IPhone Apps are becoming more and more common as tools for Investors in today’s Foreclosure Home Business. Finding the best tools is challenging because the app market is constantly changing! This page is dedicated to readers submitting and rating their favorite investment apps. The first apps submitted are the most popular today, but as readers find new and exciting apps, please “pay it forward” and submit them! Using an app that is already listed? Tell us about it and rate it!
There are five primary Apps that I find essential for real estate investors. For locating Comparables (and while evaluating potential tax foreclosure property), two apps based on GPS only and one based on GPS and MLS are particularly strong. All three are free!
- Zillow – Zillow is one of my favorite apps because it provides the user with a quick, convenient method for evaluating competing property in any given neighborhood and it provides a comparison value for every home. While in the neighborhood, you simply input a few factors (beds, baths, price, etc.) and Zillow provides comparisons in the neighborhood offering a “Zestimate”- Zillow’s opinion of fair market value – for all homes in the neighborhood.
- Trulia – Trulia provides some of the same information as Zillow, but whereas Zillow shows home “values” for all homes – for sale or not – Trulia only shows homes currently listed for sale. Trulia has the advantage that it has slightly better graphics than Zillow (Overlapping “layers” showing average & median prices, etc.), provides information about schools and amenities.
- Coldwell Banker Real Estate – The primary MLS based IPhone App is Coldwell Banker Real Estate. This app is important because it is MLS (Multiple Listing Service) based. Being able to access searches using both GPS and MLS provides you with accurate listing prices. Coldwell Banker Real Estate App is a well designed site. It provides excellent graphics, good site design, multiple map views and the ability to contact a realtor through the app. Disadvantages primarily include fewer filters.
Besides IPhone apps used for locating competing properties and comparables, two other apps are particularly helpful. One is used for calculating mortgage payments (in case you will be financing the property once the redemption period end) and the other is used to help you evaluate the information you have gathered about the properties you are analyzing.
- Homes.com Mortgage Calculator – This is one of many free mortgage calculators available for investors. This one seems particularly simple to use. If you desire something more advanced, there are many available in the App store.
- Property Evaluator – Property Evaluator (also known as Property Flipper – IPAD version) allows you to enter information you have been gathering in order to analyze the actual purchase price (including expenses) and to analyze the final profit potential. Although I use Excel for a final analysis to detail all my expenses, this is a great basic program to do a “quick analysis”. This program costs $4.99 for the introductory version, but two full, graduated versions are available at an additional cost.