Real estate investing is a great way to diversify your portfolio. This is especially the case now that stock prices are at record highs.
But if you want to buy a property, the risks are numerous. Hey, with just one bad investment you can have a major impact on your overall portfolio.
Still, there are many online tools that can help improve the odds of success. And many of them are free or have low fees.
So which ones should investors check out? Well, here’s a look at eight:
Real estate investment: Kukun
When it comes to flipping a house, you need to get solid project cost estimates, which is no small feat. Corn Kukun can help. It has a free calculator which only takes a few steps to use.
Kukun also has other services. For example, you can get a financing quote, find licensed contractors, and get personalized home improvement recommendations.
Crime and place
Of course, in terms of real estate investment, the crime situation is of crucial importance. It’s here that Crime and place comes into play. The site provides comprehensive crime data and forecast trends.
You can download the app from Apple (NASDAQ:AAPL) appstore and it’s free.
Millionacres.com is a division of Motley Fool. The emphasis is on providing independent content and analysis to help real estate investors make more informed decisions, such as with REITs (Real Estate Investment Trusts), rental properties, flips, capital raising and crowdfunding platforms.
Millionacres.com also offers two premium services. One is called Real Estate Winners and relates to investments in publicly traded stocks. Then there is Mogul, which includes the analysis of transactions funded by crowdfunding.
Managing rental properties can be long and complicated. You have to manage marketing, accounting, rental, tenant management, etc.
But of course there are a variety of cloud platforms to help you out – and one of the best is AppFolio. The price is also reasonable. For small and medium sized portfolios, a monthly fee of $ 1.40 per unit per month applies.
Networking is the key to a successful real estate investment. This not only helps identify properties, but also sources of funding.
By far the main online networking platform is LinkedIn, who belongs to Microsoft (NASDAQ:MSFT). It is primarily intended for business purposes and the user base is nearly 740 million in over 200 counties and territories.
You can do a lot of things without having to pay anything for LinkedIn. But the company offers a number of premium options, which provide deeper access to contacts, lead recommendations, and sales information.
Roof is a leading platform that manages the process of buying and selling rental properties. You can buy the whole property or get the fractional ownership. There are also ways to take advantage of the tax benefits, such as 1031 exchanges.
Real estate listings on Roofstock are also rich in information. For example, there is data on neighborhood ranking and financial outlook.
Climate change has had a major impact on real estate investment, as evidenced by the increasing frequency of harsh weather events like hurricanes. But there is a tool to help assess risk, called Climate check. It provides information on floods, forest fires and other weather events.
The database is indexed on over 140 million home addresses and over 10 billion data points.
Zillow is one of the largest online real estate platforms. And one of the reasons for this is the Zest. This essentially provides value for a home, which is certainly essential for any real estate investor.
The Zestimate is also quite accurate, as it is based on huge amounts of data and sophisticated algorithms. For homes on the market, the median error is only 1.9% and it is 7.5% for homes outside the market.
As of the publication date, Tom Taulli does not have (directly or indirectly) any position on any of the stocks mentioned in this article.
Tom Taulli (@ttaulli) is the author of various books on investing and technology, including the basics of artificial intelligence, high-profit IPO strategies, and everything about short selling. He is also the founder of WebIPO, which was one of the first public offering platforms in the 1990s.