10 software tools the investor needs

Summary

The speaker provides a comprehensive overview of software tools needed to set up a real estate investing business, organized by each stage of the investment process. This includes market research tools like Zillow, lead generation tools for finding motivated sellers, pipeline management with CRMs, deal analysis calculators, digital signature services, inspection technology, and property management platforms. The goal is to give actionable recommendations to assemble the necessary infrastructure and remove friction from finding, analyzing, closing, and managing rental property deals.

Takeaways

• 😀 Zillow and a good rental property calculator are key for initial market research
• 🏠 List Source and Propstream provide property owner data for lead generation
• 📞 Batch skip trace gets phone numbers, while tools like Mojo dialer enable outreach
• 📨 Direct mail works well for marketing to sellers
• 💼 Use a simple, free CRM like Podio to track your pipeline
• 📊 The rental property calculator is essential for quickly analyzing deals
• ✏️ Digital signatures like DocuSign make offers and contracts easier
• 🏡 Inspections with 3D walkthroughs help due diligence for out of state investors
• 💵 Increase bank wire limits to easily send closing funds
• 🔑 Prefer property managers using AppFolio over Buildium for transparency

Q & A

What software does the speaker recommend for market research when buying rental properties?

The speaker recommends using Zillow or Redfin to view property listings and sales data. He also recommends having a rental property calculator like his company's tool open to analyze potential deals.

What is the benefit of using a tool like List Source for lead generation?

List Source allows you to pull detailed property owner data so you can market directly to sellers. It provides clean, accurate data to use for outreach.

What CRM does the speaker recommend for real estate investors?

The speaker recommends using Podo to manage your pipeline. He says it has the necessary features to track leads, log activities, and store property information without being overly complex like Salesforce.

What options does the speaker discuss for making offers digitally?

The speaker states you need a digital signature software to send offers remotely without having to meet with the seller in-person each time. He mentions DocuSign as an option once his current account expires.

Why does the speaker prefer property managers that use AppFolio?

The speaker states AppFolio is more straightforward compared to Buildium. He feels managers tend to misuse Buildium's complexity, while AppFolio provides clear access to information.

What wire transfer tip does the speaker recommend when closing real estate deals?

The speaker advises investors to contact their bank and increase their online wire transfer limits. This avoids having to physically go to the bank for each transfer when closing several deals per week.

What software does the speaker use to track phone calls from potential sellers?

The speaker uses a service called Vumber to buy phone numbers that display the lead source when calls come in. This allows them to track where inquiries originate.

What options does the speaker list for making outbound phone calls to leads?

The speaker mentions services like Google Voice, Skype, and RingCentral as low-cost ways to make outbound calls separate from your personal phone.

What information does the speaker say you can access from county record sites?

County record sites provide property tax history, sales records, square footage details, zoning information, and other useful data for deal analysis.

Why does the speaker say most real estate investors don't need Quickbooks?

He states Quickbooks is only necessary if you reach high volumes of flips, rentals, or wholesale deals. For just getting started, tracking finances in Quickbooks is likely overkill.