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Updated about 5 years ago, 09/03/2019
Best software for real time analysis?
I'm looking for software to analyze potential rental properties in real time. I have tried Realeflow and DealCheck. Pros and cons to both. I liked the fact that Realeflow automatically pulled public records and property history while also having a SCRUM board feature. I liked that DealCheck automatically determines rental estimate and calculates a cap rate based on assumptions I provided...and it normally gets relatively close to the cap rate I get when using my Excel sheets and formula. It's a good way to skim properties and checkout which ones I need to take a look at for further analysis.
Although, there were many times when the rental estimate was unavailable. Plus, sometimes inserting the properties into DealCheck is more trouble than it's worth especially if the rental estimate is unavailable. At that rate, I could use Rentometer to get an idea of rental est., put it in my spreadsheet and get an answer–– which is what I resorted to.
IDEALLY, I'd like a software that scans MLS in real time and automatically imports and analyzes properties (using customizable assumptions) that fit my criteria while also tracking changes in property status, new listings, etc. Project management, SCRUM, additional users would be amazing but a secondary requirement.
We are trying to close on 3-4 houses per week, but because it's for a large portfolio with the specific focus on turnkey rentals it has to meet a very specific financial criteria. When I am negotiating deals with sellers, we're missing new opportunities to buy. However, if I had a software that preliminarily analyzed the current market, I'd be able to focus on deeper analysis of specific properties.
I apologize for all of the context! Any tips on software or general processes would be greatly appreciated.