All Forum Posts by: Kuba F.

Perhaps I'm reading it incorrectly, but the confusing part about what you're saying is that it's "more than cash buyers would pay" yet you say that it is a great deal.  If it's a great deal, then the cash buyers should be chomping at the bit as great deals are one of the hardest parts of investing, so it's one or the other.  If no one else thinks they'll make money on it, how will you?  The problem with finding money to do it yourself is that your money source is also going to want to know that you won't be upside down on it so that they can get their investment back.

You might need to re-look at what price you need the property at for it to make sense as an investment, and try to renegotiate to that price.

Hey Everyone,

Kuba Fietkiewicz here, founder of REIkit.com real estate investment software in Los Angeles. Today I wanted to talk about how you can estimate your rehab costs without a GC.

Fix and Flip:

If you're a property flipper, you may have already tried to find an investor-friendly GC that would walk through 30+ properties with you to price out repairs, but it's not likely that you'll find one that will work for free.

Wholesalers:

If you're a wholesaler who wants to give their cash buyers the best repair estimate possible without spending thousands in GC walkthrough costs...

You are left with few options, the best of which is learning how to price out your own repairs.

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.

Not only does the tool have thousands of items to choose from, but each item has a material cost and labor cost associated to it, with all costs based on your zip code, so you get the most accurate estimate.

From there it creates an itemized list for you to share with contractors for project bids.

The Rehab Estimate tool is as close as you'll get to accurate rehab costs, without a GC.

Click the link below to try it out:

https://www.reikit.com

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

Cheers!

Kuba

Hi Everyone,

Kuba Fietkiewicz here, founder of REIkit.com real estate investment software. REIkit 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 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 is particularly close to my heart, because I lost over $10,000 on my first flip by not accounting for features and amenities of my comps, such as garages and pools, when I did my initial deal analysis.

This tool will improve your estimated ARV in under an hour. Is an hour of your time worth $10,000?

I'll leave you with the link to the comps adjustment tool to try it out:

https://tools.reikit.com/comps

Feedback is always appreciated, so comment below or chat on the site if you have any questions or comments.

Cheers!

Kuba

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:

35 Relationships To Help You Find More Houses To Flip or Wholesale


Would love to hear what you think! Let me know if I missed any in the comments below.

Cheers!

Kuba

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 looking to scale, 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 off of the internet, from low-cost to high visibility.

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

Also check out other related posts on the House Flipping Guide:

55 resources to find deals online

and

35 relationships to create to find more houses to flip or wholesale

If I missed any boots on the ground techniques that aren't in the post, let me know in the comments below or on chat at the site.

Cheers!

Kuba

Depends on the price point and budget constraints, but above $500K that's definitely on the list precisely for the reasons stated.  Although W/D don't necessarily sell homes the same way kitchens do, they are another strong signal that helps move the sale along in the right direction, especially if your competition isn't offering them.

I'd pretty much refuse to list a house without a fridge.

Get some quotes but it's OK to say no to some buyer demands, especially unreasonable replace all the ducts fears.  You can always counter with here's the quote from a professional for what's actually wrong, I'll meet you in the middle. If they walk, that might be for the best so that you can clean it up if it's truly just a small area and sell it at full price to the next buyer.

Don't fight the numbers.  Unless you're planning on significant appreciation or rent increases this is likely a loser, although ultimately I would decide based on the potential internal rate of return for the duration of the investment, to see whether you can invest that money for a better return elsewhere.    

Hi Everyone,

Kuba Fietkiewicz here, founder of REIkit.com 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, check out this post by clicking on the link below: 

55 Resources to Find Real Estate Deals Online

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

Cheers!

Kuba

@Joe Threats  Everyone does it a little differently, but the trick is to make sure you do as much in advance as possible, and watch your lead times.  

I wrote a BP blog post about this a while back as to the way I schedule my tasks:

https://www.biggerpockets.com/blogs/8814/63630-how...

Good luck!