Real Estate Professional in the Palm of Your Hand

GETTING THE MOST FOR THE LEASE-TRACKING YOUR REAL ESTATE

If you own rentals and/or investment properties, you know that you have to keep track of your portfolio, maintenance profiles, property managers, and related financial matters. There are a multitude of programs for the Palm-Pilot system to keep up with lease dates, lease expirations, and rent due dates. They will let you know when to send late notices and how much the late fees are for each rental you have in your list. Most of these programs will also alert you when you have a lease that will expire within the next two months, this allows you to prepare a new lease contract or plan the repairs and marketing for the unit. They'll even give you yearly totals spent on property management fees and maintenance fees, and bounce those amounts against your rents collected. This will give you an idea of how the property is performing. Some will even "conduit" to your computer when you HotSync, which allows you to create Excel spreadsheets for the data produced.

These programs will also store information associated with each individual property, such as who the handyman is for that property, warranty company contact information, insurance information, and tenant contact information. Most programs out there will allow you to log and track the Gross Scheduled Income (GSI), Gross Operating Income (GSO), Net Operating Income (NOI) and Cap Rates for each property in your portfolio.

A few programs that you might try, you'll have to figure out which one is best for your current situation. There are many more, just search around on www.palmgear.com and you should be able to find exactly what you need for your own rental and leasing situation:

Rental Manager 2.16. This program is great for vacation rentals! Keeping up with availability, accounts receivable, reservations, reservations not confirmed, and dates of expiration.

Rentulator 1.01. Is a free program that allows you to enter the price of the house or condo and the percent you would like to earn, and the program will calculate the rent you would need to collect for that situation. You will need to calculate total debt service and other factors before punching them in, but the program will tell you what you need with the correct amounts plugged in.

LANDLORDING

Most properties in my portfolio I have property managers that collect rent and inspect the units. On those properties that I manage myself, when a tenant calls with a problem, all I have to do is decide whether it requires the warranty company, just a quick fix by a handyman, or if I'm in the area, I might just run by and take care of it myself. All the information is right in front of me, regardless of where I am at the time of the call.From experience, I can predict that whenever my tenants call, I won't be anywhere near my PC or file cabinet! Fortunately, with your Smartphone, you won't ever have to go to your office to access your files again. Sounds nice, huh?

Have all your important files with you 24/7, 365 a year!

REAL ESTATE AGENTS

Some of these programs will track every aspect of the business of realestate. Realtors and brokers can track their listings and when they expireand even search the entire MLS (Multiple Listing Service) anytime -anywhere. The program will remember lockbox codes and cross-reference themto the address and location of the property.

You can also track real estate commissions, both gross and net. You can evenset goals for closing a certain number of sales per month, which you canthen compare to your actual closings at the end of each month. Export thesefiles to your favorite spreadsheet to print monthly and yearly charts ofyour progression.

Now for a program that carries a monthly fee. Supra and eKey. Found at:www.supraekey.com

If you are a state licensed practicing Real Estate Agent, you can subscribeto a service that will give you access to your listings and the entire MLS.This software allows your Smartphone to act as an electronic Key to give youaccess to Supra Keyboxes placed on listings. If the Keybox is the electroniciBox type, you can open the Keybox just by aiming your Smartphones IR(infrared) port at the Keybox and tapping the send button.

The software expires at the end of each day, to update the software you musteither HotSync or eSync your Smartphone or tap on update in the menu, whichallows your Smartphone to go online using its' wireless connection and itwill update the software. The default will automatically log on between 12amand 6am and update your key for you. It automatically updates each night andtells you who has shown the listing; date, time, name, office name and phonenumber. (If you are in a location that doesn't have a digital cellularsignal, the software will attempt to find a connection every 30 minutesuntil it updates itself. You get the information you need delivered to youwithout having to drive to the listing to collect business cards). By thetime you wake up, all codes, lockbox activity, and your MLS will be updated.You will know how many other agents accessed and showed any of yourproperties that you have listed. If someone at the office added a listing toyour MLS, it will now show up on your Smartphone.

Some of the old lockboxes require metal contacts to be slid into the shackleto open the lockbox, AEII type. On these older units, the "supra unit" isneeded, because the unit has the metal contact key built into the case ofthe unit. You just insert your eKey shell of the PDA into an AEII typeKeybox. Or for the newer Keyboxes, the iBox type, just point your Smartphoneat the iBox and hit the button. Always remember, iBoxes relock after 30seconds!

You can easily change your own iBox codes by changing them on your handheldand transmitting them to your lockbox when you arrive at the location.

Messaging: Associations and brokers now have a way to quickly and easilycommunicate with their agents through a tool the agent uses on a dailybasis. Need to change the date or time of a meeting and get the word outquickly? Messages appear on-screen. Basically, SMS, which stands for (smallmessage service).

If you were driving through a neighborhood and found the perfect home foryour client or yourself, wouldn't it be nice to punch in some numbers andhave all the information for the property in the palm of your hand? And youmight possibly be able to obtain the lockbox codes right on the spot, andview the property that minute. This is called productivity, either get init, or get ran over by it!

You can search your own listings by any of the following fields: area,price, class, status, bedrooms, bathrooms, and up to three additionalcustomizable fields that you can set to what ever you like or think isimportant.

There are many other services out there that will assist you in being one ofthe Top sellers in your area. One service from www.homegain.com will SMStext page comparisons to you when prices rise or fall in your farm area. Itused to be free, but now they charge a few dollars a month to monitorcertain areas. This service is also nice if you own property and would liketo know when to either refinance the property or maybe it's time to salethat property. Real Estate prices usually don't move very fast unless we'rein a crash of some kind, and then of course, their moving down rapidly. Butit's still nice to know what your properties are doing without having toresearch all of them each and every month. This way you get the reports, andyou can either go on with life, or look closer at the numbers for aparticular property and take whatever action you should.

