If you’re thinking of buying a home or investing in real estate, I have five apps to tell you about that will help you set your budget.
Whether you’re looking to buy a home or invest in real estate and build your nest egg, you need to budget your finances. Here are five great apps that will help you develop the a budgeting strategy:
1. Mint.com. This app takes all your financial accounts and expenses and categorizes them to ensure that you don’t overspend.
2. PocketGuard. This is another app that prevents you from overspending.
3. YNAB (You Need a Budget). This app allows you to assign every dollar to a specific job so you can zero-base the account through which your money comes in and goes out every single month.
4. Wally. The great thing about this app is it deals in foreign currency. It also tracks your income expenses and gives you a periodic snapshot of your budget.
5. Mvelopes. If you’re the kind of person who prefers to put cash in envelopes in order to budget for certain tasks, this app lets you do the same thing, only digitally.
Bonus app: Personal Capital. This app is specifically for investors. It’s great for general budgeting, but it also allows you to underwrite deals for particular properties.
In addition to these apps, we have a great pro forma you can use if you want to underwrite rental properties with a “hold” or “flip” strategy. With this pro forma, you’ll get cap rates, rates of returns, ROIs, etc. If you’re interested in getting it, get in touch with me and I’d be happy to send it to you.
Budgeting is one of my favorite topics, so if you have any more questions about these apps or you want to set a budget for a future home purchase, don’t hesitate to call or email me. I look forward to speaking with you.