DealCheck Overview
DealCheck is a comprehensive and user-friendly property analysis software designed specifically for real estate investors, agents, wholesalers, and other professionals in the real estate industry. With over 350,000 active users, DealCheck has established itself as a leading platform for streamlining and simplifying the process of analyzing potential real estate investments.
What DealCheck Does
DealCheck enables users to perform accurate and detailed analyses of various types of real estate investments, including rental properties, BRRRR (Buy, Rehab, Rent, Refinance, and Repeat) projects, fix-and-flip properties, multi-family buildings, commercial properties, and short-term rental properties like Airbnb and VRBO. The platform helps users make informed investment decisions by providing a complete analysis of each deal, including acquisition costs, cash flow, ROI, profit, and more.
Key Features and Functionality
1. Property Analysis Tools
- DealCheck offers powerful analysis tools for calculating key metrics such as capitalization rate (cap rate), cash on cash return (COC), return on investment (ROI), internal rate of return (IRR), gross rent multiplier (GRM), and debt coverage ratio (DCR).
2. Data Import and Manual Entry
- Users can quickly import property data from public records and online listings, or manually enter the data through a step-by-step wizard. This includes details such as list price, estimated value, rent, property taxes, HOA fees, and photos.
3. Customizable Deal Parameters
- The software allows for the customization of financing, closing costs, repair budgets, and operating expenses, providing virtually unlimited flexibility in analyzing each deal.
4. Cash Flow and Profit Projections
- DealCheck enables users to analyze long-term cash flow projections for rental properties and profit projections for flips. Users can quickly change deal parameters to see the impact on their profit and returns.
5. Comparable Sales and Rentals
- The platform provides access to recent sales and rental comps, allowing users to estimate after-repair values (ARV) and potential rents with confidence. It also offers market statistics to support these estimates.
6. Screening Properties
- Users can set up detailed purchase criteria and screen properties based on these metrics to quickly identify the best deals.
7. Offer Calculator
- DealCheck includes an offer calculator that helps users determine the maximum price they can offer to ensure profitability. This tool uses reverse valuation and multiple criteria to provide accurate estimates.
8. Property Owner Information
- The platform allows users to look up the contact information of property owners, which is useful for running direct mail or lead generation campaigns for off-market properties.
9. Professional Reporting
- Users can create and share professional PDF reports with custom branding, logos, and contact information. These reports are ideal for sharing with lenders, partners, investors, or clients.
10. Mobile Accessibility
- DealCheck is available as a mobile app for both iOS and Android, providing 24/7 access to powerful analysis, projection, and reporting tools.
11. Additional Features
- The platform also includes features such as customer relationship management (CRM) for managing property portfolios, tracking follow-ups, and monitoring property performance. It also offers a built-in real estate glossary and a directory of investor-friendly lenders.
Benefits
- Time-Saving: DealCheck significantly reduces the time spent on property analysis, allowing users to make quicker and more informed decisions.
- Flexibility: The software accommodates various types of real estate investments and offers customizable templates and deal parameters.
- Accuracy: DealCheck ensures accurate proforma calculations and profit projections, reducing the risk of errors typically found in manual spreadsheets.
- Professional Reporting: The ability to generate professional-quality reports enhances the user’s credibility with lenders, partners, and clients.
Overall, DealCheck is an indispensable tool for real estate investors and professionals, offering a comprehensive suite of features that simplify the complex process of property analysis and investment decision-making.