We recently reviewed an iphone app called Property Evaluator from a company called Wasatch Digital Media Inc. The same company has an another iPad/iphone app called Property Fixer, Real Estate Investment Calculator which is idea for investors who are only interested in purchase evaluations for a flipping a property after some repairs. The Property Evaluator app from the same vendor a neat app for Buy and Hold Strategy but this app offers:
Flip Analysis : To test a Flip Analysis we considered a listing we are working on which should hit the market in March 2014. We entered the following information about this Los Gatos purchase into the Flip Analysis of this app:
1) Purchase Price: $1,250,000
2) Buying Costs: $25,000
3) Holding Costs: $79,923 (we assumed hard money with $5k per month cost)
4) Improvement Cost: $$350,000 (we assumed a complete remodel, which could cost 10% more than this)
5) Selling Costs: $55,500 (we only assumed 4% since we only charge 1% on a flip if we have purchased the property for our cash investors)
6) Sale price: $1,850,000
Profits $ 89,577 (for a 6 month flip).
The iPad version of the app was updated in July 11, 2013 which is good good indicator of the developers commitment to add new features.It was neat to enter a test property in Los Gatos for a purchase price of $1,000,000 with an equity of $250,000. The app offers 1st and 2nd mortgage input that users can add for the purchase of purchase analysis. The app offers 3 levels of upgrade options which are:
1) Pro Version at $39.99
2) Premium Version $19.99
3) Premium-to-Pro $19.99
This is valuable information that you can develop yourself or with the help of your Realtor to make quick decisions on Los Gatos fixer uppers. For this reason alone, we like this app very much but we are very confused about the Upgrade options!
Have you used this app!? Let us know what you think?