All Forum Posts by: Kuba F.

I'd say it depends on what you're looking for.  No software is good at everything so you have to choose what's important to you:  Is it Data? CRM? Rehab estimation? Simplicity?

Hi Everyone,

Kuba Fietkiewicz here, founder of REIkit.com real estate investment 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 while 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, such as:

1. Insurance Brokers 
2. Local Builders
3. Carpet Cleaners
4. Handymen
5. Cable & Phone Installers

Click this link to find out the other 30!:

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

and

27 off-the-internet tactics to find properties

Let me know if I missed any on the site or in the comments below.

Cheers!

Kuba

There is no formula as it depends on each specific situation, largely depending on your location and therefore taxes as well as financing.

I wrote a BP blog post a while back about these as well as purchase and sale costs here:

https://www.biggerpockets.com/blogs/8814/70530-fix...

Hope that helps.

Cheers!

The general rule of thumb is that you should hire for existing cash flows, so that you can concentrate on generating new cash flows.  So if you feel like don't have enough time to generate new deals and or find funding and your current deals can pay for the help, then that's when you hire.

It's very much possible.  Locally or remotely, you are pretty much dependent on your team, so distance doesn't really play that much into your success or failure.  You will get the same problems either way. The hardest part about flipping remotely will be deal sourcing, although that's also pretty much the hardest part of the whole enterprise anyway.

Hey 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 (spoiler alert: Among other things, I didn't adjust my comps for features, and the rehab estimate was WAY off), I went on the hunt for software that filled the gaps.

Unfortunately, the only 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.

REIkit offers five tools that all work together to cover everything you need to vet a deal and offer on it, or pass:

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:

Premium Data: 

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

The Estimated Owner Equity Amount information is absolutely invaluable to:

• 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
• Save time researching across multiple websites for Annual Tax Amount, Neighborhood, Zoning, and much more...

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.

Cheers!

Kuba

*where available

Hi Everyone,

Kuba Fietkiewicz, here, founder of online real estate investment software REIkit.com. Glad to be a part of this amazing community here on Biggerpockets. 

Today I wanted to talk about a popular real estate saying: "You make your money when you buy."

What does it mean to "make your money when you buy?" In a nutshell, it means that your profit potential is determined by the amount of due diligence you perform on a property, and how accurate your numbers are.

While most real estate investors are familiar with the work of running comps and averaging them to get to an After Repair Value, not as many are aware that they should be including an additional step in the process.

This extra step, which usually takes less than an hour, is in adjusting the comps you've found for differences in features, such as garages and pools. If all of your comps have a pool, and your subject property does not, that's going to be a 10-20k hit to your wallet when it comes time to sell. 

The time to find this out is before you buy, not after the rehab. That's what is meant by "you make your money when you buy," and that's why it's so important to adjust your comps.

I built out a free Comps Adjustment tool within the free ARV Calculator on REIkit.com because this step is so crucial to your success. 

It's easy to use, and it's thorough, being based on the Uniform Appraisal Report that nearly all appraisers use.

I encourage you to check this free tool out and take just 30 minutes from your day to evaluate your latest potential property, and get to a more accurate ARV:

https://tools.reikit.com/comps

If you have any questions or suggestions about the tool, chat with me on the site, or you can leave a comment below.

Cheers!

Kuba

Hey BiggerPockets community,

Kuba Fietkiewicz here, founder of online real estate investment software REIkit.com. Today I’m going to make it short and sweet, and let you know about a tool that will save you time and give you greater negotiation power with a motivated seller.

I love hearing success stories from wholesalers and flippers who help homeowners in distress and manage to tuck a little into their pocket as well. This is the ultimate win-win, and it’s part of why I’m so excited to tell you about the new Lien History Data released on REIkit.

If you’ve already done the work — drove for dollars and door knocked, did skip-traces and cold-calls, wouldn't it be great if you had “insider” information to:

• 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

REIkit.com Lien History Data shows you all liens that were ever taken out on the property, and specifically:

1. The date the lien was recorded
2. Lender’s name
3. Lender type
4. Borrower name(s)
5. Is the lien a Home Equity Line of Credit (Heloc)
6. Loan amount
7. Estimated interest rate
8. Mortgage length
9. Due date
10. Estimated balance remaining
11. Estimated Owner Equity Amount <---- REIkit.com shows you if the owner may be upside down, or whether the property is owned free and clear!

Understanding motivation is gold in this business, and it’s incredibly easy with REIkit.

Head over to the site to check out your property’s Lien History Data by clicking here and signing up for a free, absolutely risk-free trial today:

https://www.reikit.com

Any questions please leave a comment below or chat on the site.

Cheers!

Kuba

Hi Everyone,

Kuba Fietkiewicz here, founder of REIkit.com , 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:

and

35 ways to find deals by cultivating relationships

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

Cheers!

Kuba

Hey Everyone,

Kuba Fietkiewicz here, founder of REIkit.com real estate investment software in Los Angeles. Today I wanted to talk about getting material and labor costs for your rehab estimates, even if you've never set foot in a hardware store or called around for construction bids.

If you're just starting out in the house flipping, BRRRR, or wholesaling business, you may have found out how hard it is to estimate rehab construction costs. There are really only two options in solving that problem:

1. You can bring a general contractor with you to every property you think is a potential deal,

or

2. You can get hands-on experience in identifying what is wrong with a house and do your own estimates.

The first choice is going to become expensive, fast. Unless you are in a position where you can offer work to the GC on a property you acquire, you're not going to get anyone to work for you for free.

The second option is the way to go. Yes, it requires more time and effort, but the education you acquire and eventual savings will more than make up for that. So, what's the best way to get this experience?

In my own fix and flips, I evaluate as many properties as I can find, and when I go to visit a potential flip, I take along my camera phone and film a walk through of each room and the exterior, carefully narrating what needs repairing.

Then comes the difficult part: identifying all the items involved with a repair, itemizing all of these costs into one tidy list, and calculating the final cost. For example, a window repair not only includes the cost of the actual window but also the labor that it costs to install it.

I created the Rehab Estimate Tool to help take the unknown out of getting an accurate estimate.

The Rehab Estimate tool has:

Try out the instant material and labor costs Rehab Estimate tool on your next fix & flip, BRRRR, or wholesale property today with a free trial:

https:/ /www.reikit.com

Any questions or suggestions, I'd love to hear it, please comment below or chat at the site.

Cheers!

Kuba