Another Successful Student Using Our Deal Analyzer
I am very grateful for the Deal Analyzer and the training you provided today and the patience and attention you shared. I used to spend hours perusing MLS listings (as an agent for investors) to "find a deal" when no one really specifically explained their version of "ARV" and "ROI". None of the investors I used to work with was able to give me a comprehensive worksheet or a calculator to show me exactly what they were looking for flips -- it was a lot of guessing and trial and error and they depended on me to screen properties for them. The emphasis was to "find a deal" for them. I have oftentimes spent numerous hours on spreadsheets to calculate ARV, holding costs and loan fees, etc., only not to get funding or was just too late because another investor had more cash to buy all the properties I was evaluating. There were needlessly hours spent on reviewing comps for properties that were not going to get funded or an offer submitted. I also worked with "newbie" investors who wanted me to accompany them to every property before making any analysis -- it was also a waste of time as you've confirmed today.
Much of my work as an agent was to help buyers locate properties to buy and hold and I've performed BPOs for asset managers and lenders. As an investor and agent with BPO experience, I find that I might have complicated the whole screening process by being too stringent with numbers and probably missed a bunch of deals for myself to employ the flip strategy. However, for the buyers who were buying and holding, I have done quite well for them.
I have started using the Deal Analyzer this evening and it has proven extremely helpful by keeping me focused on only information I need to add to the worksheet and saved me hours of compiling data. Coupled with the use of the MLS and the tips you've shared in the Deal Analyzer training, I find that I am making better use of my time when determining if a property meets specific investment and profitability criteria.
I recommend the Deal Analyzer to serious investors who want to save time and minimize frustration -- why "reinvent the wheel" when this wheel works?
Thank you again for the training. I am confident that your mentorship and guidance will help me close some more transactions and build a profitable portfolio.