What are your favorite tools/software for Fix-N-Flip
Most Popular Reply
Jake BakerBusiness Member
Flipper/Rehabber · San Diego, CA · Member since 2020 · 1k+ posts · 695 votesFor 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.
BookkeepingRE - Bookkeeping for Real Estate & Service-Based Businesses58 Reviews
12 Replies
- Investor · West Palm Beach, FL · Member since 2024 · 90 posts · 47 votes1y
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.
- 1yJake BakerBusiness MemberFlipper/Rehabber · San Diego, CA · Member since 2020 · 1k+ posts · 695 votes
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.
BookkeepingRE - Bookkeeping for Real Estate & Service-Based Businesses58 Reviews - Rental Property Investor · Miami · Member since 2022 · 247 posts · 75 votes1y
Best software in Florida
REiFax, all the information and tools you will ever need.
from finding cash buyers, and absentee owners with more than XX% of equity to send offers.
Any way Message me if you would like to chat to much info to
Luis Maquiera
- 1yMark G.Miami, FL · Member since 2024 · 20 posts · 12 votesOP
Thank you for your insightful advice, Annie. At present, I do not have full access to MLS data, though I do intend to obtain my real estate license in the near future. Backflip sounds interesting, and I plan to look into it further.
Quote from @Annie Seurer:
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.
- 1yMark G.Miami, FL · Member since 2024 · 20 posts · 12 votesOP
Thank you for your advice. I'm actually looking into dealcheck now.
Quote from @Jake Baker:
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.
- 1yMark G.Miami, FL · Member since 2024 · 20 posts · 12 votesOP
Thanks for the recommendation! REiFax sounds interesting. I’ll reach out to chat soon.
Quote from @Luis Maqueira:
Best software in Florida
REiFax, all the information and tools you will ever need.
from finding cash buyers, and absentee owners with more than XX% of equity to send offers.
Any way Message me if you would like to chat to much info to
Luis Maquiera Multifamily Partners
- Investor · Fort Washington, MD · Member since 2014 · 1k+ posts · 1k+ votes1y
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!
- 1yMark G.Miami, FL · Member since 2024 · 20 posts · 12 votesOP
Hi, thanks for posting.
Regarding what you wrote about "Since most flips fail these days." from my research that appears to be false. Where are you getting this data from? My data suggests otherwise.
Please have a look.
Based on my extensive research:
Success Rate: 70-80% for experienced investors; 50-60% for novices.
Failure Rate: 20-30% overall, with 10-15% resulting in outright losses.
I'm looking forward to your response and the response of any BP members who would like to weigh in.
Quote from @Mark Cruse:
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!
- Investor · Fort Washington, MD · Member since 2014 · 1k+ posts · 1k+ votes1y
@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.
- 1yMark G.Miami, FL · Member since 2024 · 20 posts · 12 votesOP
Hi Mark, thank you for your insights. What would you assess your personal success rate is for 2024? As for myself, I tend to rely on the left side of my brain. I'm a very analytical person who won't start a new venture without first gaining a solid understanding, establishing the right framework and connections, and ensuring that I'm securing a great deal. I intend to pursue only opportunities that are strategically sound. I was told that one of the most important factors is the deal. What are your thoughts on this approach?
Quote from @Mark Cruse:
@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.
- Investor · Fort Washington, MD · Member since 2014 · 1k+ posts · 1k+ votes1y
Quote from @Mark G.:
Hi Mark, thank you for your insights. What would you assess your personal success rate is for 2024? As for myself, I tend to rely on the left side of my brain. I'm a very analytical person who won't start a new venture without first gaining a solid understanding, establishing the right framework and connections, and ensuring that I'm securing a great deal. I intend to pursue only opportunities that are strategically sound. I was told that one of the most important factors is the deal. What are your thoughts on this approach?
Quote from @Mark Cruse:
@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.
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?
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