VIdeos

What is this all about?

As Real Estate Investors we need tools. Many of those tools are awful. So to fill a niche in the analysis phase we have created a tool to allow you to QUICKLY estimate the cost of the Rehab portion. And because you know the ARV (After Rehab Value), we can compute THREE (3) Offers for you. So you can make an offer before you leave the house. This will increase your closings. And if you carry a printer, you can print the OFFER, REHAB ITEMS, and a CONTRACT. Or email it. This video does NOT include all the things the application can do, so there is even more.

Overview

To get an understanding of the simplicity of the system we walk thru adding a single property. Since we know the ARV (After Repair Value) before we start, we just enter it. So the video walks thru from adding the property, to quickly adding the repairs needs, to generating 3 offers and finally generating the PDF that you can print and give to the seller.

We also talk about some of the other features in the system, the ability for the Advanced user to change the pricing. To keep this video short, there are even more features we did not talk about.

Imagine being able to generate an offer BEFORE you walk out of the house. Your offer acceptance rate will blow up. No more of the "I'll take these numbers back to the office and contact you later.", and someone else comes in and makes the offer on the spot. Now YOU can be that buyer.

Basic Level Instructions

These two videos show how to signup for an account on REI Estimator Pro (REIEstimatorPro.com/signup) walking thru the process to show how you create an account. The second video shows the process for creating your first offer. It starts by entering the address of the property, then determining the ARV (and some recommendations -- good and bad), next we select some items to describe how you would look thru a house to determine the amount of repairs to do (more detail in other videos), then it shows generating the 3 offers. Finally, how to generate some great looking PDF's that you can show and/or email to the seller.

More Detailed Instructions

This first video goes in depth on how to set, edit, and create parameters. These are created/edited before go to a property. There is a lot of flexiblity as to what the parameters you want to use. The Trial and Base level accounts can view but not modify the parameters, so we encourage you to upgrade.

The second video is how to add a property where it can't seem to be found in Zillow. We get some of our data from Zillow but it has a poor address match algorithm, so the property may not be found. So we need to be able to enter it, and this video shows how.

Upload Image for PDF

Since it is very nice to be able to present the offers with your information, this video shows how to upload an image to display on the PDF's. Be sure to fill out the information in the 'My Company' portion of the profile (in the pulldowns).

Rental Calculation

Sometimes you don't have a good ARV value, or you are going to buy this as a rental. We have a screen to help with this. This calculation uses the rent and expenses to back calculate an "ARV" (Aka All-In). And knowing the Rehab costs you can determine a Offer. Or you can use the All-In value as the ARV and use that as a Fix and Flip value. This becomes another Tools in your arsenal.

Seller Net Sheet

Another tools in your arsenal of tools is the Seller Net Sheet. This is the NET of what the seller should get if they sell it normally. It allows you to work with someone who does not understand that if they list a property at $45,000 that they will not get a check for $45,000, but rather it might be $11,000. This does the calculation taking out costs such as the cost of the mortgage over a 60 day period, the cost of water, electric. It has fields for Delinquency, HOA, and a lot more. It is mearly a tool that can help you sell your offer. There will be cases where it won't help you, so don't show it to them.

The version on the Web version of the estimator is more complete and easier to use.

Repair Value (RV) Multiplier

Yet another tools in your arsenal of tools is the Rehab Value Multiplier. For most of the country the prices are fairly constant. Some areas everything is just higher. The RV Multiplier allows you to with a single setting make the prices higher. It multiplies the Repair numbers by a single value. So for example if your prices seem to be 25% higher than everywhere else (REPAIR prices, not HOUSE prices) then use 1.25.

The second use of the multiplier is for people that deal with Retail pricing on repairs. If you are a Realtor and need to convince a seller that they are attempting to list their house too high, you can show them the list of repairs that will be needed to sell the house. Since the pricing in the Rehab Estimator Pro are investor pricing, these are too low for a home owner finding a contractor to fix their house. WE think a multiplier of 1.25 (25% higher) yeilds a reason number for Retail vs Investor pricing. But we leave it up to you to select.

You can do it on a single house basis or set the default setting.

This function is only available on the Web version of the estimator, it is on the list of changes pending for the Phone APP versions but not yet available.