Fix & Flip Accounting Software?
Any suggestions on F&F accounting software. I am using Quicken 2005 but does not allow me to break down projects (properties) with sub categories. Thanks.
Any suggestions on F&F accounting software. I am using Quicken 2005 but does not allow me to break down projects (properties) with sub categories. Thanks.
What are you trying to accomplish? Microsoft Excel or Quickbooks may be sufficient.
Mike Butler has created a system in quickbooks that will do what your asking. (from what I read).
Thanks for the replies. I am trying to find software (i.e. Quicken for business or QuickBooks) that can help with my F&F accounting. I would like to track expenses by project and then analyze and help prepare for an accurate budget. I am trying to make Quicken 2006 for Business work but it seems it is made for people who sell products (invoice, etc.) I have not tried QuickBooks primary because of the initial cost and learning curve. What are other F&F investors using?
Prepare your comps in case you have to show them to the owner. Find all fixer uppers that are comparable in the area, somewhat same size and amount of bedrms etc.
Also have your shpiel ready about how much that property is costing them to sit vacant and how the money could be earning them income not hindering them.
You should also keep in mind that by buying and increasing the value of the property you are also increasing the value of your home and control over who lives next door. To me, that would make it worth a little more than the average purchase.
I agree Jim.