Desktop analysis

- [Instructor] Once you've completed the phone analysis, you would move to step two, which is the desktop analysis. Now, where would you find a desk? Well, not out in the streets hopefully but in your office, in your house, meaning you don't have to go anywhere. What you're going to do is you're going to take the seller lead sheet that you just filled out in step one. You're going to use that information to fill out what's called a property repair estimate sheet. Again, this is a tool that we'll show you here in just a minute. But this repair estimate sheet just helps you get a quick estimate of what the cost of repairs will be to get the house ready for market. Now, you might say, how am I going to do that from my desktop? Well, it won't be super-accurate but it'll be close enough to let you know whether or not you want to go to step three, the in-person analysis. That's right, using the information the seller gave you in step one and using pictures you find online, you can often get a fair estimate of the repairs that the home might need. Another tool you'll use in the desktop analysis is something called the deal analyzer. It's an amazing spreadsheet that takes all of your expenses and all of the money that you'll bring in to calculate what your end profits are going to be. Of course, if there are end losses, it's not a deal and you won't go to the person's house. But if it shows a profit, you're going to move in to step three. What you'll notice when you learn to use the deal analyzer is that there are some numbers you have to plug in. One of them is called the after-repair value, which is the value of the home once it's been repaired. Well, there's some key tools that you'll want to use while you're sitting at your desktop. One of those is Zillow. It's an online resource for researching homes and comparables and allowing you to determine the value of a home once it's been fixed up. A second tool, a very key tool, is called the MLS or the multiple listing service. Again, we'll talk about this more in detail in just a minute but this is the tool used by real estate agents to list homes and determine the values once they're repaired. The last tool that we'll use in determining values and filling out the deal analyzer is called the property card. This is information you get from your local county that allows you to know if the seller's information was accurate. Was the square footage correct? Was the bedrooms and baths correct? Depending on your county, you'll have more or less information. Well, needless to say, if step two goes well, you'll move to step three.