Most financial advisers will tell you that investing in property has many advantages. There are countless success stories of property investors who have successfully built a large portfolio of properties and are happily using it to earn substantial passive income.
As many advantages that investing in property has, it also comes with its challenges, especially for new investors. One way to help you overcome these challenges is through using the large range of online tools which are available. Here is a look at the best online tools available to support your property investment endeavors.
Should I Invest in Property?
Firstly, let’s take a look at the key advantages and challenges involved in investing in real estate so you can decide whether this is the right move for you.
- Investing in property provides a long-term income through rental returns, income which also increases over time as you pay off the accompanying mortgage.
- Your investment is likely to grow in value with the majority of property markets enjoying strong to moderate long-term growth.
- Your income, both in terms of rental returns and property value, increases over time due to inflation.
- You are in control of your investment: you have the power to make decisions and shape your own strategies, and therefore can drive your own success.
- Property investing involves a great deal of in-depth knowledge which takes time to develop. The proper understanding of the market comes with time, experience and a lot of hard work.
- You need capital to get started: before you can secure your first loan you will need to save for a down-payment. Additionally, the larger your down-payment the better, as you will pay less interest over the life of your loan and therefore more easily increase your portfolio.
- As with any kind of investment, buying property involves risk. You could make the wrong decision and lose out in terms of growth in value or returns on your investment.
Best Online Tools and Resources
Although building up the skills and knowledge to be a successful property investor typically takes a great deal of time, there are some great online tools and resources which can help bridge that gap. Along with being able to find the best properties in Metro Manilla through Hoppler, you will also find some fantastic tools online to help you research and manage every step of your investment journey.
Mashvisor is a website that helps you to find properties with profitable investment potential. This time-saving tool helps users find and analyze properties by providing an organized data from different sources. Mashvisor also helps you to find your local rent figures that are reliable, thus assisting you in valuations.
Looking for a fast and simple way to conduct investment property analysis and comparison? DealCheck, the leading analysis software, may be what you need. This is a real-estate calculator that provides powerful analysis, projection and reporting of investment properties, all with 24/7 assistance. The DealCheck app gives you information on a range of important factors, including closing costs, mortgage rates, cash flow, ROI, and profit.
- Deal Machine
If you’re looking to buy a property, getting in touch with the owner is the first step. Deal Machine is an app available at the Android play store and iOS app store, which assists you to find the person who owns any property that you are interested in. All you have to do is to take a photo of the property with your Deal Machine app, and it will give you information on the owner of the property along with contact details.
If you’re looking to make an investment overseas, and in particular in the Middle East, this tool is essential. Bayut is a property portal that not only lets you search property details, but also provides expert information relating to property investment along with advisory services to assist you in well-informed decision making. Bayut provides a wealth of data on real-estate trends, market prices and much more in order to make sure that you find best investment which will deliver high yields.
- Property Hawk
Property Hawk is a guide for new landlords and property management tool for the more experienced. This tool helps you to manage your properties without interfering with other aspects of your life. It can assist with portfolio and property management, manage your property and calculate mortgage expenses, as well as handy features to assist with tenant and rent management. Property Hawk can even store your legal documents and receipts online for you.
Roofstock provides research, analysis and evaluation services to assist you in purchasing properties that are independently certified. This tool is set up to let you purchase rental homes from tenants via Roofstock in order to earn passive income.
Appfolio is an online property investment tool known for its great mobile functionality. It has clever web-based property management software that in addition to online applications, accurate accounting, free online rental payments, work orders and vacancy posting provides migrations tools, fantastic training and helpful support.
Property investment, like every other business, has its own advantages, challenges and risks. However, thanks to the great property investment tools which are available online, you can face these challenges and mitigate the risks.
Author Bio: Sophie is a writer, content manager and property investment enthusiast. After sparking an interest in real estate at a young age, she built a property investment portfolio by an age when most people are still saving for their first house. She loves to share the knowledge and insights she gained along the way with others seeking to get into property investment.