All Forum Posts by: Kuba F.

Hey Everyone,

Kuba Fietkiewicz here, founder of REIkit online house flipping and wholesaling software based in Los Angeles.

Today I wanted to discuss common barriers to getting accurate property rehab cost estimates for your fix and flips or wholesale deals.

If you've already flipped or wholesaled a few properties, you have some idea of how to approach getting construction cost estimates and maybe even have a solid process in place for doing so on future flips.

The question is, if you're estimating your own rehab costs without a GC, how much time and effort did you spend in itemizing, quantifying, and estimating costs in a spreadsheet or on paper?

Were you able to estimate reasonably accurate material and labor costs for all of those repair items?

When doing my own flips, I found that my rehab repair items were a pain to type up, sort, and price, and that's why I created the online Rehab Estimate tool.

In the Detailed Cost Estimate section of the tool, you'll find every item you need to price out repairs -- down to the quantity, size, and cost of the nails used for drywall.

Simply browse for the item, enter the quantity, and the tool calculates a material and labor unit cost and adds it to your project list.

The best part is that all of the costs are pulled right out of the latest Construction Cost books by one of the most respected names in the industry.

In addition, they are indexed to a zip code, meaning that the costs you find in the tool are the most up-to-date and accurate for your area.

The online Rehab Estimate Tool is a solid addition to your business - click on the link below for details or to start a full-featured, free and risk-free trial to try it out:

https://www.reikit.com

Any questions or feedback about the software, I'd love to hear it in the comments below or chat on the site.

Cheers!

Kuba

PS - When you sign up for a free trial, you'll also get full access to all of the other features in your REI/kit software system, including online Lead Pages, Seller Leads CRM, Premium Data for Comps and ARV, Loan History Information, Deal Analysis, Deal Marketing, and more!

Hi Everyone,

My name is Kuba Fietkiewicz and I run my online house flipping and wholesaling software company, REIkit, out of Los Angeles.

REI/kit was born when I made some serious mistakes while flipping houses and wanted to find THE magic formula for how to make sure it didn't happen again.

Through building REIkit.com and doing more flips, I finally figured out that there is no magic formula to be found.

The only thing we can do is educate ourselves as much as possible and try to account for every single risk and cost we can think of before jumping into a new project.

That's what I had in mind when I built out all the tools for REIkit.com...

With each tool I build, I ask myself: "Does this tool help my customers prevent the mistakes I made back then? Does this tool help my customers succeed?"

The comps adjustment tool, which is part of the free ARV Calculator, is particularly close to my heart, because I lost over $15,000 on my first flip by not accounting for features and amenities of my comps (such as beds, baths, garages and pools) when I did my initial deal analysis.

These tools are free for everyone to use instantly -- just enter in an address -- and will improve your estimated ARV in under an hour.

Is an hour of your time worth $15,000?

I'll leave you with the link to the ARV calculator and comps adjustment tool if you want to try it out:

https://tools.reikit.com/comps

Comment below or chat on the site if you have any questions or even to just let me know how it worked out for you. 

Cheers!

Kuba

As far as the HVAC, It depends on when you are selling the property.  

If it's in the heat of summer, then A/C starts to become a priority, especially in the valley where we're seeing 110 degree days what seems like more and more often.  

If you're selling at the beginning of spring when everything is beautiful on a 70 degree day, then it doesn't matter so much.

Hi Everyone,

Kuba Fietkiewicz here, founder of REIkit.com house flipping and wholesaling software, based out of Los Angeles.

Real estate investors today know that finding deals is not as easy as it was just a few years ago.

Properties on the MLS are going for tens and sometimes hundreds of thousands of dollars over asking.

This makes finding a deal on the MLS very difficult, although there are still deals to be had if you can find a property that is hugely undervalued.

The alternative to the MLS is to think outside of the box, and utilize every single method, strategy, and website that can possibly net a deal.

Such sources of deals can be as well-known as putting out 'We Buy Houses' signs on every street corner.

Not so obvious methods would be looking at property seized by the IRS or other government real property surplus sites.

That's just one example of how to find wholesale and off-market deals online.

For the other 54 methods, click on this link to read the post: 

55 resources to find real estate deals online

Check out also the sister articles on the site:

27 ways to find real estate deals offline

and

35 ways to find deals by cultivating relationships

Let me know if I missed any online techniques in the comments below...

Cheers!

Kuba

Hi BiggerPockets Community,

Kuba Fietkiewicz here, founder of online house flipping and wholesaling software REIkit. In my previous posts, I talk about my house flipping failures and how I overcame them. One way was, of course, by educating myself on what went wrong.

Once I identified how I lost tens of thousands of dollars on my first flips, I went on the hunt for software that could improve my experience and make sure those same mistakes didn’t happen again.

Unfortunately, all of the software I could find was either a downloadable spreadsheet that required constant updates and re-saves, or online software that simply wasn’t powerful enough for the “cover all the bases” analysis that is required by pro investors.

That’s when I decided to build out REIkit.com, addressing many of the limitations of the software that is available, and making sure the analysis tools are as thorough as possible.

REIkit offers four tools that all work together to create a highly detailed analysis, as well as providing the data you need to make the best buying decisions possible:

Appraisal-Quality ARV: Search for comps and calculate a true After Repair Value
(ARV) the way an appraiser would. This includes the ability to adjust your comps by assigning feature values.

Accurate Rehab Cost Estimates: Create itemized rehab cost estimates without needing a contractor, and know the real cost of your rehab before you make your offer.

Account for Holding Costs: The most comprehensive list of holding costs for you to itemize so that you can be sure that you account for every penny of the project.

