Each investor has a way of managing their investments or businesses. Some are traditional, while some opt to invest in business tools for a more systematized and convenient business management.
As someone who's been in the industry for several years now, I've explored a lot of business tools that are beneficial in running the business. The reality is that you have to filter out those that are worth the investments, you are not just investing your money but, you are investing your time to go through each tool. So, better utilize your energy and resources wisely. Have a list of the top reviewed or most-used business tools of the same business field you are into. Doing your research will save you bucks.
For this blog content, I will share with you the top 5 project management tools I've used when I first started the journey of investing in properties to flip. Just like anyone of you, I also did my research on the best tools. I've watched several training videos on how to utilize various project management tools. Checked reviews and recommendations, followed several content creators, and explored how one differs from the others. This time, let me share my opinion and experience on the top 5 flipping spreadsheets/deal analyzers I've used.
Top 5 Flipping Spreadsheets/Rehab Analyzers
1. House Flipping Spreadsheet
If you flip/rehab houses and are looking for the best project management tool that is beneficial in growing your business, House Flipping Spreadsheet is the best choice. I personally use this for my business for several years now. It provides a more convenient and strategic approach to achieving systematized project management. It has everything you need from analyzing deals to generating reports.
The House Flipping Spreadsheet has four (4) major features: Deal Analysis, Project Management, Accounting, Reporting. It's not only tailored for flippers and rehabbers. The spreadsheet also caters to wholesalers and rental property owners.
For the pricing, there are three major categories: House Flipping Spreadsheets, BRRRR Spreadsheets, Bundle & Save $$$.
House Flipping Spreadsheets
The House Flipping Spreadsheets has four versions: Lite, Basic, Pro, Enterprise.
Lite Version is available for free with the inclusion of Flip analysis and Repair Estimator.
Basic Version is available for $147 and is good for one user with the inclusion of Flip Analysis, Repair Estimator, and Rental/Wholesale Analysis & Reporting.
Pro version is available for $197 and is good for one user with the inclusion of the Basic version features plus Project Management and Accounting
Enterprise version is available for $297 and is good for unlimited users with the inclusion of everything from the Pro version plus Business Package
BRRRR Spreadsheets
The BRRRR Spreadsheets has two versions: Rental Basic and Rental Pro.
Rental Basic is available for $147 and is good for one user with the inclusion of Buy & Hold Analysis, BRRRR Analysis, and Rental Investment
Rental Pro is available $197 and is good for one user with the inclusion of everything from the Rental Basic version plus Tenant Management, Rental Checklists, Rental Income, Cap Ex & Op Ex Tracker, Rental Cash Flow Statements, and Schedule E
Bundle & Save $$$
Bundle of 'House Flipping Spreadsheet & Rental Sheets' is built for Fix & Flips and Long Term Buy Holds available for $494 good for unlimited users. It has everything from the House Flipping Spreadsheet Enterprise version plus Rental Analysis Tools, Rental Analysis Reports, Property Management Tools, Property Management Checklist, Rental & Income Expense Tracking, and Rental Accounting Reports
2. BiggerPockets
BiggerPockets provides resources beneficial for aspiring and experienced real estate professionals from investors to realtors. It offers various tools tailored to the business needs. Apart from these tools, BiggerPockets provide educational materials that you can read, watch, and listen to. These materials are designed to guide you whether you are just starting or you've been in the industry for years already.
BiggerPockets has calculators for Rental Property, Fix and Flip, BRRRR, Rehab Estimator, Wholesaling, Mortgage Payment, 70% Rule, and Airbnb. Services offered are Rent Estimator, Tenant Screening, Project Management, and Lease Agreement Packages.
For the pricing, it offers three plans:
Starter
This plan is available for free with the inclusion of four features: Post and comment on forums, Connect with investor-friendly agents, Run five property analysis and rent estimator reports (5 reports only), and Download lease agreement packages for all 50 states ($99 per state).
Pro Monthly
This is available for $39/mo with the inclusion of everything from the Starter plan plus access to exclusive videos, articles, & webinar replays.
Pro Annual
This is available for $32.50/mo (billed annually (20% off)) with the inclusion of everything from the Pro Monthly plan except that lease agreement packages for all 50 states are available for free plus you can attend online investing boot camps for free as well.
3. Rehab Valuator
For realtors, flippers, rehabbers, and wholesalers, if you are looking for a deal analyzer where you can generate comparable analysis and calculate ARV, this tool is for you. Additionally, you can also market and share deals with buyers, create deal funding presentations, and manage projects and budgets.
For the pricing, it has three plans available:
Lite
This plan is available for free and is good for one user with the inclusion of Mobile-Responsive Access on Any Device/Platform, Max Offer Calculator; Deal Analysis for Wholesalers, Rehab/Flip, Rehab/Rent, BRRRR, New Development; Unlimited, Responsive, Customer Support (phone and email); and Detailed Video Tutorials.
Premium
This is available for $49/mo and is good for one user with the inclusion of everything from the Lite version plus Owner & Property Data, Comparable Sales Data, Instant ARV Calculator, 1-page Deal Marketing Flyers for Wholesalers, Full Sales Presentations for Wholesalers, 1-page $-Getting Funding Proposals, Full $-Getting Funding Presentations, Ability to Post and Sell Your Deals on Our Site, Dynamic Rehab & New Construction Budgets, Detailed Scope Of Work Sheets for Contractors, Full Project Management Functionality, Mini-Accounting System for Each Project, Track Actual vs. Budget in Real-Time, 3 New Project Management Reports, Additional Bonus Package ($1,000 + value), Access to Ongoing Real Estate Education, and 100% 30-day Money-Back Guarantee.
Pro
This plan is available for $99/mo and is good for up to 6 users with the inclusion of everything from the Premium version.
4. Tiller Money
If you want a more basic project management approach, this tool is the easiest way to take control of everything. It's a simple spreadsheet. If you're looking to have complete control of your budget from income to expenses, this is the perfect tool for you.
For the pricing, it has a 30-day free trial. After 30 days, you have the option to be billed monthly or annually. Annually you'll pay $79, and monthly you'll be charged $6.58.
5. Flips: Real Estate Flipping Analyzer / Template (Google Sheets)
This tool is a simple spreadsheet where you can analyze deals for residential flip properties or rental properties. This real estate analyzer is designed for properties of several types such as Single Family Homes, Duplexes, 3 or 4 Plexes, and 5+ Unit Apartments. It has several features including but not limited to Calculating After Repair Value (ARV) via Comps; Calculating After Repair Value (ARV) via Net Operating Income (NOI) and Cap Rates; Loan Assumptions; Handles 1st position bank loans; Handles 2nd position private or hard money loans; Estimate rehab costs; Estimate holding costs; and a lot more.
For the pricing, it is available for $195. It is also available for 4 installments, $48.75.
These business tools will serve as your guide as you transition to real estate investing. There are other tools available that you may use apart from these tools I have personally reviewed for you. At the end of the day, you are free to choose which tool is best for your business. Most of these tools are likely similar to each other in terms of their features, what makes them different is the available plans/pricing.
The bottom line here is that every business has a perfect tool that matches its needs. In real estate, for instance, you have tons of options to choose from. The least on my list may be the first and best ones for your business, and vice versa. The reality is that, running a business is not always smooth sailing. However, having a system where you can be in control of everything will save you from various factors that might impact your day-to-day progress. In fact, it will help you save time, energy, and even money as you can have an overview of what the coming days would look like. Whether you acquire a tool or just maximize your available resources on hand, it doesn't matter, as long as you have everything taken care and you don't fall behind.
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