What are your favorite tools/software for Fix-N-Flip

Question

As someone who's relatively new to the Fix-N-Flip business, I'm fortunate to have a mentor guiding me, he's successfully completed 37 flips to date. With that in mind, I'm reaching out to tap into the wisdom of this group.

What are your go-to tools and software for Fix-N-Flip and wholesaling? Specifically, I'm interested in hearing your recommendations for:

- Deal sourcing and lead generation

- Cold calling and outreach

- Deal analysis and ARV calculations

- Estimating rehab costs

- Tools or calculators you use to determine whether a flip is worth pursuing

For deal finding, I’m currently evaluating PropStream and Flipster as a beginner. From my research, I feel PropStream offers superior data quality, but I’m also drawn to Flipster for its all-in-one solution. As experienced professionals, which of these platforms do you prefer, and why? Or, if you have any other suggestions, I'd love to hear them!

Looking forward to your insights, thanks in advance!

Jake Baker · Answer

@Mark G.

For my flipping business, I prefer to use fewer software programs to streamline things. It's easy to get bogged down by too much software in today's world. We use DealCheck to underwrite deals and QuickBooks Online for everything related to accounting and numbers.

Mark Cruse · Answer

@Mark G. Not sure where your research came from but what I was basing my perspective on, was from a professional working knowledge of being on the ground observing. I tend to believe that could be a reasonable stat for the experienced investors, however, I don't know where you even get enough accurate data to formulate anything. I have many flippers coming to me, asking for assistance to come save their projects. Nearly most of the newbies, close to the 90 percentile took bad deals and either had it foreclosed on or lost tens of thousands of dollars. Some break-even which I also consider a failure. I talk to person after person in local RIEAs. I talk to many of my lenders who are sitting on tons of garbage inventory they had to take back. Many of my decent wholesalers present failed flips for someone else to take over.  No one I know is going anywhere to report their loss so you can research it. None of the lenders I know are entering all the investors who lost with them into some database. What about the thousands of family members and private money lenders who are under the table? How is your research analyzing all that? For real, it doesn't even matter. 'Flipping is considered erratic and high risk but if your research tells you most win, then it's a no brainer for you. Maybe it exists but aside for rookies I know who have zero knowledge as to what they are speaking on, I have never heard anyone assume most flips are winning these days. The market is full of garbage numbers and there is no shortage of newbies willing to acquire them. Only time I will ever concur that most win at flips was the time leading up to the Great Recession.  Your research says this, and my real-world experiences says otherwise. Either way, I'm not here to convince you of anything. You have to go with what works for you but please be sure your software or research tools are not erroneously bending into what you wanted to result to be.

Luis Maqueira · Answer

Best software in Florida

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Luis Maquiera

Mark Cruse · Answer

I have never lost on a flip. I've had low returns but in general all have made money. With my last (2 years ago), I had to take an alternative exit strategy to avoid a loss. I made it a rental for now. The appreciation will prevent it from losing. In terms of what you are doing, you are on the right path. Its intelligent to do tons of research and understand what you are getting into. Also, you have guidance from an experienced investor so most likely you will be ok. The problem is many newbies don't do what you are. Many people don't listen to others who know and are just so excited to invest they jump on bad numbers. Bad numbers and inexperienced people with thin spreads lose.  If you analyze everything right, observe your mentor and take your time to get the right asset, it will be fine. If he has a very high success rate and is genuinely interested in seeing you succeed; if you listen to him and others who have been there you will win like them. Most do not like to listen and learn. Many want get rich, quick cash and will just jump on whatever because they convinced themselves its easy money.  The numbers are trashy now but with the right approach, resources and ability you will come out on top. I'm a computer guy so I have to be analytical like you and its a good thing when the mindset is right. I want you to win. Best of luck.

On another note; how do you get accurate data on flipping success rates when for a very vast array of them, it's not reported or substantiated anywhere?

Annie Seurer · Answer

Hey Mark,

I’d also recommend considering DataFlik for deal sourcing and lead generation. It’s more expensive than PropStream, but the data quality is higher.

For ARV calculations, if you don’t have access to the MLS, our Backflip App can provide it (it's good). The app also analyzes deals, but I wouldn’t rely solely on it. I’d recommend having your own spreadsheet as well. Personally, I’d review MLS data, Zillow, and consult with a realtor to determine an accurate ARV.

Mark Cruse · Answer

Never used software. Just old school grunt work.

I flip in areas I'm familiar with but even if not, it's not complicated to formulate comps from basic google searches. How hard is it to get about 4 homes similar to the one you will sell and look at what they sold for?

I estimate my rehab costs based on work that I'm always doing in my portfolio or the past flips. I also have great contractors that are familiar with what prices are.

I guess all in all it boils down to experience. I'm an IT guy myself and clearly not against automated systems, but that can misguide you if you don't know much yourself. If you lean on it too heavy, it may just tell you what you want to believe in the first place.  It's similar to a GPC in downtown DC, it may get you close but you will be jacked up if you can't apply some other stuff yourself.

In the day there was no software to do anything, and people made out fine. Since most flips fail these days and many rely on their charts, slides and software analysis, it should be a signal that it's not some phenomenon to guarantee success. Not saying you believe this at all but many do. It's cool to know how to use tools to a do analysis but it has to be utilized properly.

I have seen several flippers who have read Rich Dad Poor Dad; had every Performa, chart, analysis package, market analysis reports, cost benefit analysis, work break down structures, IMS and much more and botched every project.

I've used none and have never lost on a flip, but we need to use whatever is best to assist us within reason.  Just don't get so wrapped up in it.

Best of luck!

What are your favorite tools/software for Fix-N-Flip

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