All Forum Posts by: Kuba F.
Kuba F. has started 1193 posts and replied 2098 times.
Post: 35 relationships to help you find more houses to wholesale & flip
- Real Estate Investor
- Los Angeles, CA
- Posts 2,131
- Votes 694
Hi Everyone,
Kuba Fietkiewicz here, founder of REIkit house flipping and wholesaling software, based out of Los Angeles.
Real estate flippers and wholesalers today know that finding deals is not as easy as it was just a few years ago, but one thing remains true: real estate is still very much a relationship-based business.
So whether you're driving for dollars, hustling with bandit signs, or setting up lead generation online, you still need to build those relationships.
In this post I highlight 35 real estate business relationships you should build to maximize the number of leads you get:
35 Relationships To Help You Find More Houses To Flip or Wholesale
Also check out the sister articles on the site:
55 ways to find incredible wholesale and off-market deals online
27 no-internet-required tactics to find properties
Let me know if I missed any on chat at the site or in the comments below.
Cheers!
Kuba
Post: Funding my first fix & flip
- Real Estate Investor
- Los Angeles, CA
- Posts 2,131
- Votes 694
Originally posted by @Jeffrey Jardine:
"50 percent of a deal is better then 100 percent of no deal" Brandon Turner
Depends on the definition of a deal. Sometimes it's better to walk away.
That being said, @omar torres figure out what the assignment fee would be and do the profit split for that amount or less, but with a condition of participating in the deal. The experience will more than pay for itself in future deals.
Post: Applying the 70% rule to a specific market
- Real Estate Investor
- Los Angeles, CA
- Posts 2,131
- Votes 694
My personal preference is to rely on profit motive (ie: ROI/ROR) to determine the purchase price, and to take into account all of my costs and holding time.
In a hot seller's market the costs may shift around. You might need to spend less on holding the property and marketing the property for sale, but your profit margins might have shrunk as well because you couldn't acquire it at a low enough discount.
In Los Angeles your ROI is going to be under a lot of pressure because the supply demand equation is so out of whack and you will have trouble purchasing at enough of a discount.
You might have more inventory in Memphis, but it might be moving a little slower there and you have pressures on your ROI from a different angle. This is why it's much better to use ROI and it's annualized version ROR to understand your deal and ultimately what to offer.
Additionally the profit motive is not a flat percentage for all deals. Deals with more risk require a higher profit justification, and easy ones that take no time or effort will generally be far less profitable.
Of course to clarify whether you use the 70% rule or an ROI calculation, don't forget to take rehab costs into account when you determine your offer. So for example using the 70% rule your offer would be (ARV * 70%) - Rehab Costs.
Post: 55 ways to find wholesale and off-market deals online
- Real Estate Investor
- Los Angeles, CA
- Posts 2,131
- Votes 694
Hi Everyone,
Kuba Fietkiewicz here, founder of REIkit real estate investment 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
35 ways to find deals by cultivating relationships
Let me know if I missed any online techniques in the comments below...
Cheers!
Kuba
Post: 27 ways to find off-market and wholesale properties offline
- Real Estate Investor
- Los Angeles, CA
- Posts 2,131
- Votes 694
Hi BP Community,
Kuba Fietkiewicz here, founder of online house flipping and wholesaling software REIkit.
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 deals that don't require the internet -- anyone can use these methods, and many are low-cost:
Also check out the sister articles on the site:
35 Ways to Find Properties by Creating Relationships
Let me know if I missed any in the comments below!
Cheers!
Kuba
Post: How do you save money on rehabbing properties
- Real Estate Investor
- Los Angeles, CA
- Posts 2,131
- Votes 694
Showing up in person at your different suppliers and going through their clearance and scratch and dent stuff takes time but will save you tons.
For counters I almost exclusively use remnants and negotiate to get them for pennies on the dollar.
Post: Spreadsheets are dead. Calculate ARV with this online software
- Real Estate Investor
- Los Angeles, CA
- Posts 2,131
- Votes 694
Hey BP Community,
Kuba Fietkiewicz here, founder of REIkit.com real estate investment 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's 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 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
Post: What are some long distance rehabbing tips?
- Real Estate Investor
- Los Angeles, CA
- Posts 2,131
- Votes 694
One of the most important tools in my remote toolbox has been Facetime & Skype call recorder.
When I have my remote folks do walk throughs, inspections, or while estimating rehab costs, they walk around the property while narrating what's happening and I watch and record the whole thing remotely.
Then I have a video recording that I can go back to over and over again which is especially useful while estimating.
As you start wanting to do more and more deals, you'll find that the hardest problems that you'll need to solve for are not around the managing of the project, but rather around deal flow...
Post: This online tool takes the pain out of your rehab cost estimates
- Real Estate Investor
- Los Angeles, CA
- Posts 2,131
- Votes 694
Hey Everyone,
Kuba Fietkiewicz here, founder of online real estate investment software REIkit.com, based in Los Angeles. Today I wanted to discuss common barriers to getting accurate property rehab cost estimates for your fix and flips.
If you've already flipped 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 to start a free and risk-free trial to try it out:
Any questions or feedback about the software, I'd love to hear it in the comments below or chat on the site.
Cheers!
Kuba
P.S. - 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!
Post: Very Frustrated - can’t find good deals
- Real Estate Investor
- Los Angeles, CA
- Posts 2,131
- Votes 694
Originally posted by @Jay Hinrichs:
Originally posted by @Michael Quarles:
Personally I think technology has set us towards a path of deal making unlike any time in the past.
With amazon and google teaching folks that they don’t need the belly to belly approach as much as in the past it opens markets and virtual investing like never before.
With data virtually at our fingertips and systems which can append info we are in a great time in history.
The old way of cranking up your car has long past however a lot of nnbrstors still do the same ole same ole
I can run numbers on a market which will tell me where hot is scalding. Enter it with technology and get out before it dries up
The backyard buying model is great however very limited
My advice would be stay committed and go kill some houses. It’s like shooting ducks in a pond right now.
seems to me its also coming back to belly to belly.. IE locals who door knock and all those folks now doing telemarking. I get 10 calls minimum a week now.. and my direct mail is running in sperts.. not nearly the volume it used to be.. IE postcards to sell .. or post cards to put me on their cash buyers list.
There's hundreds of ways to find deals and market for them. You just have to find the one that works for you.
@Michael Quarles is right that it's definitely the golden age of being able to sit in your pajamas and deal surf, and here's a BP post I wrote a while back that outlines at least 50 ways to do just that:
https://www.biggerpockets.com/blogs/8814/72016-55-...
But I @Jay Hinrichs is also right and my original point still stands, eventually you have to put on some pants and hit the streets and start talking directly to sellers.