House Flipping Project Management Software

House flipping project management software automates expectations and milestones, so you know where you are at in a project at any given time. It also lets you organize your team more efficiently, and stay on top of key information about the real estate transaction, including calculating profits at each step and keeping track of past deals for benchmarking future ones.

In this guide, we review House Flipping Project Management Software, how to flip houses with no money, house flipping project management, and how to flip a house with no experience.

House Flipping Project Management Software

House flipping project management software is designed to help real estate investors manage their house flipping projects more efficiently. The software automates many of the repetitive tasks involved in real estate transactions, freeing up more time for you to focus on other areas of your business. Let’s take a look at how house flipping project management software can help with selling houses quickly, identifying profitable properties, and organizing your team members for maximum efficiency:

House Flipping Project Management Software

A house flipping project management software can help you quickly identify and analyze profitable properties, assign tasks to team members, track and manage your house flipping projects from one place and keep your project organized throughout the process.

There are many benefits to using a house flipping project manager:

  • It helps you stay organized
  • It allows you to delegate tasks among various team members
  • It helps you manage financials in real time

House Flipping vs. Real Estate Investing

House flipping is a short-term investment strategy. The objective of house flipping is to buy low and sell high, or at least break even. House flippers do not intend to hold onto the property for more than six months.

Real estate investing is a long-term investment strategy whereby investors purchase properties with the intent of holding them indefinitely. The goal of real estate investing isn’t necessarily to make money on each transaction (although it could happen), but instead to build wealth through appreciation in value over time by identifying quality real estate opportunities and purchasing them at discounts relative to their actual worth.

House flipping is a short-term investment strategy.

House flipping is a short-term investment strategy. When you flip a house, you buy it, renovate it and sell it within a few months. It’s very different from real estate investing because house flippers tend to have strict deadlines – they need to find the right opportunity, acquire the property and sell it within a short time frame (usually six weeks). House flippers usually don’t make their money from rental income but instead focus on buying low and selling high.

Real estate investors tend to take much longer with their projects than house flippers do – sometimes years or even decades! The idea behind this strategy is that by holding onto properties long enough, they can increase their value significantly over time through appreciation in property prices or increases in rents paid by tenants living in these properties.

The objective of house flipping is to buy low and sell high.

House flipping is a short-term investment strategy, in which you buy low and sell high. The objective of the house flip is to make a profit by buying properties at an undervalued price, repairing them and selling them for more than you bought them.

If you are thinking about starting this as a business, then it is important that you understand that it’s not just about buying cheap houses (although this does play an important role). You also have to know how to analyze properties, so that you can determine whether or not they are worth investing in or not.

What makes a good property to flip?

There are a number of factors that determine whether a property will be a good candidate for flipping. To begin with, you should look at the location and condition of the home to make sure it’s in an area where you can reasonably expect to find buyers who will pay what you’re asking. If it’s not in good shape, then it’ll likely need some work before it can be brought up to snuff for resale—and that means money out of your pocket. You also want to consider how much money will be required for repairs and renovations; if there are too many costs involved, then even if all other things line up perfectly with this house being incredible profit potential…you may still have trouble breaking even or turning a profit on your investment.

Finally (and perhaps most importantly), ask yourself whether or not there are enough people ready right now who’d love nothing more than to own this place but aren’t currently able or willing because they don’t have enough cash lying around? If so…then congratulations! This might just be your lucky day!

A golden rule of real estate is the old adage “location, location, location”.

A golden rule of real estate is the old adage “location, location, location”.

It’s important to remember that while the property itself may be great – say it’s a beautiful house in a nice neighborhood with good schools nearby – there are other factors that go into determining its value. Location is one such factor as it affects many things:

  • The property’s market value: What you can sell your home for will depend on what other similar properties have sold for recently and how much buyers are willing to pay. If your home is located in an area with lots of high-end homes, it might not be worth as much as another house in a lower-priced neighborhood because there are fewer potential buyers looking for houses like yours.
  • Neighborhood safety: Many potential buyers will consider how safe or unsafe the area feels when deciding whether or not to buy a particular house; this means that if your neighborhood has experienced higher crime rates than others nearby (or even just perception thereof), then residents might feel less secure living there which could mean lower demand for homes within those communities as compared with others which don’t carry those same worries about safety surrounding them.”

The second golden rule is that you need to purchase property at the right price that will allow you to maximize your profits.

The second golden rule is that you need to purchase property at the right price that will allow you to maximize your profits.

