10 software tools the investor needs
Summary
TLDRThe 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.
Outlines
🏠 Introducing software for real estate investing
The paragraph introduces the speaker, who will be providing recommendations on software tools needed to build a real estate investing business. It covers areas like market research, lead generation, pipeline management, deal analysis and property management. There is also a mention of a weekly giveaway for the audience.
📝 Lead generation software
This paragraph discusses software tools for the lead generation phase. For property owner data, ListSource and PropStream are recommended. For outreach via mailing, phone or text, solutions like Batch Skip Trace, Mojo Dialer, Sly Broadcast and Launch Control are suggested.
📈 Pipeline and deal management software
The paragraph focuses on software to manage pipelines and analyze deals. Call tracking with Vumber is advised to monitor marketing channels. Podio is proposed as an affordable CRM for small investors. Salesforce is mentioned as an enterprise option. Other deal analysis tools include Zillow for comps and county records sites for property details.
Mindmap
Keywords
💡Market Research
💡Lead Generation
💡Pipeline Management
💡Deal Analysis
💡Digital Signature
💡Due Diligence
💡Closing
💡Property Management
💡Batch Skip Tracing
💡QuickBooks
Highlights
Zillow and a rental property calculator for initial market research
List Source and Propstream for lead gen property owner data
Batch Skiptrace for phone numbers, Mojo Dialer for cold calling leads
Podio for pipeline CRM to track leads and follow-ups
Legendary rental property calculator for analyzing deals
Increase bank wire limits to easily send closing funds
Prefer AppFolio over Buildium for property management software
Zillow for comps and understanding the local market
Digital signatures like DocuSign to send offers remotely
Pillar to Post provides 3D walkthroughs for due diligence
Separate phone system instead of using personal phone
Simple Texting for compliant texts to engaged leads
Propstream to supplement List Source missing property types
QuickBooks only needed once significant transaction volume
Tools match the flow of the real estate investment process
Transcripts
here's every piece of software that you
need to build your real estate investing
Empire packed into a 10-minute session
I'm going to give you all the ones that
we use plus some more so get your pen
and pad out take some notes it's going
to be a good one we're going to kick
this session off with our weekly
giveaway 25 free copies of the legendary
rental pop property calculator or
anything else from the ace toolkit store
you're going to get to that toolkit
store using that link floating over my
head or the link in BIO it's first come
first serve so get there quick they go
fast and if you don't get it the coupon
code's already expired by the time time
you get there just buy the calculator
it's 45 bucks if you need one it's worth
it trust me but anyways the code is all
lowercase tools of the trade one word
tools of the trade no spaces all lower
case you know how to spell it uh the
code is not good for the uh the virtual
Investors Guide that's our course it
teaches you our entire process to go out
and acquire properties out of state if
you're serious about that it's the cost
of a home inspection it's obviously
worthwhile you'll probably jump on it
and you don't need a freebie to just
justify the value of it and if you need
the freebie then you probably don't want
to bother with it trust me it's not
worth it anyways I'm done plug in except
for I think you can get there through
this link floating over my head too um
or the linoln bio as well but let's move
on to the actual session today and sorry
my voice is shot um I sat Courtside this
week at a ball game and I was yelling my
ass off uh it was it was an emotional
roller coaster so yeah my voice is still
gone from a couple nights ago uh but for
today's session we're going to give you
these software tools in the format of
the actual real estate investment
process right so we're going to start
all the way with like market research go
through lead genen and pipeline
management and deal analysis all the way
down to closing the deal in property
management and we're going to give you
the tools that we use along the way so
it's going to be this natural flow and
essentially this is a session on how to
set up the infrastructure for your real
estate business so it's better than it
sounds it's not just a list of softwares
right it's actually a setup session so
let's get to it so first for market
research a lot of people overthink this
one for most consumer investors that are
buying rental properties you know one to
16 units I start that research with with
Zillo honestly you got to learn how to
throw some filters on for property types
for Market rents for uh for sale prices
and you just got to look at listings and
sales in a variety of markets around the
country and see where there's stuff that
looks like it could remotely fit your
criteria so Zillow or red finin or
whatever other like properties for sale
online listing tool surprisingly useful
in this market research stage and very
easy to use as well now while you have
that going you're going to want on a
separate screen or a different window
but I prefer a separate screen
altogether you're going to want a rental
property calculator open because you're
going to run mock properties to see if
they fit your criteria obviously our
legendary rental property calculator is
the best one out there and I say that
pretty confidently because I didn't want
to build it I didn't even sell it for
like a year and a half after I did build
it all the other ones out there just
kind of sucked not because one
calculator's that different than the
other from the other with regard to how
the information output is generated it's
like the use of it and the flow of it it
took way too long to get quick results
out of all these other ones that were
out there so I made one where you plug
in a few numbers and boom boom boom you
can like qualify move on to the next
Market move on to the next deal so you
