Brand New [Awesome] Tools to Help You Analyze Real Estate Deals…

Brand New [Awesome] Tools to Help You Analyze Real Estate Deals…

3 min read
Brandon Turner

Brandon Turner is an active real estate investor, entrepreneur, writer, and podcaster. He is a nationally recognized leader in the real estate education space and has taught millions of people how to find, finance, and manage real estate investments.

Experience
Brandon began buying rental properties and flipping houses at the age of 21. He started with a single family home, where he rented out the bedrooms, but quickly moved on to a duplex, where he lived in half and rented out the other half.

From there, Brandon began buying both single family and multifamily rental properties, as well as fix and flipping single family homes in Washington state. Later, he expanded to larger apartments and mobile home parks across the country.

Today, Brandon is the managing member at Open Door Capital, where he raises money to purchase and turn around large mobile home parks and apartment complexes. He owns nearly 300 units across four states.

In addition to real estate investing experience, Brandon is also a best-selling author, having published four full-length non-fiction books, two e-books, and two personal development daily success journals. He has sold more than 400,000 books worldwide. His top-selling title, The Book on Rental Property Investing, is consistently ranked in the top 50 of all business books in the world on Amazon.com, having also garnered nearly 700 five-star reviews on the Amazon platform.

In addition to books, Brandon also publishes regular audio and video content that reaches millions each year. His videos on YouTube have been watched cumulatively more than 10,000,000 times, and the podcast he hosts weekly, the BiggerPockets Podcast, is the top-ranked real estate podcast in the world, with more than 75,000,000 downloads over 350 unique episodes. The show also has over 10,000 five-star reviews in iTunes and is consistently in the top 10 of all business podcasts on iTunes.

A life-long adventurer, Brandon (along with Heather and daughter Rosie and son Wilder) spends his time surfing, snorkeling, hiking, and swimming in the ocean near his home in Maui, Hawaii.

Press
Brandon’s writing has been featured on Forbes.com, Entrepreneur.com, FoxNews.com, Money Magazine, and numerous other publications across the web and in print media.

Follow
YouTube
Instagram @beardybrandon
Open Door Capital

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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?

calculator-iconBecause, frankly, there are a lot of factors involved when figuring out the potential profit on a flip, and if you screw up one of those numbers… well, you’re screwed.

Here’s the problem: A wannabe flipper can buy a house for $50,000, plan to put $20,000 into it, and sell it for $90,000. The wannabe says “yah! I just made $20,000!”

False.

There are a lot of factors involved that new investors might not know. Things like:

  • 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 How NOT to Flip a House: An Embarrassing Story of Wasted Time, Money, and Opportunity.)

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 How to Buy a Small MultiFamily Property: A Step by Step Case Study. 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:

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.

shadow_image_109102The calculator will allow you to analyze profit, holding costs and more, calculate profit over a variety of different holding times and lastly, create a printable PDF report to give to lenders, partners, investors and others.

In other words – this calculator is going to make analyzing deals like 1,000,000 times easier.

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.

BeFunky_SamplePNGAdditionally, and perhaps most importantly, you can actually save or print out PDF Reports to help you market a potential deal to cash buyers.

This is huge.

The PDF reports will take your professionalism to the next level, helping you find more cash buyers so you can get out and get on with the next deal as soon as possible.

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.

Another Calculator: The 70% Rule Calculator

shadow_image_102733We are also excited to announce another tool to help all real estate investors – called the 70% Rule Calculator.

Yep – you guessed it – it helps you quickly determine how much to pay for a property based on the famed “70% Rule of Thumb” which states that you should pay 70% of the After-Repair-Value, minus repairs (and less any wholesaling fee.)

Obviously, this is just a “rule of thumb” and more in-depth calculations should be done (by using the House Flipping Calculator). However, this will give you a quick, 10 second ballpark number.

The 70% Rule Calculator is free for everyone to use, anytime – so go check it out today!

Are you still here?

What are you waiting for – go check out the calculators now!

Photo: Simon Q

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 […]