It may be difficult to find a house flipper who can help you determine whether or not the property will return a positive investment. However, there are professionals who can do this for you if you’re willing to pay them. The best thing about these professionals is that they have experience in this field and have been able to make sure that people are investing in properties which would give them good returns on their investments.

House Flipping Project Management Software for Investors

House flipping project management software is a great tool for managing your real estate projects. The software allows you to quickly identify and analyze profitable properties, assign tasks to team members, track and manage your project from one place, and keep your project organized throughout the process.

Real Estate Investing Software for Property Management and Due Diligence

  • Property management software.
  • Due diligence software.
  • Real estate investment software.

Reality is, you need a real estate project management tool that can help you manage your property portfolio and keep track of the performance and due diligence analysis for all your investments in one place!

House flipping project management software can help you quickly identify and analyze profitable properties, assign tasks to team members, track and manage your house flipping projects from one place, and keep your project organized throughout the process.

When you’re flipping houses, it’s important to keep track of your projects. There are many software solutions that can help with house flipping project management. Some of the features they offer include:

  • A database of contacts and tasks
  • Reporting tools
  • Time tracking and invoicing capabilities

how to flip houses with no money

Flipping houses can be a good way to make a lot of money in the right circumstances, but the barriers to entry are often significant. Successful house flippers need to be able to assess housing markets, accurately predict home valuations, and have the professional connections or skills to handle renovations—and that’s before addressing the issue of money.

Flipping a house requires a significant up-front investment in order to buy the property and pay for home renovations. Even with financing provided by a traditional mortgage lender, house flippers could owe a large down payment before their loan is processed and the home sale is finalized. Most people don’t have tens or hundreds of thousands of dollars on hand to cover the costs of mortgage down payments and home improvement projects. Even so, a lack of funds doesn’t necessarily need to stand in the way of someone looking to jump into the house flipping market. With the right approach, it’s possible to learn how to flip houses with no money down at all.

Before You Begin…

Flipping a house is a major undertaking for even experienced real estate investors, so it’s worth understanding how to flip a house before addressing the finances involved. House flippers buy homes with a lot of potential—often due to their location—but may be unappealing to buyers because they have fallen into disrepair or have outdated fixtures, layouts, and amenities. Flippers then renovate the property in order to increase its value so they can quickly resell the house at a higher price. If successful, house flippers can use the proceeds from the sale to repay any loans used to purchase the property as well as pay contractors who renovated the property—with enough money left over to make a tidy profit.

With so many moving parts, there’s a lot that can go wrong with a house flip—for instance, buying a house with major structural issues or spending too much on renovations. Reviewing house flipping tips and advice before making a purchase can help flippers avoid some common pitfalls. House flippers should also be cautious about any offers regarding free houses, as rare as they may be, since there could be significant hidden costs that may make these properties very poor investments.

Unless house flippers have enough capital on hand to fully fund the home purchase, they will need to obtain financing—and that means getting approved for a loan. Whether borrowers plan to make a significant down payment or wish to flip houses with no money down, they will be required to meet certain borrowing requirements to be eligible for a loan. Lenders may have minimum credit score requirements, for instance, which can prevent borrowers with poor credit from obtaining a house flipping loan. In other cases, lenders may only extend loans to borrowers who have flipped houses in the past. Being mindful of these kinds of lending requirements can help house flippers narrow down their options more quickly and find a financing option that suits their circumstances.

STEP 1: Research options for a short-term hard-money loan to provide capital for flipping a house.

When figuring out how to buy a house with no money for a down payment, house flippers may want to first explore their short-term hard-money loan options. Hard-money loans are secured loans—that is, they use collateral to minimize the financial risk for the lender. In terms of house flipping, the purchased property will serve as collateral for a hard-money loan, rather than the borrower’s primary residence.

Some hard-money lenders specialize in house flipping loans, which can make them an ideal source of financing for borrowers looking to buy, rehab, and sell a home. While interest rates will almost certainly be higher than those for a conventional home loan, hard-money loans are typically approved, processed, and funded more quickly than mortgages. As such, borrowers can get the money they need to cover their purchase and renovation expenses without jumping through as many hoops or going through a lengthy loan approval process.

Loan terms tend to be much shorter on a hard-money loan compared with a traditional mortgage, as well. Rather than give borrowers decades to repay their loan, hard-money lenders often expect full repayment within 12 months of origination. With such a tight window to work in, house flippers may want to be sure that they have contractors lined up and a clear timeline for completing renovations before sorting out their financing.

