Description
The Due Diligence App. Once you have talked with the seller and have the property details, you’ll now use this app to Figure out Repair Costs, get comps, pull in zillow data, set target buyer type and come up with your Max Allowable Offer. It is your worksheet for coming up with the best offer you can make.
Purpose
The purpose of this App is to pull in all the information required to make an offer.
Video/Gif demonstration
Fields
Here is the list of fields that are created with this app. There are a variety of fields from simple text input fields to selection (category) fields. System and navigational fields not included
| Field | Type | Description | Category Options |
|---|---|---|---|
| Description | calculation | General description of the workup record. Contains the ARV | |
| Property Images | image | Field to store images of the property (uploaded or added by automation) | |
| Zillow | embed | Link to the property’s zillow page | |
| Tax Assessment Year | text | Year the tax assessment was last done (from zillow) | |
| Tax Assessment | money | Tax Assessment Value (from zillow) | |
| Year Built | text | Year property was built (from zillow) | |
| Lot Size (sqft) | text | Lot size in square feet (from zillow) | |
| Sqft | text | square footage of the house (from zillow) | |
| Last Sold Date | text | date the property was last sold (from zillow) | |
| Last Sold Price | money | price the property was last sold at (from zillow) | |
| Zillow Comps | calculation | Table grid listing the top 5 zillow comps, distance from property, sold price, beds, baths and sold date | |
| Zillow Comps Map | image | A map displaying the location of the listed zillow comps | |
| Comparables | app | Add additional comps can be created here | |
| Check List | category | A checklist of actions you need to do before you can make your offer | Follow Up Call; Go See House; Pull Comps; Tax Records; Make Offer; |
| Exit Strategy | category | What do you plan on doing with the property | Wholesale; Fix and Flip; Rental; |
| Target Buyer | category | What type of buyer are you looking for for this property | Rehabbers; Landlords; Other; |
| Owner Asking | money | How much the owner is asking/needs for the property | |
| After Repair Value (ARV) | money | The after repair value of the house | |
| X% (in decimals) | number | Percentage used as part of the wholesale formula. Typically 60% to 70% | |
| Repair Costs | money | The estimated repair costs for property | |
| Total w/o Fee | calculation | The offer price before taking out your wholesale fee (ARV * X%) – Repair Costs | |
| Wholesale Fee | money | What you want to make on the wholesale deal | |
| Max Allowable Offer (MAO) | calculation | What is the most you can offer and still make your wholesale fee. (ARV * X%) – Repair Costs – Wholesale Fee | |
| Additional Information | text | Any additional notes you would like to remember about this property | |
| County Tax Site | embed | A link to the county tax website | |
| Tax Assessor | embed | A link to the Tax Assessment | |
| MLS Listing | embed | A link to the MLS Listing for this property (past or present) |
Automations
Automations are processes that are triggered by an action (add new item or change a value) that occurs within an app. These automations are performed by REIFlow’s webservice by leveraging the Podio API and Webhook technologies. Globiflow or other similar services are not used in any way.
Workup Created
- X% field is set to the default Settings Value for this field (from Settings App)
- Repair Costs field is set to the default Settings Value for this field (from Settings App)
- Wholesale Fee field is set to the default Settings Value for this field (from Settings App)
- Owner Asking Price field is set to the value supplied in the related DETAILS App Item field What is the least you would take?
- After Repair Value field is set to the value supplied in the related DETAILS App Item field What is the least you would take?
- Zillow Comps field is set to list the top 5 comps pulled from Zillow. * from zillow api
- Zillow Comps Map field is loaded with a bing map displaying the location of Comps and Property. * from zillow api and bing maps api
- Zillow Link field is set to the Url Address for the property on Zillow. * from zillow api
- Tax Assessment Year field is set to the Zillow value for this property. * from zillow api
- Tax Assessment field is set to the Zillow value for this property. * from zillow api
- Year Built field is set to the Zillow value for this property. * from zillow api
- Lot Size (sqft) field is set to the Zillow value for this property. * from zillow api
- Sqft field is set to the Zillow value for this property. * from zillow api
- Last Sold Date field is set to the Zillow value for this property. * from zillow api
- Last Sold Price field is set to the Zillow value for this property. * from zillow api
Workup Updated
– none –
Views
Views in Podio are predefined data filters that allow you to quickly see a list of items grouped and ordered in certain ways. REIFlow installs a package of views for each App.
All Workups: Shows Check List, Owner Aksing, Repair Cost and Max Allowable Offer for all of your workups
What to do: Shows Check List, Owner Aksing, Repair Cost and Max Allowable Offer for workups that match selected What to do item.
Target Buyers: Shows Check List, Owner Aksing, Repair Cost and Max Allowable Offer for workups that match selected target buyers type.