Flip Analysis, Budgeting, and Expense Tracking?

Question

We are looking for a program to help analyze deals, create a detailed budget, and then track our expenses for each project. Currently using excel with multiple spreadsheets and box.com to keep expense records, needing something more proficient.... we are testing out flipperforce on our next flip, but there are some features missing that I feel will keep us from sticking with FF. What do you use? Not looking for quickbooks...

Dutch Langley · Answer

For a number of years when I was doing high end renovations for clients I used Builder Trend.  Not only keeps up with the project schedule, actual expenses it has a superb function of integrating all your contractors with access to the schedule, POs that are issued to them and payments.  I also used to pay them all through Builder Trend as well.  You can set up your budget in the beginning of the project using cost codes and then get real time data as you enter in your expenses.  It's a bit of a bear to learn in the beginning, but if you are wanting something for either large renovation jobs or multiple jobs this is a great one!

David Robertson · Answer

Okay, gotcha now I remember our chat!

Yes, the 'Project Level Access' control where you can control which projects specific partners can access is on our backlog list to be completed in the next couple of months.

The Quickbooks integration/bank integration is another big one that has been requested a lot, so we are planning on doing that, but that likely won't be until early next 2021.

If are looking for something more robust that has a Quickbooks integration, you may look at BuilderTrend or Co-Construct, but those systems are built more for homebuilders and remodelers & won't have all of the real estate/house flipping related features.

If you want to schedule a meeting you know where to find me in chat!  Thanks!

Jarrod Willis · Answer

Hey David! Yes, we actually chatted a few days ago. FlipperForce has a lot of the features we are looking for but lacking some of the most important ones we are needing (bulk transactions, sharing specific projects to specific partners, i think there was one or two more). I’m open to a zoom call or phone call to chat!

David Robertson · Answer

Disclaimer: I am the founder of Flipper Force.

Hi Jarrod,

Thanks for signing up for a 30 day free trial of Flipper Force.

We do have a lot of the features and functionality you mentioned, so maybe we need to get on a call or zoom meeting to walk through the software so I can point you in the right direction?

Need 1: Ability to enter purchase price and ARV

When you are first analyzing the deal you can enter the ARV and Purchase Price in the Flip Analyzer to initially analyze the deal and calculate the profit.

Otherwise, once you get the property under contract you can input your actual Purchase Expense & Actual sold amount in the Expense Tracker & Income Tracker tools.

Need 2: create a custom detailed budget (interior and exterior breakdown)Our Repair Estimator tool can be used for creating a detailed estimate.  Our estimator includes a pricing database with several hundred repair items that is broken down by categories (roofing, siding, paint, doors, cabinetry, tiling, etc.) to help you put together an estimate & SOW for the project.

Need 3: Calculate holding and financing costsYou can calculate your holding costs & financing costs on the Flip Analyzer (step 4 & 5).  Otherwise, if you are wanting to track your actual holding and financing costs you can do this on the Expense Tracker.

Need 4: See real time budget vs actual expensesYour initial budget for the project is established when you analyze the deal using the Flip Analyzer Tool & estimate the rehab costs using the Repair Estimator tool.

Your budget data feeds over to the Project Budgeter tool which is the overall dashboard that you can use to track your actual expenses & compare actuals to your initial budgets.  You can use the % complete to forecast out budget overages/underages.

All of the data feeds to a Project Budget report which shows your budget vs actuals.Need 5: Ability to share project data with different partners and have them edit/input their expenses.

Flipper Force allows you to add multiple users to your workspace if you have other partners or employees that need to access the software.Need 6: Also ability to easily modify numbers on the sale side to decide on offer acceptance/counter.We don't necessarily have a feature to compare offers received, but we are certainly open to suggestions.

Although we may not have everything you need, we are constantly working on building new tools and features and are committed to continuing to invest in our platform.

Jarrod Willis · Answer

Ability to enter purchase price and ARV, create a custom detailed budget (interior and exterior breakdown), easily tag 25+ transactions to each property on a daily basis, see real time budget vs actual expenses, calculate holding and financing costs, ability to share project data with different partners and have them edit/input their expenses. Also ability to easily modify numbers on the sale side to decide on offer acceptance/counter. Those are pretty much what I what can think of right now. Also it would be nice to upload documents and receipts, tagging each receipt to the corresponding line item expense (flipper force has this feature).

Nick Peters · Answer

What features are you looking for (and that you can't find currently)?

Flip Analysis, Budgeting, and Expense Tracking?

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