Lisa
As a real estate investor, buying the right deal is essential to growing your real estate portfolio.
For most of us, we are so used to doing our math on a spreadsheet, you might still think that this is the best way to do it. Well, today, I want to show you how I analyze investment properties right at my fingertips whenever, wherever.
What is DealCheck?
DealCheck is a real estate analysis tool designed to help you easily analyze investment properties.
This app will do the hard work if you’re doing the math for rental properties (SFHs, MFHs, or Airbnb’s), flips, or commercial buildings.
You know what that means, right?!
No more using your “vintage player” Excel spreadsheet!!
On top of that, DealCheck will help you weed out the crappy deals so you can focus your valuable time on growing your real estate empire.
The best part is that this app is so easy to use that you don’t need to be a pro to start analyzing like a pro.
Who will benefit from using DealCheck?
- Real Estate Investors can efficiently analyze multiple deals and identify the best deals to add to their portfolio.
- Realtors can export detailed analysis PDF reports for potential clients to review.
- Homebuyers/Homeowners thinking of house-hacking can use the property analysis to determine their potential rental income and return.
Why should you sign up for DealCheck?
Because it’s free to sign up for the DealCheck Starter plan, so why not give it a try?! 🙂
With the free Starter account, you’ll be able to enjoy so many awesome features which will allow you to analyze properties on your mobile, tablet, or laptop for as long as you want, whenever you want!
Of course, if you want the ability to store unlimited properties/pictures and gain access to more features, go for the DealCheck Pro plan.
If you decide to go Pro, use this coupon code ‘SIMPHOME‘ and get 20% off your subscription!
Click here to sign up for DealCheck
Why is DealCheck so awesome?
1. Analyze real estate deals anywhere, and data is synced automatically across all devices
This is super handy, especially if you’re on the road or on a time crunch to analyze multiple properties.
On top of that, the DealCheck app is compatible with both Android and iOS. So no matter what kind of device you have, DealCheck’s got you covered.
For example, I like to enter all the potential deals into DealCheck on my phone first to quickly identify the good deals while eliminating all the ones that aren’t worth my time.
Then, later on, when I open the DealCheck web app, my property list will only be the ones that I want to look into further and possibly put an offer down for.
2. Flexibility meets simplicity
Whether you look at the cash flow, cap rate, cash on cash return, or any other metrics important for your property analysis, you’ll get those results efficiently from DealCheck.
You’re in control. So that means you get the flexibility to analyze any properties you want.
- Condo
- House
- Manufactured
- Multi-Family
- Commercial
- Land
- and more!
All you need to do is key the information into your DealCheck property worksheet. DealCheck will instantly display an analysis summary in an easy-to-read format.
On top of that, DealCheck offers a simple, yet detailed projection report to help you see the bigger picture in the long run.
3. Customize your property purchase criteria
Regardless of your financial goals, DealCheck is there to help you achieve them.
You can customize your criteria with minimal effort, thus allowing you to quickly determine the good, the bad, and the ugly deals.
Once you’ve set up your property purchase criteria, DealCheck will screen the properties for you.
Now that I have my purchase criteria set up on DealCheck, I honestly don’t even go into details as much since I just look for the green check. If it shows a red check, I discard it to open up the room for another property to be analyzed.
4. Export detailed reports into PDFs
With this app, you can easily export the results into PDFs and share them with whoever you need to share them with. On top of that, you can even add your custom logo to the PDF reports to keep it even more professional.
This property analysis PDF is what I put as the cover for my investor binder for every deal whenever I meet with potential lenders or partners. (If you don’t know what an investor binder is, I learned this concept from this book.)
Not everyone you show this deal to will understand how to speak “real estate investing,” but if you have this property analysis PDF to prove to them that you have done your homework and why it’s such an amazing deal, you’re already ahead of the game.
From my experience, it has made it easier for lenders to approve my deals.
5. A useful glossary containing all key real estate investing terms & formulas
Let’s face it.
Who remembers all the real estate investing terms and formulas?
If you do, good for you.
But for most people, especially when you’re starting out, it’s hard to keep track of it all.
Even for me, there are still times when I would forget some of the formulas too and would just refer to this post about it.
Now I just open up DealCheck’s handy glossary when I need it. It’s definitely not one of those glossaries that give you an “information overload” headache.
It has just the right amount of information to assist you with your property analysis.
6. Purchase offer calculator
Have you ever pondered on what to put for the purchase price in your offer?
With this DealCheck Pro feature, you can reverse engineer the process to determine the purchase price for your offer immediately.
It will show you the highest offer you may put down while still meeting your criteria.
This way, you can write down an offer amount with the comfort of knowing it is reasonable and within your limits.
When I bought my 6th rental property, I almost wrote down too much money on the purchase price. Thankfully, I ran my numbers using the purchase offer calculator before I put down the price; otherwise, I definitely would’ve overpaid for that deal.
Which Plan Should I Get?
$0
Free Forever
$10/Mo
Billed annually or $14 Billed monthly
As mentioned earlier, anyone can sign up for a Starter plan for Free! Once you’ve signed up, you can enjoy all those awesome features with the free account for as long as you want.
I recommend you try the Starter plan first and see how you like it.
After using it for a while, if you need additional features, upgrade to DealCheck Plus or Pro (for Unlimited features and more functionalities). The best part is DealCheck offers a free 14-day trial period for anyone who wants to try the Plus or Pro plan.
Don’t forget to use this coupon code ‘SIMPHOME‘ during checkout to get 20% off your subscription!
Click here to sign up for DealCheck.
Summary
DealCheck is an amazing real estate analysis app that can replace your Excel spreadsheet. Now with 11 rental units under my belt, I’m here to tell you, this is my go-to app whenever I need to quickly analyze any property.
I have bought multiple properties with the help of DealCheck, which has made my investing journey so much easier. Give it a try! The Starter account is free, so you really have nothing to lose.
What are you waiting for?
What do you think of the DealCheck app?
Are you interested in real estate investing?
Do you have a hard time analyzing properties to find good deals?
