The best tools for deal analysis

[Amanda Dewyer]

Hey everyone! My name is Amanda and I am just beginning diving into real estate. I'm hoping to make my first purchase in the next 6-12 months. What are some good tools or tactics for analyzing deals? Thanks for any help!

[Jerry Lucker]

This may be of interest to you. I've been an investor for 20+ years. The quickest cash of any housing investment actually has come from flipping mobile homes in parks. The profit percentage ranges from 50% to 200% with most projects completed in less than 90 days. You won't retire on one deal but the low initial investment, the profit percentage, and the quick turnaround time is hard to beat. This can be ideal for newer investors to build up some quick cash. 

The simplicity of analyzing projects is one of the keys. 1-(2+3)=4. That's the entire formula. 1) What will the house sell for after prettying it up? Comps are easy. Every park is it's own neighborhood. What have similar units actually been selling for? Real Estate folks, the MLS, and county title info will give you accurate specifics. 2) What will it cost to pretty up? If you need help just get some bids 3) What amount of profit will you be comfortable with? 4) What you can pay for the house when purchasing.

A simple Excel spreadsheet is all I've ever needed. No software :)

All the best in your endeavors! Housing will always be a great investment - done properly