STEP 2: Check into private lenders, who may be able to provide money more quickly than hard-money lenders.

Hard-money lenders work more quickly than conventional mortgage lenders, but there’s still a wait time for loans to be approved and funded. If house flippers want to move quickly on a new listing that has just appeared on the market, even waiting a couple of days to secure financing could mean losing out on the property to buyers with more financial flexibility. In those situations, a flipper may want to turn to a private lender who can provide financial support without requiring loan underwriting.

Private lenders are often individuals who have a lot of capital on hand and who may be looking to make extra money from loan interest. Because they are not beholden to underwriting guidelines, regulatory constraints, or strict loan approval processes, private lenders may be able to quickly provide the money needed to purchase property and renovate the home so it can be resold at a profit.

In addition, private lenders may not require any kind of down payment or collateral in return for extending a loan. Other typical borrower criteria, such as credit scores, debt-to-income (DTI) ratios, and income history, may not factor into their lending decision at all. On the other hand, borrowers should be aware that private lenders can choose to charge higher interest rates than hard-money lenders and other financial institutions, so house flippers could wind up spending more on financing in the long run by going this route.

STEP 3: Look into wholesaling if a hard-money or private loan isn’t an option.

Finding a private lender or hard-money lender could be difficult for house flippers who are just starting out in this particular area of real estate investment. Wholesaling could be a good alternative if newcomers are looking to dip their toe into house flipping—so long as they are OK taking less profit than with a true fix and filp.

A wholesale transaction works by first finding a listing with a motivated seller. The house could be distressed or in foreclosure, and the seller may be looking to find a buyer as quickly as possible. The buyer then submits a contract agreeing to purchase the property—often at a price well below market value and with the stipulation that payment be made in full within a short period of time. Once the contract is signed, the buyer finds a third-party real estate investor to purchase the property and take ownership of the title. That investor will pay the original seller directly and then tackle the work to renovate the property and do a flip on their own. In exchange for facilitating this transaction, the original buyer will receive a finder’s fee from the investor, which will likely be substantially less than the amount they could have potentially made from fixing and flipping the house themselves.

Although there’s less money to be made with a wholesale purchase, house flippers don’t need to worry about the logistics of rehabbing the property either. A wholesale transaction doesn’t involve any renovation work—at least not from the original buyer. In addition, there are no lending requirements to meet because the flipper doesn’t need to take out a loan. As such, this could be a viable option for house flippers who lack the experience or credit to qualify for a hard-money loan, as well as flippers who are unable to find private lenders willing to finance a flip.

STEP 4: Search for a real estate investor to provide the funds to purchase and renovate a house in exchange for a cut of the sale profit.

Not all real estate investors are looking to make money from loan interest. Some may prefer to fund a house flip in exchange for a cut of the profit when the renovated home is sold. The relationship between the house flipper and the real estate investor may be similar to that of a buyer and a private lender, with the investor providing the funds and the flipper handling the logistics of purchasing, rehabbing, and selling the property. The major difference is how the investor is compensated for their financing. They may request a certain percentage of the final sale price or a flat fee to be taken from the flipper’s profits in lieu of interest payments.

When using a real estate investor or private lender for financing, it can be important for house flippers to bring their own specialized expertise to the relationship. That could be experience with conducting home renovations; a familiarity with particular housing markets; or strong connections with contractors, real estate agents, and other professionals who will be instrumental in facilitating the house flip. Some investors may also want to influence the renovation with their own ideas regarding how to best increase the property’s market value and sale price. This can lead to potential issues during the renovation stage if both parties can’t agree on the best way to proceed, so it may be worth taking into consideration how involved an investor wishes to be before going to them for house flipping capital.

STEP 5: Ask lenders whether you qualify for a home equity loan or line of credit to finance the house flip.

Homeowners who have accumulated significant equity in their own house may be able to tap into that equity to help pay for a house flip. Home equity loans often feature lower interest rates than unsecured loans, which can reduce the total investment cost for the flipper. However, these loans may require more time to approve and fund, making them unsuitable for flippers looking for quick financing options. Another potential obstacle is that some lenders may not approve home equity loans that will be used to invest in real estate. Not all companies will require borrowers to state the loan’s purpose, but it’s a potential obstacle to consider.

A home equity line of credit (HELOC) could be another option to explore. HELOCs also convert a borrower’s home equity into usable funds, but that money is made available through a revolving line of credit instead of a lump-sum deposit. Once the line of credit is open, borrowers can withdraw funds as needed at their own discretion. A HELOC could be useful for paying renovation costs, in particular, since house flippers may not know exactly how much money they will need to pay contractors, and they can use their HELOC to cover costs as they arise.

