BiggerPockets, known for their online forums and real estate investing tips, has come out with a “flip calculator” that enables you to input a variety of information on a particular house, from purchase price to repair costs, all while giving you a running tally of the cost of the investment.
“BiggerPockets Real Estate Investment Calculators are designed to help you quickly and efficiently analyze a potential real estate investment for profitability,” BiggerPockets.com describes it. “We believe that a good investment begins with a solid plan built upon solid math.”
The Fix and Flip Analysis & Reporting Tool allows investors to estimate the profit of a flip, including all costs involved, and calculate costs by holding period. Once the report is complete, you can create printable PDFs to keep for reference or share with partners or interested parties. The idea is that by doing the math before you buy a property, you have a better chance of making a good choice on whether or not to invest.
Some standout features include the ability to break down costs and add personalized fields. By expanding the purchasing closing cost field, you can specify everything from insurance and property taxes to escrow and recording fees. Under the repair cost area, the fields are open and you can type in whatever repairs you plan to do, personalized for each property. There is even a loan section that gives you the ability to put in the interest rate, terms and points, while it calculates your total skin in the game.
The tool is free to try for the first six reports. After the trial period, you have to sign up on BiggerPockets as a Plus or Pro member to use the tool. Click here to try it out.