Quick Method to dismiss or look into rental property

[Tony Wallis]

I am looking for input on methods being used to quickly qualify or disqualify properties. Spending a lot of time running numbers and wanted input from the community on what key metrics are being used to evaluate a property quickly so it either gets a deeper dive or it is scratched from the list.  

[Cardell Montague]

@Michael Ealy

Hey Michael would your analyzer system work for evaulating single family rentals too.

[Yu Liu]

@Michael Ealy would you mind sharing the analyzer with me too? Seems like a great resource to have

[Jason Routenberg]

I created my own Excel workbook that calculates whether or not I should buy a property. The same tool then determines if it should be a flip and sell or to buy and rent or BRRRR. I used the calculations from local estimates to determine average costs depending on what is needed for repairs and used those estimates to determine different levels of repairs. I made check boxes to be checked for different repairs and uses the repair levels for the costs.

The same workbook also tracks properties cashflow, expenses, and repairs and allocates them to each associated rental as I enter them into one worksheet. They then go into individual worksheets automatically which in turn calculates my cash flow, expenses, deposits, withdrawals, and anything else you can imagine. Then in turn provides me my income statement and expense statement automatically.

I am new to investing in real estate and dont have any properties, but plan to. I create things like this for fun and have talked to investors and they said it's pretty darn accurate for the area it is estimating in. I also have a separate worksheet that allows changes for different market areas for repair estimates. I am currently in college for Business and Accounting and so I enjoy making Excel sheets for calculations and for other calculating solutions.

[Ernest Onwu]

@Michael Ealy please send the link to me as well. Thanks

[Mat K.]

@Michael Ealy

Good day micheal !

Would you be able to share the analyzer to me as well! I’ve got a property and property taxes could increased to 9580 this year wondering if I should selll or keep and need to analyze the property this would be a helpful tool thanks in advance

[Mark H. Porter]

Cap rate is the quick and dirty that simply peaks my interest.  In my area most sell near downtown or the college at 6%, 5-10 blocks away and it rises to 7.5%.   in those area if you see an 8 or 9 I’ll investigate further to see if it’s deferred maintenance.  It’s a starting Point.

[Aaron Armstrong]

@Michael Ealy I would like a copy of that please.

[Edlira Clevenger]

@Michael Ealy

Could you send me that deal analyzer please?

[Cory Wallace]

@Michael Ealy please send it to my inbox also

[Travis Richardson]

@Michael Ealy would you be willing to share that analyzer tool with me? Thank you for your support to the other gentleman!

[Alex Williams]

@Tony Wallis

I've recently purchased 5 properties and put a lot of thought into dis- qualifying properties quickly. Once you know the "monthly" income, not the yearly- multiply that times 100. A property bringing in $2,000 monthly you can pay 200k for. This is a sleight variation from the 1% rule. It works VERY well and will always give you over. 10 CAP provided the expenses and meters on the apartments are all in line etc

[Alex Williams]

@Greg Dickerson

That is what he was asking- your last paragraph- he was looking for the calculations- great comment though

[Zach Rucker]

@Tony Wallis

Like many have said it depends on what you are looking for.

What is your criteria? What type of property are you looking for? Where? What is your strategy?

Once you set those then you can take the step in figuring out the market and what is typical.

Then move on to the next step but I can't tell you unless I know what you're going for.

I underwrite large 100+ unit apartments.

[Kacee Bui]

@Michael Ealy - I would like to see your deal analyzer too please; would you please inbox me that tool please? Thank you in advance!!

[Michael Ealy]

Originally posted by @Cardell Montague:

@Michael Ealy

Hey Michael would your analyzer system work for evaulating single family rentals too.

 Cardell, it can but it works better with multifamily.

[Don Prime]

@Michael Ealy

Hello Michael, If you don’t mind, can you forward a copy of the analyzer to me!

Thanks in advance!!!

[Brad Bellstedt]

@Michael Ealy Can you send me your deal analyzer as well, please?

[Daniel Mendez]

@Michael Ealy

Michael, would you please sharing with me your deal analyzer. I find it to be a very valuable document.

Thank you in advance !

[Andrey Miterin]

@Michael Ealy

Can you pick please send me analyzer? Thank you

[Don Prime]

@Jeffery Wilen

Agreed!! I also asked for the analyzer on impulse because it could be such a valuable tool. However, after looking at his page and seeing the address, I went to the site and requested it myself and got it...lol!

[Ryan Webster]

@Tony Wallis

Hey Tony

We have a screening spread sheet we use to quickly qualify or disqualify a deal before doing full analysis and under writting. Message me your email and I'd be happy to send it to you.

[Michael Ealy]

Originally posted by @Andrey Miterin:

@Michael Ealy

Can you pick please send me analyzer? Thank you

 Hi, I sent the analyzer to you and everyone who requested it.

If I missed anyone, please let me know.

[Danny Mullen]

@Michael Ealy can you inbox me this as well sir.

[Curt Smith]

@Tony Wallis

Lol never use a deal analyzer unless you never want to own a rental. :)

Read the Bullet Proof portfolio paper off my BP profile 1st paragraph.

Buy based on those rules but cross off good schools, stick to 10 min to freeways 39 min to jobs.

Buy only in growing jobs markets!!! Jobs are what makes RE work.

Cute, in a neighborhood, 300 or more rent over mortgage. Is a good deal.

Rents will go up to improve the numbers!

[Victor Ark]

@Michael Ealy

Hi Michael

Can you please send me the deal analyzer

To inbox or email

Thank you

Arkalov@gmailcom