Real estate investing is not only a great way to make a lot of money, but it’s also an exciting enterprise. Investing in properties differs from stock investing in that you become directly involved in your assets.
However, if you lack the necessary technologies and tools at your disposal, investing in real estate can be much more challenging.
Real estate investment resources don’t require you to be tech-savvy, but they will undoubtedly assist you in becoming more tech-savvy and a better real estate investor.
Resources make things easier, but they also show you how to do things better. While success for investors can’t be guaranteed, using some or all of these resources can put the odds of success in their favor.
Here are some must-have resources for housing market investors:
1) Investment Property Calculator
The most straightforward technique to perform due diligence on a real estate investment property is to examine it using analytics.
Investing in predictive analytics saves time by eliminating the need for spreadsheets to calculate expenses and profits. Predictive analytics analyzes future outcomes and patterns based on previous data.
Investors can use the investment property calculator to get easy-to-read visualizations of a property study and make more informed investment selections.
An investment property calculator is the best tool for analyzing data on properties in property investment. You are only required to input the property’s assumed costs.
Then you can sit back and relax while the results are presented on the screen in front of you.
After entering basic information about the property, like the price, the cash investment, the financing method, and so on, an investment property calculator provides housing investors with all the crucial numbers they need to decide whether to buy the housing property.
2) Property Management
If you want the benefits of owning a housing property without hassles, consider hiring a property manager to look after it. By taking on the responsibility of day-to-day property management, these specialists help alleviate the hassles of being a landlord.
It can be beneficial, especially if you intend to invest in many properties and plan to give it on rent.
Of course, not all property management companies are created equal, and you should thoroughly research your options before signing a contract with one.
You should check a property management company’s reputation among renters and neighbors. It is essential to select a property management company that can respond to tenant complaints as promptly as possible.
It’s also crucial to evaluate the costs of different property management companies. Before you sign up for any property management business, you must know how much you’ll spend.
3) Property Finding Websites
The most fundamental step in real estate can often be the most difficult. You could always look for houses through newspapers, but why would you when you have access to the Internet?
There are many websites where you may look for investment properties. You can find investment properties on property websites such as Zillow, Trulia, LoopNet, Craigslist, etc.
The benefit of these websites is that you can filter out desired aspects of properties you’re interested in. You can specify the type of property, the number of rooms and facilities, and other physical features.
An investor will need to acquire a down payment and financing before looking for real estate investment properties. This may necessitate the investor putting money aside before asking for a loan.
This is a good time to minimize costs and keep a close eye on your spending. Look for areas where you can save money or where you are overspending. Once the investment is made, these instruments will be required to track investment costs.
The app for tracking expenditure helps keep track of expenses and classifies them by type, location, and time. Furthermore, the app allows you access to your credit score, crucial for loan approval.
For guests and hosts, key transmission, or at the very least door access, is essential. The keys are either exchanged in advance or mailed to the guest.
Occasionally a neighbor is designated to unlock the door, and it is not convenient, especially if the schedule does not go as planned.
This brings us to our fourth real estate investing resource: door-unlocking apps. Apps like Keycafe and Lockitron allow you to open your property’s doors for you and anyone else you select. To know more, visit their websites.
5) Security Equipment
Part of what differentiates a house from a home is its safety and security. Furthermore, if you rent your property or properties, your tenants want to feel safe while they are there.
You hold a significant amount of responsibility in such a case.
A secure property will also attract tenants, leading to lower vacancies. Property security systems will also help you save money by preventing damages and potential thefts.
One of the most crucial real estate investing resources is security equipment. Consider investing in security cameras, fences, gates, and alarm systems for your home.
6) Nest Learning Thermostat
Many people use Airbnb as a hotel alternative. Regrettably, they sometimes bring their old hotel-staying habits with them.
When hotel guests are not in the room, they keep leaving the air conditioner and boiler running.
Consider what may happen if this occurs in your rental property. What would your reaction be? What’s more important, how would it affect your wallet?
With this real estate investing resource, The Nest Thermostat, you’ll never have to go through this predicament. You can control air and water heating in your home even while not there.
You can enhance or decrease your property’s energy use simply by Wi-Fi. When it senses that no one is present, it turns off the air conditioning. Without a doubt, a wonderful real estate investing resource for Airbnb hosts.
7) Don’t Forget the Internet
Last but not least, there’s the Internet. The Internet, maybe the most limitless real estate investing resource available, can assist you with anything you need for real estate, from discovering tips to storing analysis data on Google Drive or Dropbox.
You can simply use Google Search to find everything.
Before you begin any real estate investment, you should have a set of resources on hand that can help you simplify and streamline key activities.
It’s crucial to be at least aware of the many types of tools available, and the above are only a few of the numerous resources available.
More Articles From Tim Thomas Partners
- Best 5G Stocks That Should be on Your Watchlist
- Essential Things You Should Know About Biden’s First Time Home Buyer Grant Program
- Warning Signs a Big Housing Market Crash is Just Around the Corner
- Dividend Kings Stocks That You Should Add to Your Watchlist Right Now
Disclosure: The author is not a licensed or registered investment adviser or broker/dealer. They are not providing you with individual investment advice. Please consult with a licensed investment professional before you invest your money.
Learn how to diversify and hedge your long-only stock portfolio. Sign up for a free insight into the Swing Trading 101 program developed over thousands of hours of trading over hundreds of thousands of dollars across stock, commodities, options, and cryptocurrencies. It’s designed to empower you to take a unique but strategic approach to the markets. Learn more about swing trading.
Tim Thomas has investments in real estate.
This post was produced and syndicated by Tim Thomas / Timothy Thomas Limited.
Featured image credit: Shutterstock