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How to Buy Real Estate Software
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Real Estate Investing - Getting Rich Quickly
If you are going to get rich, you may have to give up everything you ever learned in school and from your parents and start from scratch. Now that's not a definite by any means. You may not have to start over. If someone along the line taught you, for instance that it doesn't actually take money to make money, then you may already be on the right track.
That's right. Robert Kiyosaki, au... Read real estate article
Cheap Repossessed Mobile Home
Buying your own house requires much thought and research, even if it means that you have to buy repossessed homes because you cannot afford a new one.
There are many types of repossessed homes available in the market today. One of them is the mobile homes, also known as manufactured homes.
Mobile homes are, in essence, houses that are produced in factories, instead of creatin... Read real estate article
How to Buy Real Estate Software
Whether you're a real estate professional or a real estate investor, trying to find good real estate software to help you achieve your particular goal can be daunting.
There are a variety of real estate software solutions available in a wide-range of prices with various features, tools, and printable reports. So where do you begin? How do you buy the real estate software program that will best suit your need?
Here are ten practical suggestions.
1. Search for real estate software that is specific to your interest. For example, if you want to work with or evaluate rental income property, search for real estate investment property software, real estate investing software, or real estate investor software. The more specific your search, the more likely you will find the real estate software you are looking for without having to sort through thousands of pages.
2. Decide on a budget. How much are you willing to spend to buy a software program that could save you from having to re-invent the wheel, and perhaps save you countless hours of valuable time? Real estate software developers have taken the time to make your job easier, why not take advantage of it? The cost might be minimal or significant depending on your particular financial circumstance, just keep in mind that any worthwhile real estate software program will not be free.
3. Examine the reports offered by the real estate software. Look to see if the developer offers sample reports you can preview. Are they professional-quality, easily understood, and do they contain all the corresponding information you need? If you're planning to use the reports to make presentations, will they make you look good, and do they provide your name recognition? Realtors are keen on name-riders, so be sure that it's your name plastered all over the reports, not just the software company's name.
4. Examine the program's features and tools. Are they mere fluff, or are they genuinely meaningful? Will they make your experience with the program a pleasing one, provide you with time-savers, and offer you something unique, or are they just rhetorical phrases trying to sell you the program? Real estate software developers generally provide a list of the program's features. If not, or if you discover that the features and tools are nothing more than a shameless attempt to promote the product, move on to another website.
5. Make a judgment about whether the real estate software is user-friendly. A good place to begin is on the website itself. Is the software website well organized, creative, and easy to navigate, or lack-luster and confusing? Remember, the same company claiming that their program is easy to use undoubtedly designed the website. Look at screenshots when provided. Developers often include screenshots from the program, so you can preview the forms and reports close up and personal. Do they suggest clear minded design or just a half-hearted attempt to look creative?
6. Read the testimonials given by current customers. Most real estate software developers are ethical enough not to post testimonials that are made up over lunch. Generally, customer testimonials posted on a website are from real people that don't receive compensation to share their product experience. So you should be able to trust them.
7. Consider whether the program is stand-alone or requires a third-party software program. For example, real estate investment software programs are commonly applications for Microsoft Excel that function only if Excel is installed on your computer. This is not a bad thing (Excel is the most powerful spreadsheet program in the world and includes thousands of sophisticated functions that a stand-alone program might not include). However, keep in mind that Excel will be an added expense if you don't currently have it.
8. Look for the software's support policy. Once you buy the software are you able to call and talk to a live person, or is future contact limited to email, something less personal like a forum, or even worse, is there no means of contact at all? Moreover, who are you contacting? Nothing is more satisfying than being able to discuss the program directly with the developer, and likewise nothing more frustrating than buying real estate software from a company that remains allusive.
9. Check to see if the real estate software is downloadable. Unless it can be bought from the shelf, being able to download the real estate software will get it into your hands immediately. Moreover, downloads eliminate the packing, shipping and handling costs the developer must bury in the asking price.
10. Read the software company's profile. Most real estate software was developed by an individual sitting alone somewhere at a computer; with a name unrecognizable to anyone other than to family, friends, colleagues and customers. So read about the developer. Does the experience level support the type of software offered? Are there credentials? Is there a mailing address and phone number? If not, be less tantalized by that particular real estate software at any cost.
So there you have it. Straight from the mouth of one who has experienced the dilemma of having to find real estate software that would be right for the task. I've paid big bucks and small bucks. I've been delightfully surprised and overwhelmingly disappointed. It's the nature of software. But all in all, in that some real estate software that has been good has been very good, it made the search worth it, and my incorrect choices thankfully pale in comparison.
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How to Maximize Your Real EState Investment Portfolio
In 2001, real estate investor Mary Cummins of Denver, Colorado made a critical mistake. She began building a real estate portfolio purchasing residential real estate as her means of establishing long term, passive cash flow. There are several reasons why her plan ultimately failed.
Mary, a community leader, volunteer and mother, decided that she wanted to do something to add to her family's long term financial security. Mary's husband was employed by a large pharmaceutical company and while there was no immediate need for cash or cash flow, Mary had a plan. Her plan was well thought out; discussed with her husband and received the blessing of their family's trusted advisors, their CPA, attorney and financial planner.
The plan was to use some of their existing investment capital, along with leverage to purchase single family and small multi-family residential properties. Mary determined that at the current area rents, if she put between 10% and 20% down on each property, each one would cash flow approximately $100 to $150 per month. Over time, she expected the loans on each property would be paid down and her cash flow would rise.
What Happened Next
Over the next three years, Mary bought 14 properties with an average purchase price of about $185,000. She put approximately $450,000 down and calculated that she would be receiving between $1,500 and $2,000 per month in passive income.
Unfortunately, vacancy was consistently higher than expected, local market conditions remained flat and she discovered that even one extra vacancy completely wiped out every penny of her anticipated monthly cash flow. Paying down the loans did not happen and market conditions prevented values from rising. What Mary ended up with, was the reality that she had traded cash for a rather significant negative cash flow.
Mary made the common mistake of using residential housing in her attempt to create cash flow. While she had the right goal, cash flow, in mind, she failed to calculate the external impacts of local market conditions on reaching her goal. In essence, Mary used the wrong property type in an attempt to reach her cash flow goal.
The 4-Phase Portfolio
Real estate investors can mitigate the problems Mary has experienced by simply using the right property types for their intended purposes and by building the 4-Phase Portfolio as follows:
1. Develop a comprehensive short and long term real estate plan
2. Build equity using market selection strategies, residential real estate and land
3. Compound growth using Portfolio Compression techniques and a re-leverage plan
4. Convert your portfolio's internal equity to cash flow using commercial real estate
Residential real estate, subdivision lots and development land are property types that should be used to build equity within the 4-Phase Portfolio. Commercial real estate, such as larger multi-family housing, industrial warehouse, medical office and retail strip malls to name a few, are property types that should be used to maximize cash flow potential.
Real estate investors need not start with $450,000 of investment capital as Mary did. They simply need to recognize that (1) using the right property types, (2) for their intended purposes and (3) in the right order, anyone's real estate portfolio will significantly outperform the traditional buy and hold plan.
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How to Buy Real Estate Software
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