward of your finances and how to make your money and investments work for you instead of you working for them. Regardless of your financial situation today, you’ll have a road map to get to where you want to be.