What is FlipperForce?
FlipperForce is an all-in-one platform for real estate investors to successfully run their businesses. Offering solutions for those working on flips, new constructions, or rentals. It provides the ability to analyze deals, estimate rehab costs, create project schedules, and track your project expenses.
What’s included in the Software?
FlipperForce offers three main modules:
Within this tool, you are able to analyze all of your real estate projects, whether it be a flip, a new construction, or a BRRRR. There are guided inputs that make it simple and intuitive for beginners, but detailed enough for experienced investors. Outside of the Analyzer, there is also the Repair Estimator, here, you can build your budget. You can create one from scratch, or use a pre-built template that FlipperForce provides depending on the type of project. There are even monetary values within each line item to let you know (roughly) what you should be spending!
Outside of those tools, there are plenty of reports built into the platform that will help create a thorough breakdown of your analysis and budget. The Flip Investment Packet seems to be the most useful. FlipperForce’s functionality allows these reports to be easily shared with your lender, your partner(s), your contractor, or anybody else that has a stake in the deal.
Within this, you will find both a Scheduler and a Task Manager. Both of these features allow you to create schedules and tasks from scratch, or pick from a pre-built template. The scheduler creates a Gantt Chart for you. A Gantt Chart schedules out your construction on a daily basis, and allows for certain line items to be dependent on other line items.
This is customizable, and is very beneficial to understanding and maintaining your project timeline. The task manager allows you to create and assign all tasks associated with your project. Both the scheduler and task manager sync with your Calendar so you can track where you’re at, and where you should be at, on all of your deals.
Accounting Software for Flipping Houses
The final main module is Accounting. You guessed it — this is where you track all of the dollars associated with your deal. The project budgeter pulls down from your original analysis, keeping you on track with your original plan. It informs you if you are over or under budget. This is only possible through the work of the Expense Tracker. This is where you log all of your expenses; who you’re paying, why you’re paying them, what line item that’s associated with, what account you’re paying out of, etc. The tracker makes tracking expenses incredibly easy, as it is very important to be diligent with every deal to ensure you stay on budget.
The Income Tracker allows you to log your sales prices and rents. As you build your portfolio, it’s crucial that you keep record of all of these data points for any future funding or partnerships. It is where you track and build your credibility. Other reports in this module include here profit statements, expense statements, and Vendor 1099. Vendor 1099 is very useful as it pulls in all of your expenses into one tax report for the year and will save days, if not weeks, for you and your CPA.
In addition to the modules there are a few other features worth mentioning. The Project Documents page is a virtual storage system for all of your files, with the ability to organize them in different categories. The Photo Log can be used to upload pictures of your deal from the day you close to the day you sell, and every milestone in between.
There are plenty of Dashboards to look through on a portfolio view to provide better insight on how your business is doing, and even a Material Catalog that allows you to upload SKUs if you find yourself using the same materials for the same projects. You can tag these to projects and budgets to understand what your fixed costs will be for each project. FlipperForce even pulls in Nationwide Property & Owner Data, saving you tons of time from having to search other MLS sites. Keep up to date with all of FlipperForce’s new features on their site!
Now let’s talk about price. I have yet to find a direct competitor to FlipperForce just given the fact that they have so many different tools all in one system. The competitors I have found aren’t really comparable at FlipperForce’s price point.There are three different subscription levels; Solo, Team, and Business. The bigger your business, the higher the plan you are going to want.
They have team functionality built in with higher user and project levels that will be necessary as you scale your business. Solo is $59/mo if you pay annually, or $79/mo if you pay monthly. Team is $149/mo if you pay annually, or $199/mo if you pay monthly. Business is $349/mo if you pay annually, or $499/mo if you pay monthly. This house flipping CRM is invaluable as your main operating system. FlipperForce offers a 30-day, no credit card, free trial. They have a great Success & Support team that are there to help you get the most out of the platform, and are continuously looking for ways to improve their platform for you!
FlipperForce Review FAQ’s
How does flipping houses work?
Flipping houses is a method of purchasing rundown or undervalued homes, fixing them up and then reselling for a profit. Although it may appear to be an easy way to make some money quickly, house-flipping isn’t suitable for everyone.
Skills and Knowledge Needed for Successful House Flipping
To flip a house successfully, you need an understanding of the market, selecting a property within budget, and knowing which renovations will yield a high return. Furthermore, having access to licensed professionals who will do the hard work is key.
Maintain a Budget
Setting an achievable budget is paramount when flipping a house. Doing this will help keep costs under control and guarantee you have enough funds for all projects.
You Need a Team
Having the right people on your team is essential in flipping a home successfully. You need an experienced real estate agent who understands the local market, contractors who will do the work and a stager who can assist in selling the property. With these resources at your disposal, flipping a home could become much smoother!
Why You Need a Good Inspection and Appraisal
A home inspection is essential for successfully flipping a house. It provides insight into any hidden issues that need fixing before placing an offer on the property. Furthermore, an appraisal provides you with the current value of the property.
How profitable is house flipping?
Flipping a house can be an enticing business venture, but it isn’t always as straightforward as you might think. There are numerous factors to take into account before entering into real estate investing and it is essential to avoid common errors.
Finding a Profitable House
The key to successfully flipping a house is finding the ideal property and location. Additionally, create an achievable budget for house flipping costs, keeping expenses low while renovating the home.
Repair Costs: The major expense in any house flip is repairs necessary to make it secure and ready for resale. Having an expert come in and estimate how much work needs doing will give you an accurate figure for how much you’ll end up spending.
Financing the Deal: As a beginner, there are several ways to finance your house flipping project. One option is refinancing your personal mortgage and taking advantage of any home equity you may have. Another is getting a hard money loan through a private lender.
Debt Management: If you’re thinking about using debt to purchase your next house, be mindful as the longer it takes for the sale, the higher your interest payments will be. This could significantly reduce profits and make it harder for you to break even on a house flip.
The 70% Rule: As a general guideline, house flippers should not spend more than 70% of the after-repair value on a property. This means you should search for properties that need extensive work but are priced far below market value.