hey there it's Dave the founder and creator of the flipper force house-flipping software platform I'm here to walk you through all of the different tools and features that we have in our software platform here that you can use to analyze house flipping deals estimate renovation costs and manage your project so that way you finish your projects on time and on budget and maximize your profitability on your house flips so what you're looking at here is our projects dashboard this is where you'll have a listing of all of your active projects we don't have any active projects added yet so we the first thing we actually need to do is just add in a new project so this house is called the bat house because there were creepy bats hiding behind the shutters of this house you can see it automatically starts pre-populating the address if you select the address here it'll fill that out for you using the Google Maps API once we have that address information added in all of that information will automatically feed into the property details page which has the square footage the number of beds number of baths school information such as the School District the high school the elementary school so that all feeds in from the Zillow data API another thing you'll notice is that the sidebar populated with our tool set of tools that we can use to analyze a deal and manage our project so the basic workflow of the app is that you'll use the deal analysis tools first to first analyze the deal and then estimate the renovation costs once you do get a property under contract you'll move down here to the project management tools and the accounting tools to create your project timelines to track your progress track your expensive stuff like that so first we need to start on the flip analyzer tool so the flip analyzer is basically the step by step house flipping calculator that you can use to analyze the deal and determine the maximum purchase price that you should offer for the property so the first step of the flip analyzer is the after repair value so this is how much you think you can resell the property for after you make repairs to the property so I'm just gonna plug in 130,000 dollars this is a pretty affordable area here in Kansas City so 130,000 purchase price so what do you think you can buy it for so I'm just gonna plug in 50,000 so that could be the sellers asking price or what you think you can buy it for ultimately the calculators going to tell you the recommended maximum purchase price so that value doesn't really matter but it will tell you what the profits gonna be based upon that known purchase price the third step is the repair cost so how would you like to calculate your repairs we've got three options for you lump sum which would be a good one for just inputting you know fifty thousand dollars there if you just want to plug in a quick budget dollar per square foot so if you want to plug in thirty five dollars a square foot times 1300 square feet is equal to a budget of 45,000 that will pre-populate and pull in if we've done a detailed estimate using our repair estimator so usually I'll just use one of these quick options up front when I'm first analyzing the deal once I think the numbers in are gonna pencil then I will go back and do a detailed estimate using that repair estimator tool to actually put together a detailed scope of work and calculate a actual renovation budget the next step is step four which is fixed costs so this is your buying holding and selling costs again you've got three options here for your buying cost lump sum percent of purchase or detailed purchase generally for these I will plug in about one two three percent so let's plug in two percent here so that's just another quick way of calculating your purchase costs two percent times fifty thousand dollar purchase amount is equal to a thousand dollars in behind costs number of holding months so this is gonna be how long you think you're going to hold the property generally it might take us about two months to rehab the property put it back on them the market and resell it in another two months so we're gonna plug in four months so four months times our monthly holding costs you can do a detailed holding cost amount going into all the property taxes utilities insurance stuff like that or you can just plug in you know $500 a month four times five hundred equals two thousand dollars total and holding costs same thing for selling costs three options lump-sum percent of resale or detailed again you can do a detailed breakdown here of the sales commissions and stuff like that or you can just do a percent of resale if you're doing a quick quick calculation so you that's gonna be somewhere between seven to nine percent of the resale value eight percent times one hundred and thirty thousand dollars equals ten thousand four hundred dollars okay so the next step is financing cost so if you are going to be getting a hard money loan or a private money loan you can plug those in I'm just gonna do an all-cash deal on this and then the final step is to input the desired profit that you want to make on the deal so generally a house whipper might want to make about 10 to 15% of the ARV but they also might have a minimum amount that they want to make so let's plug in 15% to see that where that puts us puts us right around 19,000 you know you could say well I want to make twenty five thousand okay so we're just gonna plug in a lump sum number there and now you're presented with the flip analyzer results page so this is just showing you a breakdown of everything that you've inputted into a results page so you can see at the top you've got some stats here you're after repair value is one hundred and thirty thousand dollars you can edit that if you want to quickly make some adjustments maybe you want to see how this affects your numbers if you increase that up to one hundred and thirty five thousand so we're at an ARV of 135 now we've got a purchase of fifty our calculated profit based upon those values there is twenty-six thousand dollars so ARV of 135 minus our purchase minus our repairs - are buying a holding and selling cost is equal to a twenty six thousand dollar profit and if you scroll down to the bottom this is where it recommends what you can offer for the property based upon how much profit you want to make so