need a good calculator and you
know I don't think you need co-star it's
an expensive research tool they own
apartments.com they I think they own
loopnet as well it's usually for
commercial investors you may make some
use of propstream while you're doing
some market research and looking into
property data and property taxes and
last Market sale dates and all that
stuff um it costs a little bit of money
I got a free trial on my bio if you want
to get on it and just check it out just
make sure you cancel it before the week
or two weeks or whatever it is runs up
um I don't know if you need it for this
market research stage for most people
though so Zillow and a rental property
calculator gets it done the next thing
you're going to want to do is lead gen
you need software for lead generation
and there's two phases of lead
generation we want to talk about the
first is data the second is Outreach so
for data to get property owner data to
actually Market to to pursue properties
you're going to want to hop on list
Source that's my favorite one it's a
little expensive but you could find
discounts for list Source access through
different marketing companies that sell
like direct mail and such too sometimes
right if you have a relationship with
them so um list source is awesome for
pulling owner data and it's got pretty
clean data but sometimes list sources
missing certain types of properties in
certain markets like I noticed in
Michigan list source does not have
multifamilies available for us to pull
owner data to be able to market to in
like any city in Michigan right so we've
gone to propstream to do that that's the
one that you can get that free trial of
in my bio but that kind of makes it
worthwhile right getting more data is is
great and that's what we use propstream
for besides market research or besides
analyzing properties uh but the data
that comes out of propstream is not as
high quality as the data that comes out
of list Source sometimes it feels a
little bit messy but to get property
owner data list Source prop stream those
are the two things you need then for
outreach Outreach is basically your
marketing direct to these sellers now
you could mail and that's my preferred
method of marketing now some people use
phone-based marketing right so for phone
based marketing you need to get phone
numbers I hear batch skip Trace is
really good for getting phone numbers
and batches none of these guys pay me by
the way um except for prop stream I get
like a affiliate fee if you actually
sign up and pay but like I'm not I'm not
like getting plugged up for plugging
these guys in this session um batch skip
Trace is the the preferred place to get
phone numbers in the real estate
investing community in bulk for all
these leads that you've gotten through
list sourcer prop stream so you can
reach out to them using either a dialer
people seem to like batch dialer or Mojo
Dialer for cold calling um a ringless
voicemail and i' be careful of
regulations with all the phone based
stuff make sure you understand what
you're doing who you're marketing to and
that you're not breaking any laws right
uh a ringless voicemail like Sly
broadcast is a good ringless voicemail
software and then some people text you
got to really mind the regulations with
with text too right um and a lot of
these softwares will make sure that you
are compliant before they allow you to
use them uh but for text we use either
like simple texting to reach out to
people that are already like on our
engaged list they're pretty inexpensive
it's like 1 cent per text in bulk
um or for outbound marketing we do hear
of wholesalers using stuff like launch
control which is more expensive uh I
don't know what they do to kind of make
the regulatory process a little bit more
compliant um but I hear I hear they're
pretty good um so for outbound text
launch control and simple texting for
rvm Sly broadcast um dialers Mojo and
batch dialer and then to skip trace the
phone numbers in the first place um
batch skip Trace is a popular one out
there uh the next stage is pipeline
management now to manage your pipeline
you got to have a place to actually take
in the leads that call you right uh if
you are getting a good amount of intake
getting a separate phone number that has
a tag on it so you know what the lead
source is is important um we use a
really simple software called vumber and
we literally just use the numbers that
we buy through them a couple bucks a
month each uh just to receive voicemails
and to receive inbound calls and just
know where they came from just to be
able to Source them right uh then you
need a CRM now we use sales Force to
manage our whole pipeline all the data
all the followup all the information we
collect on properties our activity logs
that's too much for most Real Estate
Investors especially if you're just
getting started and you're just trying
to get a marketing funnel going don't
pay don't pay for sales for us you don't
need it we have a whole organization we
like the controllability of Salesforce
um you can use podo and just build it
out so that you make sure something like
podo it was free last time I used it
that was a long time ago it's probably
still free or cheap um make sure your
podio uh whatever organization that you
build whatever term they use uh just has
your lead set up so that you have a
clear place to put last activities every
time you make a call or make make a
point of contact with someone and a key
next steps and then just property
information and maybe like a next
follow-up date or something like that
right so podio is probably the place to
go for CRM for most Real Estate
Investors watching this video then you
need some sort of phone system to call
these people you could just use your
phone if you want if you want to do it
through your computer uh and you want a
little more control uh over just
separating your phone from your real
estate business Google Voice is cheap
Skype is really cheap actually they're
just kind of a pain to set up ring
central is a little more official you
got a couple employees maybe that's
useful our employees actually have
Verizon phones um so it is what it is we
