I use the House Flipping Spreadsheet (https://www.houseflippingspreadsheet.com/) to do the planning, analysis and estimating prior to purchase. Then it has an expense tracker to compare budgets to actuals during project execution.
There is a free version that allows you to do the planning, analysis and estimating that I would recommend you try before deciding to purchase the full version to see if this meets your needs. The expense tracker, reports and rental sheets (useful if you are planning to do the BRRRR method and need to calculate 2 different sets of loans).
I used to have my own custom spreadsheets that I built but this one does everything mine did plus much more. And the owner is very responsive to questions or issues (emailed him at night and received a reply within a few hours).
I use the House Flipping Spreadsheet (https://www.houseflippingspreadsheet.com/) to do the planning, analysis and estimating prior to purchase. Then it has an expense tracker to compare budgets to actuals during project execution.
There is a free version that allows you to do the planning, analysis and estimating that I would recommend you try before deciding to purchase the full version to see if this meets your needs. The expense tracker, reports and rental sheets (useful if you are planning to do the BRRRR method and need to calculate 2 different sets of loans).
I used to have my own custom spreadsheets that I built but this one does everything mine did plus much more. And the owner is very responsive to questions or issues (emailed him at night and received a reply within a few hours).
I have 30 plus years of experience in my previous career and would gladly answer any question you would ask me without the need for such condescending sarcasm. If you do not have something kind or helpful to say please refrain from saying anything at all.
Lender · Turnersville, NJ · Member since 2016 · 173 posts · 68 votes
6y
Hi Chris,
As financing costs will be a big factor in determining profitability, you should be asking HMLs for proposals to fund. Most lenders won't require an application fee and should be able to clearly lay out their financing costs, cash to close, and projected profitability for you.
I am scheduled to speak with an HML this afternoon and really looking forward to it. As a newbie to this process and my basic need to understand it all I am trying to do my due diligence prior to jumping in.
I have 30 plus years of experience in my previous career and would gladly answer any question you would ask me without the need for such condescending sarcasm. If you do not have something kind or helpful to say please refrain from saying anything at all.
Chris,
No sarcasm or condescension intended. So many people come in and are looking for a spreadsheet to estimate for them and they don't understand the basics of what numbers they are inputting. You must understand the basics of what those numbers mean before you have a tool to help.
Thank you for the apology. I am aware of the formula you referenced in your initial response. I am very detailed oriented, almost to a fault and wanted more of a detailed breakdown/guide before I take the leap.
Specialist · Cleveland, OH · Member since 2018 · 1k+ posts · 666 votes
6y
@Chris Hains all in price , vs what you are expecting to sell it for , KEEP IT SIMPLE. I have never heard of a flipping sheet. So many are making this more complicated, its not rocket science, .
I don't think people are overcomplicating it. I came here looking for the same thing; the one that Grant Liddle posted is fantastic. I think it's great to have it in black and white on a spreadsheet and to have an operating timeline. There is more to flipping than the 70% formula. Sometimes you might want to go extra on something like the master bath or contemplate other exit strategies. Having it solid in a spreadsheet instead of in your head or on notebook paper and playing with the numbers for the repair budget isn't wrong. I just got one in pretty great shape for 50 percent ARV, but I want my numbers in a spreadsheet to see where I can put some luxury into it or if I should do just the bare minimum throughout. Playing with the repair costs helps me quite a bit when deciding what kind of flooring, how fancy the showerhead can be, etc. I need structure and spreadsheets rock!
I have done one in Ocala. We got it renovated and have turned it into a STR. I think we strayed a bit from the plan and probably put a little too much in. I know we're still ok with it because we're renting and it's booking quite a bit. I can sell it at any time for a profit, so I'm hoping to let it run and pay for itself for a while before we make another decision on it. I know I'm probably making mistakes along the way, but its been a valuable learning process.