again we've got the same numbers here the after repair value we've got a repair cost buying holding and selling cost but the difference is we're subtracting out how much profit we want to make to calculate the recommended maximum purchase price so basically what this is saying is if you want to make twenty five thousand dollars on this deal you could offer up to fifty one thousand dollars on this deal so if you remember we were initially only at fifty thousand dollars for the purchase price so we were gonna make twenty six thousand well it's saying if you only want to make twenty five you can offer up to $51,000 these other tabs you know you got a project cost breakdown it's just showing you how much upfront project costs you're gonna have and how much cash outlay you can expect to have on this project so you can see we've got ninety eight thousand dollars in upfront project costs we're not getting any financing so basically we're gonna have ninety-eight thousand dollars out of pocket so all of this data and information actually feeds over to an investment report you'll notice we've got some different investment reports over here in the left-hand side if you click on deal analysis reports so that's where you can find the investment packet builder where we currently are so you can change this cover photo you can change this description here so you could say flippin amazing rehab opportunity okay so maybe you're trying to promote this or market this to a hard money lender or a private money lender and you're wanting to show them all of the financial results of the deal you can create a nice investment packet to promote the financials of the deal to them so that way you can raise money for your flips so these are the different pages that you've got here you've got a project financial overview which basically just shows you all of the project costs how you're financing the deal what your returns are gonna be and then you've got a lender financial overview this this shows that from a lender's perspective so it's really showing them what they can expect to achieve if they lend it on the project this is an all-cash deal so that one doesn't really apply here estimate summary in detailed estimate let's go do a detailed estimate just to show you how that populates you'll also see you've got a photos page here but let's go do a detailed estimate so let's say that we think that this deal could actually work but we want to go do some more due diligence using the repair estimator and put together an actual scope of work for the property so you'll notice when you go over here to the repair estimator we've got some different templates for you so some of these are custom templates that we've added in here just for this particular account but you'll notice that you get three starter templates that come with your account you get a new construction template that's a template that you can use for new construction if you're building new homes or something like that that's a that comes with all those categories for new destruction otherwise we've got a rehab template that's rehab by category or rehab by room so if you want to organize your categories by room like bedrooms bathrooms kitchens living room stuff like that you can organize your categories that way I'm gonna do just flipper force rehab so that's just our main rehab template so you'll notice once the estimate template loads into our repair estimator tool you'll notice it's organized by exteriors interiors MEP which is your mechanical electrical plumbing systems other which is just for general conditions like dumpsters and project management stuff like that building permits and then adders which is for a location adjustment contingency contractors overhead and profit labor and material tax stuff like that so let's go through an estimate pretty quickly I'm just going to show you some basic stuff here with the estimator this is a pretty detailed tool so it can be a little time-consuming but we've done a lot of the hard work for you by providing these data bases for you so basically what you can do is we've got these different categories in here that are pre-populated with common repair items in unit prices so for example on this bat house we needed to replace the roof we ended up using architectural roof shingles and it was approximately 18 squares 18 squares times our budget of about 300 dollars a square is roughly a fifty four hundred dollar budget for the asphalt roof shingles so this is customizable here if you do want to change that you know two hundred and seventy-five bucks if you're a little bit cheaper than that or three fifty whatever you need to do to adjust it to the local prices that you're getting in your local market you can do that directly in that unit price column so we've already got roofing plugged in there siding didn't have any of that masonry didn't have any of that now we did do some exterior painting generally you can just estimate the exterior painting by the property square footage so this was what thirteen hundred square feet times a dollar fifty so about two thousand dollars for the exterior painting on this property decks and porches we completely reject the deck so I do believe we have an option there replace existing deck boards only so it was probably about a hundred square feet hundred times 750 about 750 bucks to reject that thing exterior doors you can go through and you can input the number of exterior doors we had two steel entry doors one at the front one at the garage then we had a French patio door okay and then exterior door hardware three so we've got three doors that need door hardware so you can see how you can quickly put together some different budgets here for your property windows so we've got a lump sum number in here for an average-sized window we're not going to necessarily waste any time measuring the windows just yet we're really just kind of trying to put a budget together so eleven windows time's up two hundred and twenty-five bucks each is equal to a twenty four hundred dollar budget so you can quickly just go through plug in some values here and create an overall estimate for your project I'm just going to do that real quick and quite frankly I'll probably fast-forward through this but this will hopefully provide you with a a good idea of what it takes to put together an