Before: Buying Process Overview: First Meeting: Analyze Deals
Analyze Deals is all about how to analyze the properties you’re receiving from your real estate agent and looking at. It is the sixth step in the First Meeting with your real estate agent process.
Deal analysis is a skill you get better at over time, so for the first meeting we will typically suggest some basic deal analysis resources as part of the Ultimate Nomad Checklist™. Over time, you can practice analyzing more deals and learn more and better distinctions with your deal analysis.
The Analyze Deals process is shown below.
Analyzing DealsASAPFirst MeetingFirst Meeting: Analyze DealUltimate Nomad ChecklistWeek 1
Analyzing DealsASAPCash FlowClassesFirst Meeting: Analyze DealNet Operating IncomeReturn On InvestmentUltimate Nomad ChecklistWeek 18Week 2
https://RealEstateFinancialPlanner.com/how-to-analyze-a-deal-with-brians-spreadsheet/
Analyzing DealsASAPCash FlowClassesFirst Meeting: Analyze DealGet Your First Deal DoneNomad BasicsUltimate Nomad ChecklistWeek 4Week 56
Remember, these are characteristics it is easy to search for in the MLS. Examples include:
- Cities you'd be willing to invest in
- Minimum (and maybe maximum) number of bedrooms
- Garage or no garage
- Mobile homes? Condos? Townhomes? SFH? Multi-Family (2-4 units)? Commercial multi-family (5+ units)?
- Price? Minimum? Maximum?
Discuss with your Real Estate Broker if you have questions.
Mark this task complete once you know your acceptable property characteristics.
ASAPFirst Meeting: Analyze DealUltimate Nomad ChecklistWeek 1
Analyzing DealsComputer SetupFirst Meeting: Analyze DealUltimate Nomad ChecklistWeek 2
If the deal looks interesting after analyzing it, request a showing.
Mark this task complete once you've analyzed deals for the day.
Analyzing DealsCash FlowFirst Meeting: Analyze DealNet Operating IncomeUltimate Nomad ChecklistWeek 2Week 3Week 4Week 5Week 6Week 7Week 8
https://RealEstateFinancialPlanner.com/net-operating-income/
Analyzing DealsASAPCash FlowFirst Meeting: Analyze DealNet Operating IncomeOptionalUnderstanding AppreciationWeek 18Week 3
https://RealEstateFinancialPlanner.com/lowest-monthly-payment/
Analyzing DealsASAPCash FlowClassesFirst Meeting: Analyze DealMaking OffersUltimate Nomad ChecklistWeek 58Week 6
You can ask your Real Estate Broker for recommendations.
Mark this task complete once you've decided on an Insurance Agent to use.
Analyzing DealsDream TeamDream Team - Pre-ClosingFirst Meeting: Analyze DealUltimate Nomad ChecklistWeek 2Week 61Week 9
You'll modify this slightly based on the price of the property you're analyzing.
You may want to discuss with your Insurance Agent additional coverage for Loss of Rent.
Your Insurance Quote typically varies based on your credit score and the deductible amount you choose.
Mark this task complete when you have an insurance estimate to use when analyzing deals using Brian's Spreadsheet.
Analyzing DealsASAPFirst Meeting: Analyze DealNet Operating IncomeUltimate Nomad ChecklistWeek 2
Talk to James to have him show you this and get it set up for you.
Mark this task complete when it is setup or if you decide you're not doing this.
Analyzing DealsASAPFirst Meeting: Analyze DealLease-OptionMarketingOptionalTenant-BuyersUltimate Nomad ChecklistWeek 2
Mark this task complete when you've customized your Lease Option Search Page on JamesOrr.com.
Analyzing DealsASAPFirst Meeting: Analyze DealLease-OptionMarketingOptionalTenant-BuyersUltimate Nomad ChecklistWeek 2
The custom domain name will allow you to use that domain name on your marketing and have it URL frame the page James set up for you.
Ask James and he can usually get you a domain name and set it up for you for about $10 per year.
Mark this task complete when you've purchased a custom domain and had it set up for your Lease-Option Search Page on JamesOrr.com.
Analyzing DealsASAPFirst Meeting: Analyze DealLease-OptionMarketingOptionalTenant-BuyersUltimate Nomad ChecklistWeek 2
Mark this complete when done.
Analyzing DealsContract Deadline: Property Insurance Objection DeadlineDream TeamDream Team - Pre-ClosingFirst Meeting: Analyze DealUltimate Nomad ChecklistWeek 2Week 61Week 9
You can ask your Real Estate Broker for recommendations.
Mark this task complete once you've decided on an Insurance Agent to use.
Analyzing DealsContract Deadline: Property Insurance Objection DeadlineDream TeamDream Team - Pre-ClosingFirst Meeting: Analyze DealUltimate Nomad ChecklistWeek 2Week 61Week 9
Once you’ve learn how to analyze a Nomad deal, you can move on to discussing the basics you’ll need to Write an Offer with your real estate agent.
Improvements
The following are improvements I plan to make to this page based on some of my Standard Process Improvement Questions.
- Add information about some of the financing types to this page? Or, shoudld that be on the Financing 101 video page for ease of updating as things change.
- Sponsor Read "Facebook Ads for Real Estate Agent and Lender Sponsors"
Read the "Facebook Ads for Real Estate Agent and Lender Sponsors" blog post on
https://RealEstateFinancialPlanner.com/facebook-ads-for-real-estate-agent-and-lender-sponsors/
- Sponsor Read "100 Ways to Get a Nomad Client in the Next 12 Months"
Read the "100 Ways to Get a Nomad Client in the Next 12 Months" blog post on
https://RealEstateFinancialPlanner.com/100-ways-to-get-a-nomad-client-in-the-next-12-months/
FacebookFor Real Estate AgentsMarketingMeetupMeetup SetupSponsors
- Sponsor Read "Prepare for Investor Meeting Checklist"
Read the "Prepare for Investor Meeting Checklist" blog post on
https://RealEstateFinancialPlanner.com/prepare-for-investor-meeting-checklist/
- Sponsor Read "At Investor Meeting Checklist"
Read the "At Investor Meeting Checklist" blog post on
https://RealEstateFinancialPlanner.com/at-investor-meeting-checklist/
- Sponsor Read "Before for Real Estate Agents"
Read the "Before for Real Estate Agents" blog post on
- Sponsor Read "During for Real Estate Agents"
Read the "During for Real Estate Agents" blog post on
- Sponsor Read "After for Real Estate Agents"
Read the "After for Real Estate Agents" blog post on
- Sponsor Read "Lease Option Ad for Property Listed in MLS for Clients"
Read the "Lease Option Ad for Property Listed in MLS for Clients" blog post on
https://RealEstateFinancialPlanner.com/lease-option-ad-for-property-listed-in-mls-for-clients/
CraigsListFor LendersFor Real Estate AgentsLease-OptionMarketingSponsors
- Sponsor Read "Standard Process Improvement Questions"
Read the "Standard Process Improvement Questions" blog post on
https://RealEstateFinancialPlanner.com/standard-process-improvement-questions/
IMPORTANT NOTE: This checklist is based on what I personally use with clients in Northern Colorado. Please rely on your local real estate agent for how it works in your local real estate market. This process will definitely vary in different States.
Analyzing Deals Classes
Here are some of the analyzing deals classes we have as well.