Dear Valued Customer,
I am Dave Robertson & I am the founder & creator of Flipper Force House Flipping Software.
When I first set off on this journey back in 2009, I couldn't have dreamed all of this was possible. I was working 50 to 60 hours a week as a construction cost estimator for a commercial construction company, with a knack for real estate, construction & numbers...and a dream of something more for myself...
Here is my story about how I got started flipping houses which eventually led to the development of our flipper Force house flipping software!
In 2009, I decided to jump into real estate feet-first with my first personal residence...
The property needed a new kitchen, new bathrooms, new flooring and paint, but other than that the home was structurally sound, so it was a pretty straight forward cosmetic rehab.
I remodeled most of the property myself, made hundreds of trips to the Home Depot, & I really developed a love/hate relationship for real estate. I loved transforming an old, dilapidated property into a new beautiful home, but believe it or not, it's never as easy as what's shown on TV!...Flipping Houses is Hard! 😫
Once I finished my personal residence I was addicted, and wanted to take on more projects so I could ultimately quit my job someday. At that point, I knew I had to get serious about my business if I was going to escape the rat race so I started focusing on my real estate education & my business systems.
I joined BiggerPockets.com (Free Real Estate Investing Forum), bought a couple of books about flipping houses and learned a ton about analyzing deals until I gained enough courage & confidence 💪 to start making offers on properties.
I put my new found knowledge of analyzing deals into a simple Excel spreadsheet to help me estimate rehab costs and analyze deals to determine the Max Purchase Price I should offer for the properties.
I probably made 25 offers on houses without an accepted offer. This was soooo frustrating 😫...I had all the motivation, the education & had I my new fancy deal spreadsheet, but I just wasn't getting any offers accepted...
At that point, I start second-guessing myself: "Am I being too greedy?"..."Or maybe I can do some work myself to make the numbers work?"...
Over the next few weeks, I clung to my education & my numbers and one day I got a call from my Agent, and she had some great news...the Bank had accepted my offer! 😲
This was an exciting, but scary moment...and it was all very real at that point...
My dream of flipping houses and hopefully quitting my job had finally begun...but the real hard work was just beginning!
My first flip was a REO (real estate owned), bank foreclosure property that was owned by a bank. The property was a 1,924sf, 3 bedroom, 2 bathroom property that needed some extensive repairs to the exterior and interior of the property. The exterior needed a new roof, new windows, new garage doors, new deck and a fresh coat of paint.
The interior of the property needed new finishes throughout including new doors, new bathrooms, new flooring, a fresh coat of paint and fixtures throughout. Another issue we ran into was the property had aluminum wiring, so we needed to replace the electrical panel and completely re-wire the property.
This was a pretty big project to start with for my first flip, but I felt confident from my education and the numbers I had in my fancy spreadsheet that this was going to be a profitable deal!
In this video case study I show you how I created a Rehab Estimate for my very first flip project using our Rehab Estimator. I will share estimating tips and tricks to help you learn how to estimate rehab costs more accurately for your house flipping projects.
My background in construction cost estimating was very influential in molding the design and functionality of our Rehab Estimator tool.
Our Estimator is broken down into 35+ Trade Categories (Roofing, Siding, Windows, Cabinetry, Electrical, etc.) Each category has a cost database of typical repairs and prices that can be used as a starting point for creating a Rehab Cost Estimate and detailed Scope of Work for the project.
The Estimator was critical in helping me establish a realistic rehab budget before I bought the property so I didn't overpay!
My first flip took around 2 months to completely renovate once we took possession.
I hired a gC to handle the bulk of the renovation, but i ended up DIYing the Demolition work, painting, hardwood flooring, Miscellaneous carpentry work and landscaping. I had a full time corporate job that required 50+ hours a week, so this was really a living nightmare to work nights and weekends rehabbing a house!
Once we listed the property, within the first couple of days we had multiple offers over asking price and ended up selling the property to a first time home buyer for $123,000.
The result of my very first flip was a profit of $18,986, but more importantly I learned a lot of valuable lessons, provided a high-quality home for a new home buyer, and gained the confidence to buy more houses and grow my house flipping business.