estimate [Music] okay so I went through and did an estimate there I had to fast-forward a little bit just to save some time but you'll notice we also have this adders area where you can add in contingency so this is to cover any kind of unforeseen issues maybe ten to fifteen to twenty five percent really depending on what the risks are on the project so I'm gonna plug in ten percent contractors overhead in profit that's really for if you're gonna be subbing out or hiring a general contractor to manage the project if you're hiring at GC they're gonna want to get paid for their management time so that might be ten to fifteen percent this one I self managed it so and higher than the subcontractors myself so you can see we've got a budget here of now thirty-five thousand seven hundred dollars if we go back to the flip analyzer we can edit our results real quick just to make sure that that repair cost is feeding that in so initially we budgeted forty five just using that dollar per square foot amount now we're gonna go back click Next we're gonna use that thirty five thousand dollar number that what came from our repair estimator so now you can see that's feeding in here so we've got one hundred and thirty five thousand - fifty - our repair costs of thirty five - are buying holding and selling costs so now our profitability after we went back and reevaluated everything we're actually gonna be making thirty five thousand nine hundred dollars so this is actually a lot better deal than we initially anticipated when we were doing that dollar per square foot amount so let's go back to that investment report I just want to show you that estimate section that we had on the report which really presents a nice detailed estimate for you so you can see we've got an estimate summary this page just shows a summary of all of your costs broken down by category so you can see those summary totals but then if you want to see your detailed estimate you can see all of your line items in your estimates so you can see for example exterior doors we've got three line items in here and it shows you your totals and your breakdown for that category so this is another valuable report if you've got a business partner or a lender that wants to see the detailed information and due diligence that you put into the deal this estimate report can really help you show that to your lenders to let them know what what they're dealing with on this type of project then you can upload photos this is a street view that automatically fed in from our Google Maps API but you can upload up to twelve photos here of the existing property condition to really give your lender a good idea or business partner a good idea of what the existing property condition looks like so then you can print that to a PDF you can use a share link if you just want to share a digital webpage that you want to send to somebody but then you can print this off give this to your business partner lender and I'll show them all the financials and the deal we also got some other reports in here estimate report so again that's going to be similar to our estimate report that you saw in that investment report but for whatever reason if you wanted to share the detailed estimate data you can do that in this report here and then we've also got a scope of work report so one of the things I didn't showed you you on the repair estimator tool is that we've got a scope of work notes area so you can see we have all of these scope of work notes pre-populated so if we go back to the estimator here real quick you'll notice there's this little notes icon next to it so this is where you can input your scope of work notes that will feed over to your scope of work document so these are scope of work notes that you give to your roofing contractor or your plumbing contractor to tell them exactly what they need to include in their bid so you can see this is saying furnish and install new architectural roof shingles roof vents flashings and components as required by local building codes here's the roofing product that we want you to install please remove all the existing asphalt shingles that's necessary to install the new roof shingles so in other words don't just put new shingles over the existing shingles replace and damaged any plywood sheathing so that's another common issue that you might run into if you're reroofing a house and it says hey put give us what your your dollar per is gonna be so that way we have that price up front if we run into that issue of needing to replace the plywood sheathing repair or replace any gutters and then haul off all the debris roofing materials and debris and then make sure you clean up a scrap roofing debris from the site that's a pretty detailed scope of work that you're giving to your contractor and all of these notes come pre-built directly into our our estimator that are included in our estimator database so that information feeds over to your scope of work builder so that scope of work builder is the tool that you can use to generate a scope of work that you can give to a general contractor so you can quickly just give them this information it automatically pulls over your your quantities from the repair estimator and then the scope of work nodes so you can edit those over here those scope of work notes will talk back and feedback to the estimator and self so forth and vice versa those notes that you edit over there on the repair estimator will feed over here so this is really a live document that you can use to quickly build out a scope of work all of these categories you can turn these off and it'll automatically turn them off so you can really kind of customize what you want to include in your scope of work and then you can print this to a PDF so we'll show you what that generates or you can save it as a Word document so that's actually pretty powerful because you can get it into Word and then you can do additional editing and stuff that you might not be able to do in our software so here's a scope of work report so you can see it's it's got the cabinetry in here it's done telling them what they need to include in their bid and proposal for these different categories so that's what you can do there or if you wanted to save it as a Word document you could open it up in Word and you could edit the formatting you could