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Software for Spec Home Builders (build-to-sell and build-to-rent) - YouTube
Channel: FlipperForce.com
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Hey there is dave with FlipperForce and I’m
here to introduce our new construction features
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to all of you spec home builders that are
building to sell or building to rent out to
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long-term tenants.
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FlipperForce is primarily built for house
flippers and rehabbers to help them analyze
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deals, estimate rehab cost and manage their
renovations, but the process of flipping a
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house is actually pretty similar to building
a new spec home.
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But instead of buying an existing property
and renovating it, you are buying an existing
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property and tearing it down or buying an
empty lot and building a new home on the lot.
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So just like with flipping and rehabbing houses,
you still need to analyze the deal to determine
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how much you should offer for the lot, you
still need to put together an estimate of
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the construction costs and you still need
to create a project schedule and budget to
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keep the construction on time and on budget.
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So all of our powerful tools that we have
in FlipperForce that are built for rehabs
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can also be used for new home builds.
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When you add a new project to FlipperForce,
you have an option to select the investment
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strategy and you’ll see there are some new
construction options to “Build-to-Sell”
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and “Build-to-Rent”.
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When you select one of the new construction
strategies, FlipperForce will automatically
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rebrand all of our “flipping tools” and
flipping terminology in the app to reflect
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a “new construction” project.
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So let’s show you how this works.
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So the first tool you’ll see in our sidebar
is the “Build Analyzer’, now usually this
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tool is called the Flip Analyzer for flips,
but it’s been rebranded as the Build Analyzer
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because you are analyzing a new construction
deal.
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The Build Analyzer, (just like the Flip Analyzer)
helps you determine how much profit is in
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the deal and how much you should offer for
the property or in this case how much you
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should offer for an empty lot.
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So we can go through the step by step analysis,
and input the Resale value, our purchase price,
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the construction costs….
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So for example, let's say we are going to
build a 2,000 sf property at $125/sf, that
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would be a $250,000 construction cost.
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Then we can go through the rest of the steps
here to calculate our buying, holding and
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selling costs, input how we're funding the
deal which will ultimately tell us how much
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profit is in the deal and how much we should
offer for the lot.
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Let’s checkout the estimator, so the estimator
is usually called the Repair estimator, but
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it’s be rebranded as the build estimator,
and you’ll notice we still have our 3 starter
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templates you can use, and one of those templates
is our New Construction starter template
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...So this New construction template is pre-built
with a bunch of construction categories you
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need if you are building a house, such as
earthwork, site utilities, foundations, framing,
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roofing, siding, and all of the other components
that go into building a new home.
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Each of these categories is pre-built with
a detailed list of construction items, prices
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and even SOW notes that you can use to build
your SOW for your contractor.
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As you start to receive bids on the project,
you can even track your contractors bids to
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help you determine the best bid for each scope
on the project.
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Once you get the property under contract,
you need to start planning your project..
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Our project scheduling tool,comes prebuilt
with 3 starter templates and one of our templates
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is a new construction template
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Our new construction template is a 6 month
timeline for a new construction project that
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is broken down into 4 stages, planning, site
prep, exterior work and the interior finishes.
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Each of these stages are are pre-built with
a task list with approximate durations, dependencies
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and timeframes that you can use as a starting
point and adjust as needed for planning your
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specific project.
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Once you start spending money on your project
you can use the Expense Tracker tool to track
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all of your actual project expenses and compare
that to your initial estimates to keep your
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construction project on budget!
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So once again, if you are a spec home builder
or real estate developer that is looking for
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a flexible tool to help you analyze, plan
and manage your new construction projects,
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come checkout FlipperForce!
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