All Forum Posts by: Kuba F.

Hi BiggerPockets Community,

Kuba Fietkiewicz here, founder of online real estate investment software REIkit.com. 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 flip, I went on the hunt for software that filled the gaps.

Unfortunately, the only property analysis tool 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 I was looking for, and that is required by pro investors.

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

Within the REIkit Due Diligence suite, you'll find:

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.

Plus, REIkit's polished full-color marketing reports:

• Show off your flip project numbers to get hard money lenders on board
• Wholesalers get more contracts sold by sending these beautiful reports to their cash buyers

REIkit also highlights the data you need to make the best buying decisions possible:

The ONLY software that offers Premium Data:

View over 50 data points* that give you the big picture, including Loan History and Estimated Owner Equity Amount.

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 an absolutely risk-free, full-featured trial of the software to discover all of the tools for your business today:

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.

To your success!

Kuba

If you're flipping it, then absolutely.  Use your inspection contingency to solicit bids and validate the costs of your full scope of work and ensure that it's still going to be a deal worth doing.

Nice work getting your hands dirty and figuring out how it's done!

Cheers!

@Stephen Keighery

I'm happy to make a recommendation. 

Whatever tool you use, one of the more important things that you should consider is not only finding comps, but also being able to perform a sales comparison analysis on them to adjust them for the differences in features and their values. 

Hi Everyone,


My name is Kuba Fietkiewicz and I run my online house flipping and wholesaling software company, REIkit.com, 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...

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.

This is 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.

I could have prevented this mistake if I had this tool back then.

These tools are free for everyone to use 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 free 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

If you're approaching it from the investor's point of view where it's a numbers game, then it makes perfect sense.  Make as many offers as you can, then qualify the deals later.

In a seller's market that we're in currently, blind offers are frequently discarded, with many listings having language that blind offers will not be accepted so as to put investors looking for a deal on notice that the seller is looking for the highest price not the quickest exit.  

You are correct, you can't really average given the variety of material finishes and house sizes it completely depends on the house.  

You'll want to estimate about 6 or 7 linear feet of cabinets top and bottom for each 1000 sqft living area of a house, and about 8 linear feet per 1000sqft of living area for countertops.

Then add in for plumbing, electrical, appliances, flooring, wall reconfiguration.

Then add in for GC which can be your most variable cost here in LA.  I've seen GC markup from 50% all the way up to 200% at peak season.

So very roughly if you're thinking of cabinets at about $250 per foot then your back of napkin estimate will be $250 * 14ft * 1.5GC = $5,250 for those cabinets installed for 1000sqft of living area.

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 Deals Online

and

35 Ways to Find Properties by Creating Relationships

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

Cheers!

Kuba

@Tameka Glenn 

Contractors hate doing itemized estimates, and you definitely have to set that expectation that you are looking for one up front before they even come out.  Some will refuse to do an itemized bid, and usually I just pass on those that don't provide it.

When I'm walking through a property I usually have my phone recording it in one hand, and I take notes on the scopes on this estimation spreadsheet with the other:

https://www.biggerpockets.com/files/user/kubaf/fil...

The reason I alway record the walkthrough is that invariably I need to refer back to it when bids come back.

Cheers!

Kuba

Hi Everyone,

Kuba Fietkiewicz here, founder of REIkit.com real estate investment software for house flippers, wholesalers, and buy and hold based out of Los Angeles.

I'm excited to announce that the the REI/kit suite of due diligence and deal marketing tools now includes online Lead Pages and the Seller Leads CRM!

Systematize your business with:

This system is going to streamline how you run your business, by gathering those seven tools together into one dashboard, so that every detail on a property, or on a lead, is right at your fingertips.

For more details or to sign up for a full-featured, free and risk-free trial, click on this link:

https://www.reikit.com

Cheers!

Kuba