All Forum Posts by: Andrew Gilmartin

Great Information.  Thank you.

Thanks, this is good feedback...I think what you mention is definitely required if I want to attract some of the big real estate investment companies.  Are small construction companies and local rehabbers required to capitalize costs? 

I do plan on adding an analysis for Buy & Hold and not exclusively Fix & Flip. I was planning on adding the Cap Rate and IRR for the rental property review, but I didn't think about the cost capitalization and NPV, which I probably should add so thanks for bringing it to my attention.

Valuations is tricky. I originally wanted to do that internally, but I think I'll have to outsource that to a third party. I'm sure it would add a lot of value to the user of the software. As for now, the user has to input the ARV manually.

Not sure just yet.  I think it would be great to have a mobile app, but I question whether it is too much data to enter in without a keyboard.  I'm undecided at the moment.

I have a separate prototype for a listing platform, but it is not live.  It would take significant funding to get off the ground as I'd have to hire several staff members. 

I think that is some great advice and I am working on importing property data and export to CSV, but I'm not there just yet.  I'll send you a direct message.

Well, I'm ultimately trying to create a Loopnet competitor site, but I have been unable to secure investment.  The application is not 100% free.  Only the deal analysis part of the application is, but if you want to create custom budget templates, do project tracking or save more than 5 analyses its a recurring charge of $18 a month. 

I am the developer of a real estate analysis application.  Its a web-based application to analyze properties, build budgets and save properties.  It is 100% free and requires no sign up to analyze and calculate the profitability on new deals. 

Could I get some honest feedback from real estate investors.  The application can be accessed at the link below:

www.listconn.com/project/

I'm curious also if requesting tax returns is normal as your lender will most likely be using the lower of the actual lease amounts or the market rents on the appraisal.  I think its definitely a good document to obtain, I'm just not sure if the average seller would be willing to furnish it.

Cody. You could purchase a multi-family that you occupy and put about 3.5% down with an FHA loan.

I personally think an FHA loan may be your best bet. With an FHA loan you need to put down a payment of 3.5%. But in some states, you can go through your local/state housing agency and they may have a down payment assistance program available (not sure about Michigan).

It is more difficult to underwrite a loan when the owners are self-employed, but with a multi-family property they will add a percentage of the rents you will receive to your monthly income.  I would set an appointment with a loan officer to see what documentation they will need to underwrite the loan.  Also, they could give you a better understanding of what needs to be reflected on your P&L and tax returns to qualify.

Best of Luck!