What's YOUR deal analysis look like?

[Bryan Hull]

BP, during the course of beginning in the real estate investing/marketing business I've come to the point where my analysis of potential deals needs to happen quickly and efficiently as possible. I'm now making at least one offer a day with the aid of Zillow, drive bys, and video relayed and in person quotes by my contractor. However I'm still new and not certain I'm comparing apples to apples with comps and can't afford to make a mistake determining my estimated profit. So, I thought it useful for myself and the rest of the board to read about the actual systems and processes you use to analyze your leads. Example : open mls for comps, call realtor, bp calculator. The more exact the better. Thanks!

[Scott Hollister]

Hello @Bryan Hull, 

Great question! My analysis has changed drastically in 6 months. (But two REO deals after that I have streamlined the process, like you quickly and efficiently as possible. 

I just started reading the Millionaire Real Estate Investor and it talks about the dynamic Trio of Real Estate Investing. Criteria identify potential deals

• You should determine/define what type of property you want, once you have this clearly defined then it will help with the quickly part. 
• As for actual systems and processes the BP calculator is a great tool! I use it, pay for it, and think it presents well to investors. However its hard to accurately fill in the calculator without seeing the property. And its time consuming IF you are looking at multiple properties per day with a job. 
  • An example I remember from the podcasts: Make offers before you see the house. (Have a inspection window or a 1 time walk through contingency) There is no need to check out a house if it won't work numbers wise (IMO)
• I have friends that fill in excel file sheets quickly
• I know investors that get a "gut feeling" and know how much an average kitchen, bathroom, etc cost. They do it on the fly. 
• Some have their own license which helps when getting in a house quickly

I hope you improve your systems and processes! I know there are other investors that will shine some more light on this topic!