change the font style whatever you want to do delete stuff so that's how you can use that scope of work builder and then really the next step is to you'll get the property under contract so let's say that you go out you make an offer on this deal it was recommending that we make an offer of you know sixty thousand dollars if we only want to make 25 otherwise if we buy it for 50 we should be able to make about 35,000 on the deal so let's say we made an offer at $55,000 so basically we'll go back and we'll start doing the project management stuff so we got it under contract and now we're going to move on to the project manager side of the tool but the software so this is the project scheduler this is one of the project management tools this is where you can create a Gantt schedule and timeline so we've got some different templates in here that you can use to quickly load these into your schedule so instead of you wasting 30 minutes to an hour building your own schedule you can load in a cosmetic rehab schedule that we've already pre-populated for you so you can see how its pre-populated with exterior painting site cleanup landscaping interior work demolition drywall patching cabinetry measurement bathroom roughen interior painting so everything is already pre-populated for you with durations and dependencies so you can see how you know site cleanup won't start until after exterior painting and landscaping won't stop start until after site cleanup the dumpster needs to be delivered then we'll start demolition that's going to take two days and we've got some just miscellaneous drywall patching that's gonna take a day and then after that we're gonna start doing cabinetry measurement that's gonna take you know probably one day but it's gonna take ten days for the cabinet's to get measured and fabricated I think is what that probably says yep and then you got a bathroom roughen bathroom tile so this is a way for you to plan out your overall schedules we've got critical paths in here so you can identify what the critical items are that are going to affect the final completion date so I guess for example you know if if countertops took longer than anticipated it's gonna automatically shift the completion date back because it's on the critical path so that's why that's an important tool to identify that kind of stuff we've also got Auto scheduling so I guess for example if you know exterior painting took a little bit longer it's gonna automatically shift that other stuff down line for you so that's another powerful tool that you can use to quickly make changes to your schedule because things are gonna inevitably be different than what you initially planned and when that happens you can use auto scheduling to automatically shift things down line so that's a quick overview there hopefully you can see some value there especially with our template another thing that you can do is you can save it as a template so if you've got a an order of operations that you always use for your rehab projects you can save that as a template and then you can load that in for each new project that you've got now one of the things you'll notice is this data and information feeds to the project calendar so if we go back here I think I loaded that way back in 2019 but you can see that we've got all of this work loaded into our calendar so this is a calendar view that's showing you everything that's happening on the project so you can see on June 17th we've got demolition starting that's gonna happen on 17th and it's gonna stretch to Tuesday the next day we've got drywall patching then we're gonna do cabinetry measurement and fabrication bathroom Ruffins gonna start so you can see how this would be helpful if you are managing multiple projects so if you had multiple projects going on it would be showing you all of the different tasks scheduled items that you've got going on and putting it in a calendar view so that way you can see what's going on on each project and then let's move down to accounting so this is where you can manage your project budgets and track your actual project expenses so you'll notice that we've got multiple columns here the analysis column that's going to show you your initial analysis from the flip analyzer the budgeted column that's gonna have the same values from the analysis but these cells are editable so that gives you the opportunity to adjust some of these so I guess for example you can have something that you want to set establish a budget that's maybe less than what you initially analyzed I guess for example so maybe you want to say well I initially budgeted 6 grand but or 7 grand but let's plug in 6 grand here for our budget just to see if we can save some cost so you can go through and you can adjust these that way and that way you still have a placeholder showing you what you initially analyzed then you've got a budget and then the next column is to date so to date feeds from your expense tracker so the expense tracker tool is the tool that you can use to track your actual project expenses so let's say for example we bought the property and we bought it for I think I said let's buy for $55,000 let's input a description purchase amount you can track by account so if you set up a checking account bank account credit card account so I mean I guess we can do that real quick ok checking accounts and now we're tracking it by that checking account we're gonna select a vendor so you can see we've got different vendors loaded in here let's say we bought it from Bank of America but you can also track by your different contractors and then we're gonna select a category so we're gonna select it to the purchase price and now we're gonna say save so now we've added in here we've got fifty five thousand dollars spent to date if we go back over here you can see our initial analysis was fifty grand our initial budget was fifty grand we've spent fifty five thousand dollars to date and we don't expect any more expenses in this category so we need to plug in a hundred percent so percent complete is a value that you input to tell the calculator how much is left in that category since we're a hundred percent complete with the purchase expenses we're gonna plug in a hundred percent and now you can see we're over-budget by a five thousand dollar so we initially budgeted five grand we