Multiple Exit Strategy Analysis & Offer Price Guidance: Fool-proof guidance on what to pay for the property to make the most profit based on your investment criteria.

Premium Data: View 50 data points* that give you the big picture, including Lien History data such as Borrower name and Estimated Owner Equity Amount.

• Understand how many times the owners have refinanced, are they upside down?
• Save time by removing owners that you can’t help from your list before you engage them
• Know instantly if there is any wiggle room at the negotiation table with Estimated Owner Equity Amount
• Save time researching across multiple websites for Annual Tax Amount, Neighborhood, Zoning, and much more.

Once you’ve done your analysis:

• Get funded more quickly by sharing polished reports of your deal fundamentals with your hard money lenders.
• Wholesalers can market a property to other investors and get it under contract quicker.

REIkit is the real deal for professional deal analysis, and I take pride in continually improving and adding new features that my customers request. Feedback is always appreciated, and the customer support is fantastic.

I invite you to a full free trial of the software to discover all of the tools for your business here:

https://www.reikit.com

If you have any comments or questions about the software, drop a comment below or catch me on chat at the site.

Cheers!

Kuba

*where available

PS: You will also be able to create online seller Lead Pages to attract motivated sellers, and an integrated CRM to hold and further analyze your leads!

Hi BP Community,

Kuba Fietkiewicz here, founder of online real estate investment software REIkit.com.

If you're a wholesaler, flipper, or buy and hold, you need to use every tactic and technique available to keep your deal pipeline flowing.

In this post I focus on 27 ways to find real estate deals that don't require the internet -- anyone can use these methods, and many are low-cost:

https://www.reikit.com/house-flipping-guide/27-ways-find-off-market-wholesale-real-estate-deals-offline

Also check out the sister articles on the site:

55 Ways to Find Incredible Deals Online

and

35 Ways to Find Properties by Creating Relationships

Let me know if I missed any in the comments below!

Cheers!

Kuba

You'll probably want something as close to the Rosebowl as possible if Pasadena is your target.  The problem with that range is that you're looking at the less desirable parts of Pasadena.

Hey BiggerPockets Community,

Kuba Fietkiewicz here, founder of REIkit house flipping and wholesaling software.

Today I'll talk a little bit about two free tools on the site that will save you time and money. The first is the After Repair Value calculator, and the second is the Comps Adjustment tool.

Like many new investors, when I first started to fix and flip and needed to find a property's After Repair Value, I used a spreadsheet to type up my comps and average their values using basic formulas.

However, my annoyance grew with having to save version after version of a spreadsheet, deleting rows and copying content, and having to manually update formulas over and over.

I created REIkit.com online ARV calculator to make it as painless as possible to create a property analysis, adjust the comps, and save the analysis.

Speaking of adjusting the comps, now for the part where you may save money. 

In my original spreadsheets I realized that by just averaging the values of the comps, I missed out on an important step, which was adjusting the comps for features.

If you've ever experienced frustration with trying to find comps exactly like the subject property, you may know where I'm coming from. 

It may have even occurred to you that if your subject property has a garage, shouldn't that mean your subject property is worth more than a comp without a garage? The answer is "Yes, absolutely."

It is absolutely crucial to compare, and adjust, for features like beds, baths, garages and pools before you commit to a deal.

Run an analysis on your potential deal instantly with the ARV Calculator and Comps Adjustment tool today.

What have you got to lose, but lost time and money?

https://tools.reikit.com/comps

Let me know how it works for you in the comments below or on chat at the site.

Cheers!

Kuba

@Juan Carlos Garcia

You should ask yourself these questions to help you decide:

1) Can you rent it in an unimproved state?

2) If you improve it, will the increased rental income offset the PMI?

3) If you don't improve it right away, will you earn enough money over the span of the two years to be able to improve it and be able to increase the value sufficiently to be able to pull money out?

Hi BiggerPockets Community,

Kuba Fietkiewicz here, founder of online real estate investment software REIkit.com, based out of Los Angeles.

REIkit offers a 7-tool system that works to:

• Bring in distressed seller leads (with marketable lead pages)
• Track and prioritize those leads
• Create a highly detailed property analysis with in-depth property due diligence
• Market those properties to lenders or cash buyers

The only system you need, with:

Lead Pages: Unlimited online page creation in two clicks of a button. Your creative options are endless: one page for each of your target neighborhoods to bring in distressed seller leads, one for locating cash buyers, and so on. All you have to do is point your marketing campaigns at these pages!

Seller Leads CRM: Leads from your Lead Pages automatically show up in your integrated CRM, to track, tag, and create tasks. Upload contracts and other documents. Upload leads from any list provider or lead source.

Bullseye ARV: Search for comps and calculate a true After Repair Value (ARV) the way an appraiser would. This includes the ability to adjust your comps by assigning feature values.

Accurate Rehab Cost Estimates: Create itemized rehab cost estimates with nationwide costs indexed to a zip code, and know the real cost of your rehab before you make your offer.

Account for Holding Costs: The most comprehensive list of holding costs for you to itemize so that you can be sure that you account for every penny of the project.

Multiple Exit Strategy Analysis & Offer Price Guidance:  Fool-proof guidance on what to pay for the property to make the most profit based on your investment criteria.

Reports for Lenders: Get funded faster with comprehensive deal numbers that display your expertise.

Present to Cash Buyers: Market your property to other investors and get it under contract quicker with professional presentations.

Consolidate your current tools, or start your business right with an integrated system from REIkit!

I invite you to view more details or try a full-featured, free, risk-free trial of the software to discover all of the tools here:

https://www.reikit.com

If you have any questions about the software, drop a comment below or catch me on chat at the site.

Cheers!

Kuba