Investing in real estate is one of the best and quickest ways to build personal wealth. If you want to get started, there are a few essential tools you’ll need to get started first. According to experts, here are some of the best real estate investing resources you’ll need to be successful.

Knowledge of financial concepts and formulas

Before you begin your real estate venture, it’s wise to gain a well-rounded understanding of important financial concepts that will help you be successful. Partnering with an established real estate mentor is an excellent way to get started.

These professionals can help you determine what types of properties you should be looking for, which properties are worth investing in, and the basic formulas and terms you should be familiar with, such as:

• Net operating income (NOI)
• Effective gross income
• Cap rate
• Cash flow
• Cash-on-cash yield

Otherwise, online financial calculators like IRR Calculator, Return on Investment (ROI) calculator, and Roofstock Cloudhouse Rental Calculator can help you gain an understanding of a property’s overall potential.

Ways to research properties

Finding properties that align with your investment properties can be difficult. Fortunately, there are many resources and tools that can help.

• For data research, you can use DealMachine and CRS Data to thoroughly analyze properties.
• To find properties for sale, use Realtor.com or Zillow. You may also need to work with a licensed real estate professional to get the most out of these tools.
• To find popular areas for renters and estimate rent trends, Rentometer and RENT Café are very helpful tools.

Property management

Professionally managing your investment property will help ensure that it is profitable and becomes a viable source of passive income for you. Without proper property management, you’ll have a whole lot of headaches and the property may  become more of a burden for you than anything.

Some investors choose to manage their properties themselves, but if you own multiple multifamily properties, that can quickly become an overwhelming (if not impossible) task for you to take on. For this reason, many investors hire a property management company to take care of things like rental listings, tenant screening, rent collection, maintenance, and more. Get the best real estate investing resources by visiting this website.

Some of the best real estate investing resources for property management include:

• AppFolio
• TenantCloud
• Stessa
• Apartments.com

Bookkeeping tools

To keep track of your property’s income and expenses, the following bookkeeping tools are absolutely essential. By ensuring you do this accurately, you can maximize every tax deduction and benefit you’re entitled to. Here are some of the most popular and effective options for real estate investors:

• FreshBooks
• Buildium
• Property  Matrix
• Stessa

Where can you find more of the best real estate investing resources?

If you’re searching for more resources, the best place to find them is by consulting with a multifamily real estate mentor. These professionals have lots of experience investing in multifamily properties and have typically learned very important lessons through their own experiences. They can guide you through the process with essential tips, tools, and resources that will help you avoid common pitfalls.

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