just gave them all iPhones we like
spending money on our people but just
make sure you have some sort of dialer
if you're not planning on using your
personal phone to contact all these
sellers and property owners and
everybody else um the next key stage now
pipeline management now naturally comes
before deal analysis you go through your
pipeline you talk to people you get
deals you got to analyze them and to
analyze deals it's this is another
simple one that gets over complicated
right you could do this for very very
cheap or free um the legendary rental
property calculator is an absolute
necessity like this isn't even a plug
it's so worth it if you're going to be
analyzing deals the one that you can get
through our store or you can make your
own rental property calculators just a
spreadsheet guys just make sure it makes
it easy for you to move quickly through
these deals your time is more important
than the actual metrics that come out
the metrics are easy to get right uh
Zillow we use Zillow a bunch when we're
analyzing deals for comps rent comps
listings that are available in the area
just understanding what's going on with
our property comparatively uh County
record sites can be a pain they they are
where you they are where you will get
information on property taxes on recent
sales history on the property square
footage on zoning on things like that uh
you just got to find each County record
site for each market that you Opera in
which isn't all that bad if you're only
in a few markets if not you could just
go to propstream and you can you know
it's it's all kind of Consolidated there
and it's a little easier to operate when
you're doing your deal analysis right
but really a calculator and Zillow and
County record site that's all you need
then you got to make the offer and this
is simple now you just need a digital
signature right you don't want to have
to deal with mail or someone delivering
an offer meeting with a seller every
time just to sign a piece of paper um
get a digital signature software signs
fine I've got funny um we're still using
an account I used to work for a real
estate software company before I started
while I was starting this business and I
quit that company I'm still buddies with
the owners um and and came on over here
and the day that I quit before I left I
set myself up with um with an account
for CU I was an account executive so I
had the admin access I set myself up for
digital signature access um through them
and I still have it I think our team
still uses it here so one day they'll
kick me off and we'll just pay for a
docu sign account 30 or 40 bucks a month
or something like that and we'll be all
good uh but you need a digital signature
for due diligence now this isn't really
your software but this is a nice plus
some inspection companies have 3D
inspection walkthroughs they generate
kind of like the 3D walkthroughs you see
on home listings right um a common
franchise that always offers this or
almost always offers this is called
Pillar To Post it's franchise so I can't
speak for every single one in every
single city as far as their quality of
inspection goes but they've been pretty
good to us and they generate these nice
3D walkthroughs which for an out ofate
investor is excellent I get to like
physically fully see the property right
U that's my due diligence software
there's no real other software for due
diligence that you need I don't think
and then for closing the deal this is an
interesting but small Pro tip call your
bank and find a way to increase your
wire limits through your online banking
now if you know the limits you need are
particularly high they might have to set
you up with a treasury management
account a whole different portal but it
is worth it if you're closing deals
because we Clos like four five deals a
week six deals a week sometimes I I
don't want to go to the bank and
physically sit down in front of someone
and initiate a wire every single time
and often times I have to set up an
appointment and all that stuff I could
do it for my computer I have higher wire
limits there's just a lot of like
security stuff that goes into it right
so that's worth setting up if you're
actually doing deals and you don't want
to go to the bank and then for property
management after you close you shouldn't
need any property management software CU
if you've been listening to me you're
not managing your own properties you're
letting someone else do that for you but
as far as managers go I prefer managers
that use either AppFolio or buildium
those are the two best softwares it's
not a deal breaker if they've got
something else and they're a good
company um AppFolio is my preference
over buildium and I'll tell you why
buildium is a more modular more complex
and more like you know more detailed
management software but most management
companies are real meat and potatoes and
they misuse it or they use it to kind of
like sometimes cover up information on
that they messed up and kind of be
able to say oh sorry it's just in the
wrong place or you're just not pulling
the right report or whatever it is
AppFolio is really straightforward I
prefer I've always had a better
experience with management companies
that use that folio than with management
companies that use buildium let's put it
that way and then if you are getting a
bunch of rental properties or you
actually are flipping a bunch of deals
or doing a good amount of wholesale or
whatever it is at that point you might
need a QuickBooks account but for most
people you do not so that's the entire
software suite I'll run through the
steps but I'm not going to give you the
softwares again you need software for
market research lead gen data and
Outreach pipeline management deal
analysis making offers so digital
signature there U due diligence closing
the deal and for property management if
you've got all that in place if you've
gotten everything in place that we
discussed in this video you're ready to
go and do some deals you've got a real
estate investing business at least the
framework of it fully set up enjoy
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