Analyze Deals

Before: Buying Process Overview: First Meeting: Analyze Deals

Analyze Deals is all about how to analyze the properties you’re receiving from your real estate agent and looking at. It is the sixth step in the First Meeting with your real estate agent process.

Deal analysis is a skill you get better at over time, so for the first meeting we will typically suggest some basic deal analysis resources as part of the Ultimate Nomad Checklist™. Over time, you can practice analyzing more deals and learn more and better distinctions with your deal analysis.

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The Analyze Deals process is shown below.

Warning! Logging and tracking tasks is for Premium Nomads only.


Complete the "First Meeting: Analyze Deals" checklist:

https://LearnToBeRich.com/analyze-deals/

Mark this task as complete when done.

Analyzing DealsASAPFirst MeetingFirst Meeting Analyze DealsUltimate Nomad ChecklistWeek 1


Watch the recording of the live presentation of "Analyzing Deals 101: an Intro to Cash on Cash Return on Investment" available on:

https://LearnToBeRich.com/cash-on-cash/

Mark this task as complete once you've watched it.

Analyzing DealsASAPCash FlowClassesFirst Meeting: Analyze DealNet Operating IncomeReturn On InvestmentUltimate Nomad ChecklistWeek 18Week 2


Watch the recording of the live presentation of "Analyzing a Deal with Brian's Spreadsheet" available on:

https://LearnToBeRich.com/how-to-analyze-a-deal-with-brians-spreadsheet/

Mark this task as complete once you've watched it.

Analyzing DealsASAPCash FlowClassesFirst Meeting: Analyze DealsGet Your First Deal DoneNomad BasicsUltimate Nomad ChecklistWeek 4Week 56


Define what your acceptable property characteristics are if you haven't already done so.

Remember, these are characteristics it is easy to search for in the MLS. Examples include:

  • Cities you'd be willing to invest in
  • Minimum (and maybe maximum) number of bedrooms
  • Garage or no garage
  • Mobile homes? Condos? Townhomes? SFH? Multi-Family (2-4 units)? Commercial multi-family (5+ units)?
  • Price? Minimum? Maximum?
  • Property age? New construction?

Discuss with your Real Estate Broker if you have questions.

Mark this task complete once you know your acceptable property characteristics.

ASAPFirst Meeting: Analyze DealUltimate Nomad ChecklistWeek 1


Download a copy of Brian William's Deal Analysis Spreadsheet and save it to the Dropbox folder for this deal/purchase.

https://LearnToBeRich.com/spreadsheet/

Mark this task complete when done.

Analyzing DealsComputer SetupFirst Meeting: Analyze DealsUltimate Nomad ChecklistWeek 2


Analyze properties daily as they come in from automatic property searches. Save a copy of Brian's Deal Analysis Spreadsheet for each deal you analyze in your Dropbox folder for this deal/purchase.

If the deal looks interesting after analyzing it, request a showing.

Mark this task complete once you've analyzed deals for the day.

Analyzing DealsCash FlowFirst Meeting: Analyze DealNet Operating IncomeUltimate Nomad ChecklistWeek 2Week 3Week 4Week 5Week 6Week 7Week 8


Read the "Net Operating Income" blog post on

https://LearnToBeRich.com/net-operating-income/

Mark this task as complete when you're done.

Analyzing DealsASAPCash FlowFirst Meeting: Analyze DealsNet Operating IncomeOptionalUnderstanding AppreciationWeek 18Week 3


Watch the recording of the live presentation of "Strategies to Get the Lowest Monthly Payment When Buying Real Estate" available on:

https://LearnToBeRich.com/lowest-monthly-payment/

Mark this task as complete once you've watched it.

Analyzing DealsASAPCash FlowClassesFirst Meeting: Analyze DealsMaking OffersUltimate Nomad ChecklistWeek 58Week 6


Decide which Insurance Agent you will use to insure your home purchase. You'll need this once you go under contract, but you'll want to do it earlier so you can get an estimate of insurance for analyzing deals.