STEP 6: Check into real-estate-specific crowdfunding sites to provide the funds needed to buy and flip the property.

Crowdfunding is a fairly new approach to real estate investing and, in particular, house flipping. Rather than receive funds from a single lender or investor, house flippers can have their projects funded by numerous investors, each providing a small portion of the money needed to purchase and rehab a home. Crowdfunding is popular with retail investors who are just learning how to flip money since the investment costs are often very low. This approach can be mutually beneficial, with investors often getting a decent return on their investment and the house flipper receiving the financing to fund their reclamation project.

These transactions are managed through dedicated crowdfunding websites, which match investors with different investment opportunities such as house flips. Prospective borrowers may even come across dedicated house flipping loans that are funded directly through crowdfunding sites.

Crowdfunding a house flip has certain advantages. For one, lenders that use crowdfunding often offer lower interest rates than other hard-money lenders, which can help lower the total cost of flipping a house. Crowdfunding-based lenders may have more lenient borrower criteria, so house flippers could secure a loan even if they have a low credit score or high DTI ratio. Funding time frames can also be relatively short, allowing flippers to get the money needed to complete a home purchase in a matter of days in some cases.

STEP 7: Ask the home seller if they would be willing to finance the home sale and flip in exchange for a percentage of the profits.

If hard-money lenders, private lenders, real estate investors, and crowdfunding sites have all been eliminated from consideration, house flippers still have a couple of options to explore. It may seem unlikely, but house flippers may be able to get the home seller to finance the purchase and renovation of their own property and fund that flip. In fairness, owner financing is a bit unconventional when it comes to funding a house flip, but in the right circumstances, sellers may be open to this kind of transaction. For instance, a seller whose house has been sitting on the market for a very long time may be more inclined to consider an owner-financed house flip.

With owner financing, the original homeowner acts as the lender, providing the buyer with the funds for the home purchase and renovation. Depending on the terms of the agreement, the flipper will make regular payments to the seller just as they would with a conventional loan provider. This arrangement may offer more flexibility in terms of the loan conditions. The two sides are free to negotiate every detail from the interest owed on the loan to the repayment timeline. Another benefit with owner financing is that house flippers do not need to meet any strict borrower requirements regarding their credit history or existing debt. It may be a bit of a long shot, but owner financing could be worth exploring if other options are unavailable.

STEP 8: Consider a lease option where you pay rent on the home and agree to purchase it once the renovations are complete.

Another unconventional approach to flipping a house with no money is to lease the property rather than immediately buy it outright. Going this route requires a highly specialized lease agreement in which the tenant agrees to purchase the property after a certain amount of time has passed. An obvious concern here is that house flippers may need to wait a while before the property changes hands and they can sell the home themselves, delaying any profit they could stand to gain. That being said, the seller may allow them to make renovations while they rent out the property, so the rehab process can proceed without delay.

House flippers may also be concerned about paying rent on a second property when they already have a primary residence to pay for and other financial obligations to meet. These lease agreements could stipulate that any rent payments made will be applied to the purchase of the property once the lease period expires. Including that language in the agreement can help ease concerns about balancing house flipping costs with the tenant’s other monthly expenses.

Lacking the funds to make a significant down payment on a house or pay contractors for major home renovations doesn’t necessarily shut the door on an individual’s house flipping prospects. There are many alternative approaches to financing a house flip that don’t require any money up front. These financing options may seem unconventional at first glance, but they can help first-time flippers get some experience under their belt and earn their first payday flipping a house. Once they have established a track record flipping houses and have put some money in the bank, it may be easier to qualify for some of the best loans for flipping houses so they can finance one more flip—or several, as the case may be.

house flipping project management

The true key to a successful flip is having a detailed plan before you close on the property. We’ll continue our discussion on the final two pillars to our system and how it will save you time, money and contractor headaches. ELEVATION’S “Big 4 Project Management” documents have been continually refined over the past 5 years in projects all over metro Denver in various price points. We’ll dive into the last two key documents to running a successful flip.

Check out the video to follow along as we discuss how to use this SOW and go into detail on each tab and section. 