ended up spending fifty grand and we ended up spending fifty five grand so now we're five grand over budget let's go add in a few more items here just to show you some more examples I'll probably end up fast-forwarding through this just so it doesn't take too much time but let's just do this real quick okay so we've added in a few expenses in here not too many but hopefully this will provide just a basic example of how this can be used so we've got sixty-two thousand dollars in expenses so far tracked in here and we're gonna go back over to the project budget IRR and see where these tracked to so let's refresh the page here so you can see we've got purchase price of $55,000 we've got buying costs of $1,500 so we're 100% paid on buying costs so unfortunately we are 501 dollars over budget there we've spent only $100 on demolition so I don't know if I mistyped that but okay it looks like I did it's supposed to be a thousand okay let's go back okay thousand we're a hundred percent there okay so now we're six hundred dollars under budget there so now you can kind of start to see how this stuff shakes out our initial budget was four thousand nine fifty four roofing fifty six hundred dollars what we spent today were a hundred percent done with the roofing so we're gonna plug in a hundred percent so we're six hundred fifty dollars over budget there so you can see overall we are five thousand over budget on our purchase for five hundred and one dollars over budget on our fixed costs we are actually fifty dollars over budget on repairs over 650 over on the roofing but we're minus 600 on demolition so overall our project costs are about fifty five hundred dollars more than anticipated so you can see that's eating into our profit our initial analysis we were thinking we're gonna make around thirty six thousand dollars on this deal and now since we are you know over budget on project cost by five grand or we're currently tracking at only thirty one thousand dollars in profit so hopefully this so this can really be used to track your accountability and track your progress on your expenses and compare that to your budget to see how your actuals compare to your budget so that way you can see how what you've spent to date is affecting your profitability on your project so the powerful thing about that is in all this categorization is it actually feeds over two different reports you've got a project budget report that's gonna basically show you everything that you've seen there on the project budget er in a printer-friendly format so it just puts it into a report format for you so it shows you your budget your spent today your projected and invariances so that can be another good report that you can send to your your business partners or your lenders to show how you're tracking against your actual budget we've got an expense summary this is just gonna show you all of your expenses categorized by your different major categories that you have on the property then you've got your detailed expense category so that's gonna show you a detailed breakdown of all of your expenses for each category so for example you can see roofing we've got a 50% down payment and then we've got a final payment for a total of fifty six hundred dollars so you can see all of your detailed expenses for each category we've got a vendor expense report which is going to show you how much you've paid to each individual vendor on your project so you can see we've paid Bank of America 56 grand and then we've paid AC ABC rehab $6,600 and then finally we've got a final profit report so that's probably going to be another good report that you can use to show the final profit that you have in a deal so income we don't have any income on this deal because we haven't recorded that yet maybe I should go back and do that but it's gonna show you all of your expenses to calculate your profit so I guess for example if we were completely done with this deal and we got to input some income here for the property so really on a flip there's there's only gonna be resale income now if you held it for a as a buy and hold you could you could input your rental income here but let's say we sell sell it for a hundred and thirty two thousand five hundred okay it's a total income one hundred thirty two thousand five hundred go back over here to the project budget er as you can see we've got to date one hundred and thirty two thousand five hundred our budget was a hundred and thirty-five for reselling the property so we're unfortunately gonna sell it for two grand less and we thought and again that's going to cut into your profitability on the deal so again we've dropped down to 28,000 instead of 26 or 36 tiles on there so if we go over here to the final profit statement now that we've recorded that income and the income tracker we've got one hundred and thirty-two thousand dollars there for the income a hundred and thirty two thousand minus sixty three thousand is equal to a sixty nine thousand dollar profit now again we don't have a lot of the expenses populated into our expense tracker but once we are a hundred percent complete populating those expenses into the expense tracker that's sixty nine thousand dollars is gonna obviously drop closer to where we're at for our projected profit on this deal so that's a quick overview of everything in the flipper force house-flipping software hopefully you can see how the tool can really help you upfront when you're initially analyzing a deal can help you analyze the maximum purchase price you should offer for a property so that way you don't overpay or repair estimator you can use that to create a detailed estimate of the renovation cost so that way you can establish an accurate budget up front and then the project management and accounting tools you can use those to track your progress create project timelines to keep your projects on time but then we've got accounting tools and budgeting tools that you can use to track your actual project expenses compare those to your budget and then forecast your profitability so that way you know whether you're gonna be over budget or under budget on your project way before you see those do those final expenses and send that information to your accountant so again that's a quick overview thanks for tuning in and if you have any questions let me know you