You can ask your Real Estate Broker for recommendations.

Mark this task complete once you've decided on an Insurance Agent to use.

Analyzing DealsDream TeamDream Team - Pre-ClosingFirst Meeting: Analyze DealUltimate Nomad ChecklistWeek 2Week 61Week 9


Call your Insurance Agent and get an Insurance Quote estimate to use when analyzing properties using Brian's Deal Analysis Spreadsheet.

You'll modify this slightly based on the price of the property you're analyzing.

You may want to discuss with your Insurance Agent additional coverage for Loss of Rent.

Your Insurance Quote typically varies based on your credit score and the deductible amount you choose.

Mark this task complete when you have an insurance estimate to use when analyzing deals using Brian's Spreadsheet.

Analyzing DealsASAPFirst Meeting: Analyze DealsNet Operating IncomeUltimate Nomad ChecklistWeek 2


If you're going to allow your Tenant-Buyer to select any property from the MLS where you'd buy it and then offer it to them on a Lease Option, then setup your search page on JamesOrr.com.

Talk to James to have him show you this and get it set up for you.

Mark this task complete when it is setup or if you decide you're not doing this.

Analyzing DealsASAPFirst Meeting: Analyze DealsLease OptionMarketingOptionalTenant BuyersUltimate Nomad ChecklistWeek 2


If you're going to allow your Tenant-Buyer to select any property from the MLS where you'd buy it and then offer it to them on a Lease Option, then after James sets up your search page on JamesOrr.com you will want to customize with your specific investing criteria.

Mark this task complete when you've customized your Lease Option Search Page on JamesOrr.com.

Analyzing DealsASAPFirst Meeting: Analyze DealsLease OptionMarketingOptionalTenant BuyersUltimate Nomad ChecklistWeek 2


If you're going to allow your Tenant-Buyer to select any property from the MLS where you'd buy it and then offer it to them on a Lease-Option, then after James sets up your search page on JamesOrr.com you may want to purchase and setup a custom domain name for it.

The custom domain name will allow you to use that domain name on your marketing and have it URL frame the page James set up for you.

Ask James and he can usually get you a domain name and set it up for you for about $10 per year.

Mark this task complete when you've purchased a custom domain and had it set up for your Lease-Option Search Page on JamesOrr.com.

Analyzing DealsASAPFirst Meeting: Analyze DealsLease OptionMarketingOptionalTenant BuyersUltimate Nomad ChecklistWeek 2


Your Real Estate Broker can provide you with a list of recommended Insurance Agents. You're welcome to choose any Insurance Agent you want whether they are on the list or not.

Mark this complete when done.

Analyzing DealsContract Deadline: Property Insurance Objection DeadlineDream TeamDream Team - Pre-ClosingFirst Meeting: Analyze DealsUltimate Nomad ChecklistWeek 2Week 61Week 9


If you have already done so, decide which Insurance Agent you will use to insure your home purchase. You'll need this once you go under contract, but you'll want to do it earlier so you can get an estimate of insurance for analyzing deals.

You can ask your Real Estate Broker for recommendations.

Mark this task complete once you've decided on an Insurance Agent to use.

Analyzing DealsContract Deadline: Property Insurance Objection DeadlineDream TeamDream Team - Pre-ClosingFirst Meeting: Analyze DealsUltimate Nomad ChecklistWeek 2Week 61Week 9

Once you’ve learn how to analyze a Nomad deal, you can move on to discussing the basics you’ll need to Write an Offer with your real estate agent.

Improvements

The following are improvements I plan to make to this page based on some of my Standard Process Improvement Questions.

Sponsor Content

There is additional content on this page that is shown to Sponsors only.

Sponsors are usually Real Estate Agents and Lenders who'd like to work with Nomads in their local market.

Click here for more information on how to become a Sponsor.

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IMPORTANT NOTE: This checklist is based on what I personally use with clients in Northern Colorado. Please rely on your local real estate agent for how it works in your local real estate market. This process will definitely vary in different States.

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