The comps tool that may save you $$$$$ in under an hour

[Kuba F.]

Hi Everyone,

My name is Kuba and I'm the founder of REIkit.com real estate investment software based in Los Angeles. I wanted to let the BiggerPockets community know about a tool that I built out, the Comps Adjustment Tool, that could save you thousands on your next investment.

If you've ever found yourself in a situation where you were looking for comps as part of your After Repair Value calculations, but everything that was coming back was just not the same as your subject property, you need this tool. More bedrooms? Less Bathrooms? Pool? No Pool? This all matters.

On my very first flip I did not account for the fact that all my comps had a garage, and my property did not. That was an expensive mistake that shaved $10,000 off the profitability of my flip.

If I had just taken a few extra minutes to adjust my comps, I could have avoided it entirely, instead of finding out months later when it was time to sell.

It's exactly why I built out the Comps Adjustment tool, so that others could avoid the same scenario. Wouldn't you like to know if you're going to lose money, before you make the deal?

Analyze your next property with the tool here:

https://tools.reikit.com/comps

Feel free to reach out to me here in the comments or on the site chat if you have any questions or suggestions.

Cheers!

Kuba

[Kuba F.]

Hey @Leo Koonan

Don't be sorry, I appreciate any and all feedback.

The tool is not an automated valuation tool, and I do not claim it is, so if you're trying to use it as that then your mileage may vary.  The reason that AVMs are inherently poor is still the lack of up to date data will skew even the smartest machine learning algos.

The suggested comps are suggestions, and the tool selects the most appropriate comps based on several criteria from appraisal best practices, however you are ultimately responsible for those comps and the tool allows you to import your own comps if you so choose.

What the tool also allows you to do, and what I'm talking about in this post is the tool's ability to let you perform a sales comparison analysis on the comps that you ultimately chose to use.  Most realtors won't perform this analysis for you as it takes time, and it could mean a huge difference in your ultimate value, so this is something that most investors should be doing.