CALCULATING YOUR POTENTIAL CASH FLOW

When I go out to inspect potential real estate investments, I enter all the notes for that particular property under that property's name and address. Later at the hotel or on the spot, I can run the numbers with my HP-12C calculator (see below), and know if I'm looking at a positive or negative cash flow. Of course, you will want to take in the consideration of the potential appreciation for that area. Some negative cash flows are worth having if you will make your gain in appreciation. Sometimes a small negative can be welcome in the face of a large appreciation factor for an area. When I get back home, there is no confusion about which property had what features and cash flow. Another program that helps you compare properties is TriLoan, (see below), to see which property is the best investment. This program allows you to set four different loans or properties side-by-side for easy comparison. All in the palm of your hand.

REAL ESTATE CALCULATIONS

KK-12C, by KK Technologies Co., Ltd., is a great program that emulates the HP-12C calculator. It even looks like the calculator on the Palm screen. If you are currently using the HP-12C, then you won't need to learn anything about this program; you'll already know how to operate it.The HP-12C is one of the most popular RPN (Reverse Polish Notation) financial calculators ever made - it's been out for a long time and is still popular mainly in the Real Estate arena. I like the fact that I always have it with me wherever I go. There are quite a few options on the KK-12C that the normal calculator doesn't offer. One nice feature is that all registers can be saved at any time with unlimited sessions. This is nice for viewing later.

THREE OUT OF FOUR LOANS

TriLoan, by John Coogan, can be found at http://www.triloan.net/tl.htm. This program allows you to compare up to four loans at the same time. All you have to do is enter the loan amount, terms and rate, and the program does the rest.

If you're looking at more than one property or loan, you can compare up to four on your Palm-Pilot screen. This is great for field work-there's no need to write the figures down and not know if any of them are even a good deal until you can get to a PC.

The program allows you to save all properties under the name you give them, and look at where you are in the amortization table at any time. There are over 200 other options to calculate your investments down to the penny. These include viewing your equity, loan-to-value, expected rent, payoff, net operating income, cash flow and more.Both of the above programs can be used for any loan calculations, I'm just giving examples on mortgage loans.

Find anything in your portfolio in seconds, anywhere - anytime, send an email with "ebook" in the subject to receive a free version of the ebook at: ebook@robertlett.com

Robert Lett. April 2005

Robert Lett
http://www.robertlett.com

Let me ask you a question: How much is your computer worth when you or your employees are sitting in front of it? Now, how much is that same computer worth when you or your employees aren't sitting in front of it?

When you're out of the office and that potiential client calls, do you have to tell them that you will get in touch with them when you return to the office? Is that potiential client calling your competition in the mean time to see if they get a better response? What if you could have all your important files with you 24 hours a day, 7 days a week? Hanging on your belt or sitting in your purse, and it wouldn't weigh too much more than the cell phone you are currently carrying.

Order now at the discounted price for reading this article at http://www.robertlett.com/order.htm

For a free copy of our ebook, email a blank email to: mailto:ebook@robertlett.comWant more information? Take a look at: http://www.robertlett.com/whatisit5.htmGet our free monthly tips and updates newsletter, email us at subscribe@robertlett.com

More than 40 states signed onto a proposed $25-billion deal with major mortgage servicers over faulty foreclosure practices. New York, Nevada and Delaware joined California in holding out for better terms.

More than 40 states signed onto a proposed $25-billion settlement with major mortgage servicers over faulty foreclosure procedures, but California, New York and other key states were still not among them.

California has until Monday to share in a multi-state deal with banks to obtain mortgage relief and reforms. Atty. Gen. Kamala Harris, who walked away from talks last year, says the door remains open.

With a Monday deadline at hand, California officials have resumed direct talks with the Obama administration about joining a multibillion-dollar, multi-state mortgage settlement with the nation's largest banks, a source said Sunday.

The talk show host pays $12 million for the 4,088-square-foot house with four bedrooms and four bathrooms. The ocean-view home sits on 1.26 bluff-top acres with beach access.

In one of the more talked-about transactions in town, actors Brad Pitt and Angelina Jolie have sold their Malibu beach house to daytime host and comedian Ellen De Generes for $12 million.

The four-bedroom, five-bathroom house built in 1920 for industrialist James Wigmore lists for $2,875,000.

A decorative cast stone entrance opens to this restored Spanish Colonial Revival-style house in Pasadena's South Orange Grove area. Built in 1920 for industrialist James Wigmore, the house retains such original details as coffered wood ceilings and arched doorways.

They don't believe they can sell their property for what it's worth, so they're spending money on making their homes more comfortable.

Do you fit any of these descriptions?

A biennial research report by the National Assn. of Realtors indicates that a handful of real estate agents and brokers and their clients either don't know the law or don't care to follow it.

When it comes to lawsuits, real estate agents and brokers tangle mostly among themselves.

The president aims to help about 3.5 million people with good credit who are unable to refinance at historically low rates because their homes are worth less than their mortgages.

 

The White House hopes to help millions of homeowners lower their monthly mortgage bill with a $5 billion to $10 billion plan to set up a streamlined refinancing program for people who are current on their payments.

The Standard & Poor's/Case-Shiller index of 20 large U.S. cities fell 1.3% in November from October as foreclosures continue to drag down the housing market.

Three straight months of home-price declines in the biggest U.S. cities showed that foreclosures remain a significant drag on a housing market that is entering its fifth year of deterioration.

L.A. Clipper Chris Paul may be quick down the court, but he moves pretty fast when it comes to buying multimillion-dollar real estate too.