All Forum Posts by: Kuba F.

@Keisha Brownell Welcome to BP! 

I wrote a post on how to find comps and calculate ARV that you might find helpful:

https://www.biggerpockets.com/blogs/8814/68395-how-to-find-real-estate-comps-and-calculate-after-repair-value

To answer your major concern, when you get comps that have a large range, there’s usually a reason that you have to dig deeper for. 

In my post I talk about adjusting the comps much in the way an appraiser would. This is where you compare features (such as garages/pools/beds and baths etc.) of the subject property with the comps, assign a dollar amount to those features, and then adjust the sales price of the comps up or down as appropriate before calculating the subject's ARV based on those adjusted comps.

This will hopefully help you nail down a more accurate ARV for your property.

Feel free to reach out if you have any questions.

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 2018 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 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

Hey BP Community,

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

Today I'll talk a little bit about two 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 ARV, 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 by clicking on the link below.

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

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 in your pipeline:

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


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

Cheers!

Kuba

Hey BP Community,

Kuba Fietkiewicz here, founder of online real estate investment software REIkit.com. Today I wanted to talk about one of the most important aspects of a wholesaling marketing strategy: the deal sheet. 

In this post, I go over the cash buyer's ultimate wish list: do's and don'ts for your property reports to stand out among the competition and make cash buyers want your property...

• What information to include (and not include)
• The numbers cash buyers are looking for
• How to make the property listing as appealing as possible
• Tips on creating deal sheets that are polished and professional
• Where to market the property

You will even find a rehab walkthrough checklist to take with you on appointments.

Check out the post by clicking on the link below:

https://www.reikit.com/blog/wholesaling-real-estate

Did I miss anything? Would love to hear what you think 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 property flipping rehab costs.

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 house 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: 

• Thousands of items to choose from
• Each item has a material cost and labor cost associated to it
• All costs based on your zip code
• Creation of an itemized list for you to share with contractors for project bids

If you'd like to see how the Rehab Estimate tool can help you with your estimations, try it out here:

https://www.reikit.com

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

Cheers!

Kuba

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 money 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.

REI/kit offers four tools that all work together to create a highly detailed analysis:

• 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.

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.

REI/kit 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

Hey @Branden Pfaff, welcome to BP! 

There are a number of purchase/sale/holding costs to look out for, that I compiled into this post here: https://www.biggerpockets.com/blogs/8814/70530-fix-and-flip-project-costs-purchase-sale-and-holding

I see that you're located in South Dakota, so in addition to those costs you'll also need to contend with the Contractor's Excise Tax, which is a 2% tax imposed on "prime" contractors engaged in "realty improvement projects" in South Dakota. Here's the link to that https://dor.sd.gov/Taxes/Business_Taxes/Publications/PDFs/CETGuide.pdf

As far as analyzing your deal, it's a no-go for me. 50k purchase and 20k rehab (pretty low estimate, and you have to build in a rehab contingency percentage for things going wrong) only leaves 30k for all of those costs, and with a 100k property you're looking at potentially 5-6k for the realtors alone. When you add all of the transfer fees and sale costs there's just not much left.

Reach out if I can help with anything else.

Hi BiggerPockets Community,

Kuba Fietkiewicz here, founder of online real estate investment software REIkit.com. Today I want to talk about how you, as wholesalers looking to market to your buyer's list, can create professional reports to send to them in minutes.

When I first started REIkit.com, I often got requests for new tools from wholesalers who were presented with an interesting problem. They were finding deals, running comps and getting ARV so that they can present to their buyer's list a deal that investors would want.

The problem was that they were frustrated with the limitations of the word processing programs they were using to create these deal sheets. They thought they were difficult to put together, boring to look at, and just didn’t present that professional, polished look they wanted to show.

I took all that feedback in and created an interface where wholesalers can build out a property detail report in just a few steps. It looks great, and best of all can be printed, emailed, or shared. See what an example report looks like here:

https://tools.reikit.com/properties/0d89ffde

Try out the wholesale deal report builder with a free trial by clicking on this link: www.reikit.com

Any questions or comments about the software, would love to hear from you in comments below or chat on the site.

Cheers!

Kuba

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: 55 Resources to Find Real Estate Deals Online

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

Cheers!

Kuba