Real Estate Investing Apps & Software - Lifecycle of a Deal - Mike Agins
The Triangle Real Estate Investors Group Association, Inc has a weekly Tech Talk via Zoom on Tuesdays at noon, where real estate professionals share tips and tricks on current technologies they are using today. The technology review of apps and software zoom hour is free to members and $5 for non-members. TREIA, Inc introduced this online subgroup and are pleased to share the initial sessions were a great hit with positive feedback from attendees. Below is an overview of a recent presentation by Mike Agins, with Mike Buys Houses NC and www.MBHDEALS.com - his wholesaling company.
7/12/22 - Real Estate Investing from lead to closing: The Lifecycle of a Deal - Mike Agins
Mike Agins brings 18 years of real estate experience to the table with experiences with new construction, sales & sales operations, previously responsible for 45_ member sales team where they delivered from 800 to 1100 new homes annually. Mike transitioned to a full time investor in 2019 and said goodbye to corporate life. He started as rental acquisitions, and now focuses on wholesales with a few flips.
Mike discussed the importance of tracking all dollars out that lead to dollars coming in to understand and know how marketing monies are spent and what is or is not effective. One key element is to adjust strategies when concerns are identified - stop spending money when it’s not adding value to the bottom line. He tracks the following when identifying his overall deal lifecycle:
•Incoming Lead count per source
•Lead Conversion 2 Prospect
•Prospect Conversion 2 Deal
•Deal Under Contract
•Determine Disposition (Unless Already Determined)
•Wholesale – Begin Dispo Process
•Rental or Flip – Begin Closing Process
•Manage Process Thru Closing
•Close The Deal, total conversions
•Update Financials Along The Way! ROI x source.
Mike used direct mail frequently, which requires list building with sources such as PropStream, LeadSource and tax records. CallRail is used to manage calls and track campaign Reponses. Mike uses an Inspection sheet which is updated during the walk through, then uploads the information and photos to Trello to track the project. DocuSign helps with contracts and signatures He tracks progression through an Excel sheet Deal Manager he created, then uses MailChimp, Google Drive and Photos as apps to support the marketing of a property. He is very meticulous with numbers and tracks many layers of metrics through self created Excel sheets for each project. Smart Receipts is his preferred source for receipt tracking and organization.
Mike's final thoughts and tips included:
Keep your system simple.
Use things that work for you.
Try to create good habits early on. This may take you longer but worth it in the long run.
Litmus Test: Try explaining your system to someone new. Do they understand it? Can they do it for you?
Use technology and systems to help you and make life easier
Madlyd Holdings, LLC
Visit Us Online: www.MikeBuysHousesNC.com
Written by Pam Fisher, REI Cash Flow Formula