Statement of Work (SOW) for Fix and Flips – Single Family Home

We make our way from the outside of the home to the inside with the spreadsheet. This more detailed SOW has 15 tabs and once complete, will live on-site in project folders. We start by looking at the major systems and mechanical where we’ll typically spend ~60% of our budget. These items include:

We then go to the exterior of the home where we have roughly 30 line items detailing what is happening with the home. We break down the items into roof, siding, exterior doors, landscaping, and garage. Each section has its own categories, detailed notes, labor source, materials source and SKU. Here is the roof section:

We try to be as detailed as we can with our SOW to avoid miscommunication, grey areas and downtime due to contractor questions or uncertainties. Our project manager is responsible for this document and spends many hours completing it before any construction begins. The time dedicated to this thorough organizational process at the start saves us countless hours of headache as the project progresses. It could take about 4-5 hours to complete a SOW for a 4 bedroom/3 bath single family home.

The detail of the kitchen section includes walls/floor, room specifics, electrical, and extras. We also include pictures of our chosen rehab products to provide visual clarity.

Side note: We order the vast majority of our fixtures from Home Depot. We have ordered from a major online retailer in the past but found that most items (even name brand items) were made in China, and the valves did not match up well and were prone to leaking in the future.

The key to the success of our SOW is in the details. Again, the amount of time we spend planning and organizing our rehab before we start makes the actual construction much more efficient. We even include the size spacers, the exact grout and the type of texture to use for our contractors. Instruction is clear and thorough.

Each tab on the spreadsheet represents a separate room in the home which makes it easy for contractors to locate answers to their questions which saves time and money. We estimate catching an issue or preplanning for it with our SOW saves us three days work. 

We walk through each tab of the spreadsheet and make sure all fields are filled out if relevant to the project. Once complete, the SOW is printed out and added as an addendum to the contract with our contractor. A separate copy lives in the project folder onsite at the property. As change orders are issued, they are attached to the SOW.

The next document we use to maximize efficiency and organization for our flips is our Fixtures & Finishes document.

Fixtures & Finishes (F&F) Spreadsheet for Fix and Flips

This spreadsheet was created with the goal of selecting finishes for our flips that have mass appeal to buyers based on the price point of the home. We’ve narrowed down the way we finish out homes to 4 different styles. Each style has all the finishes pre-selected, so we don’t have to reinvent the wheel and start over every time with our homes. Once we identify the style we want for a flip, we add that style’s spreadsheet (which includes all its finishes) as a tab on the existing SOW for the home.

We typically update each style every six months, so we stay on top of design trends. We stay current on discontinued finishes and update the styles’ finishes spreadsheet accordingly.

The four packages we use which are based on the best/widest buyer appeal to sell are:

We create a system and only change out kitchen backsplash and a few unique design areas (next episode) such as barn doors, tile to ceiling behind sink, ship lap, built in eating areas, fireplaces, pergola, cedar on exterior and window enclosing with cedar when you have older siding.

Our styles are further broken down into plumbing, doors, and lighting. We include the price and a live link to our source, so ordering is fast and easy. We buy all F&F’s using a credit card which gives us a 30 day float and points. 

We also have corresponding paint colors that we update once a year. Currently we only use 2 wall colors in our properties which simplifies the process. We use one for the walls in the bedrooms and the bathrooms and the other for all other walls. 

This Statement Of Work is not available for download, but you can schedule an appointment to meet with us!

Hopefully this blog post has been informative and given you a ton of knowledge. We have two episodes left in our ELEVATE Your Flip course. This course should serve as a great “Cliff Notes” overview from 30,000 foot perspective.

The next episode will look at our Monday.com tracker which automates every single step of the flipping project.

how to flip a house with no experience

When some people look at the idea of flipping houses, they are certain it must require real estate experience or a guiding mentor to get started. While of course some experience can be helpful, the reality is that most people can successfully dive into the industry with little to no background in real estate investment.

Like many careers, the gig may feel overwhelming and you will have a lot of questions as you start out. But everyone has to start somewhere, and you will learn so much if you put one foot in front of the other and delve in. Online resources and other materials are also a huge advantage of the modern day to help you get off on the right foot. And once you’re armed with that knowledge, you’ll quickly gain the confidence you need to get the ball rolling.

Real Estate Elevated particularly has excellent tools to get new house flippers started in the arena, helping break down all the steps and providing tools to turn it into a lucrative career rather than an adventurous flop.

If you’re still uncertain about getting started in the world of house flipping, there are five first steps to give you steadier footing. Read on for these basic tips to get you more familiar with the territory.

This blog is dedicated to providing readers with real estate information, brought to you by Tarek and Christina El Moussa, co-founders of Real Estate Elevated.

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