Imagine having the power to analyze any real estate property in just seconds. You would have the ability to make money at your fingertips. The details of any multi-family, commercial building or single family unit would be instantly revealed giving you the ability to determine if you are about to make a wise investment.
Having this kind of power may seem like magic, but it’s actually achievable through technology.
Deal Check, an analysis tool that provide investors with useful information including potential cash flow marketing reports and sales and rental comps on various types of properties and it can help you put together smart offers.
But is it too good to be true? Can this tool really tell you which investments to make and which to stay away from? Read on to find out more.
Deal Check was founded in 2015 by real estate investor and entrepreneur Anton Ivanov. Ivanov recognized the need for an app that would quickly analyze and compare investment properties.
Although the app started out as a side project, it began to grow in popularity due to its terrific customer service and frequent feature updates. It has been favorably recommended by prestigious publications such as Forbes, Bigger Pockets, RE Tipster and more.
How it Works
To use Deal Check, start by searching for properties and import their value, rent estimates and photos from public records or enter it manually in their step by step system.
Enter parameters like your purchase price, financing and closing costs, rehab budget, rent roll, estimated expenses and more.
The app will come back with a financial analysis and projections including cash flow, ROI and acquisition costs. You can even view long term cash flow and profit projections for flips.
You can browse recent sales comps, comparable rental listings and market statistics and get an after repair value and rent estimates.
Then the app will come back with a reasonable offer for the property and work out the terms of a deal that is suited to your situation. The analysis and projections you receive can be collected into one report and shared with investors and lenders.
What Type of Properties Does Deal Check Work For?
Deal Check will calculate information on a wide variety of properties including the following:
- Multi-family homes
- Air BnB’s and vacation rentals
- Commercial properties
- Wholesale Deals
What Metrics Does Deal Check Provide?
Deal Check provides you with a metrics analysis that includes the following:
- Down payment
- Cash amount needed to close
- Net operating income
- Cash flow
- Post tax cash flow
- Capitalization rate
- Cash on cash return
- Return on investment
- Return on equity
- Rent to value ration
- Gross rent multiplier
- Internal rate of return
- Debt coverage ratio
It will also calculate additional information for flips including total rehab budget, proceeds after sale, total and monthly holding costs, proceeds after sale, post tax profit and an annualized ROI.
Here are some stand out features Deal Check provides:
Property Data Import: Unlike many apps that require you to import data yourself, Deal Check has a property data import feature which allows you to upload all relevant information with the touch of a button.
Sales and Rental Comparisons: Deal Check will pull up 20 recent comparable sales for any property in the U.S. and provide automated and adjustable estimates for the ARV (After Repair Value) of the property you’re analyzing. If you are looking at a rental property, Deal Check will pull up comparable rental listings and calculate the listed and potential rent based on the living area.
Screening Properties with Custom Criteria: If you have specific investment goals, you can set up custom criteria to match these goals and see which properties will be best in helping you achieve them.
Purchase Offer Calculator: Once you find a property you are interested in, Deal Check will help you come up with the highest price you can offer that will still meet your cash flow, return and profit goals.
Property Reports: Deal Check allows you to export all the information including analysis, projections, comps and photos into a professional looking property report. You can customize these reports to include your personal branding and send them out to clients, investors, lenders and anyone else who might be interested.
Real Time Records and Listing: Sellers often make changes to property listings including updating the descriptions, the photos and the price. Deal Check can help you keep track of these changes which is especially useful if you have your eye on a property that is a little out of your price range. You can stay on top of price changes so you can jump on deals as soon as they meet your criteria.
Side by Side Property Comparisons: Investors often need to compare properties in terms of acquisition strategies and scenarios. Deal Check has a great side by side comparison tool which lets you view the purchase information, cash flow projections and returns on two properties so you are given a clear view of how they match up.
Customer Service and User Experience
Here is what you can expect from the Deal Check user experience:
Works on Any Device: Deal Check works on both Android and iOS and provides a great user experience across platforms.
Pricing: The app offers a free 14 day trial. Then users can continue using the tool for free or sign up for their $7 or $15 a month plan.
Customer Service: Deal Check has an attentive customer support crew, a 7 day a week live chat and online step by step guides.
Reliability and Speed: Deal Check’s tools load quickly and customers rarely experience downtime when using the service.
If there is one downside of the Deal Check app, it’s that not all features are available in the U.S. Other than that, there’s not much that would make anyone not want to give it a try.
If you are an investor that is looking for an app to give you valuable information on property investments quickly and easily, Deal Check is definitely worth checking out.