Brand New [Awesome] Tools to Help You Analyze Real Estate Deals...
![Brand New [Awesome] Tools to Help You Analyze Real Estate Deals...](/t/img/VjquiV0wll-633.jpeg)
Is house flipping more risky than Blackjack? I've made this statement several times on the BiggerPockets Podcast, and I'm a big believer that for most first-time house flippers - they would have better odds of making a fortune by playing blackjack than trying to flip a house without knowing what they are doing. This happens to a LOT of new investors. Why?
- Repair overages
- Utility payments
- Loan fees
- Loan interest
- Buying closing costs
- Selling closing costs
- Agent Fees
- Taxes
- And a lot more
These extra costs can easily eat away any profit that you thought you were going to make. Trust me - I've been there (for more of my tale of woe, check out .) So how can a real estate investor ensure that they know all the numbers and plan for all the expenses when flipping a house? Well, my friend... have I got a tool for you...
The Hero: The New BiggerPockets Fix and Flip Analysis & Reporting Tool
For the past several years, I've been using Excel spreadsheets to analyze properties, which do the work but can be a little cumbersome to analyze properties with (for example, check out . It took me several years of tweaking to finally come up with a spreadsheet that worked well for me. So then we had an idea... why not turn this spreadsheet into a fully functioning BiggerPockets web application - and that's just what we did. So this is the official announcement for the brand new BiggerPockets Fix and Flip Analysis & Reporting Tool - which is going to transform the way investors analyze their real estate deals. I'm going to talk about a few cool aspects in a second - and why you should start using it today to make more money on your flips, but first, here's a quick video I made explaining the new tool: https://www.youtube.com/watch?v=4rZPe2H5dPw
What the Fix and Flip Analysis & Reporting Tool Does
Essentially, the Fix and Flip Analysis & Reporting Tool allows you to enter in the basic information about a potential property flip and discover what your potential profit will be, using all the numbers. This calculator is designed to make sure you don't pay too much for a property.
Perfect for Wholesalers
This calculator is also perfect for wholesalers because it will help you get inside the mind of your cash buyer. Most wholesalers sell to house flippers, so by running the numbers ahead of time, you can determine exactly how much you should offer a motivated seller to buy their property for. This calculator will help you take the guess work out of making offers.
Who Can Use the House Flipping Calculator?
Members of BiggerPockets get to test the calculator for a single property evaluation, but in order to use it past the one-time free trial, you will need a PRO Basic or PRO Account. Right now, a PRO Basic membership is only $5 a month and a PRO membership is just $15. There are a lot of other cool benefits of being Pro or Pro Basic as well - so if you haven't already upgraded, now is the perfect time to do so. To upgrade right now, just click here.