How to analyze a deal?

[Leo Tsang]

I am new to real estate investment. After reading some related books and podcasts, I want to give it a try. Like many newbies, I am wondering how to perform a throughout analysis of a property which can be qualified as a good deal? Any tool recommended?

I know NY/NJ area in where I live and work, may not be an easy area to find deals. But I am a firm believer that there are always good deals in any market. I hope all of you could share your inspiring and successful stories so I can learn from.

Thank you very much in advance.