All Forum Posts by: Kuba F.
Kuba F. has started 1193 posts and replied 2098 times.
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 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: Newbie Wholesaling Questions
- Real Estate Investor
- Los Angeles, CA
- Posts 2,131
- Votes 694
@Chris Bluem -- Sounds like you've put much thought into this but so far everyone's responses are spot on. The MLS is generally a dead end for wholesalers. Off-market is where it's at, and driving for dollars is one of the cheapest ways to jump in.
Have you joined any real estate investment meetups or clubs where you are looking to wholesale? You'll meet the major players and get a feel for marketing strategies that are working, and even meet your future mentor.
I wrote these three BiggerPockets posts to find motivated sellers; pick 2 or 3 techniques, stick with them long enough to note your return on investment -- and find something that works for your area:
https://www.biggerpockets.com/blogs/8814/72016-55-resources-to-find-real-estate-deals-online
These 3 offers you were going to send out on Sunday -- how are you analyzing the properties and figuring out what you should offer on them?
Post: most efficient way to weed out potential flip/rental properties
- Real Estate Investor
- Los Angeles, CA
- Posts 2,131
- Votes 694
Originally posted by @Nick S.:
@Kuba F. correct, i copy and paste the property into zillow, scroll down to the "neighborhood" drop down, and zoom in to see the zestimates of the surrounding houses. i love this feature. i don't see the same in redfin. i do notice though that redfin has identical if not the exact same info as the mls listing, which zillow doesn't seem to have. great info, but do lmk about how to find similar prices on redfin like i do on zillow. thanks
If you meander through my signature to the blog on my site in the footer, there is a post there (5 posts down as of the writing of this post) that details how to get comps from Redfin. They don't make it easy to find on their site, but once you find it, it's a great resource.
Post: New Member from San Diego
- Real Estate Investor
- Los Angeles, CA
- Posts 2,131
- Votes 694
@Pierce Belton I second what Diane said. It will benefit you enormously to see if you can locate and negotiate with motivated sellers to get properties below market value. I wrote a few BiggerPockets posts on ways to acquire properties; the methods remain the same regardless of the type of investment.
https://www.biggerpockets.com/blogs/8814/72016-55-resources-to-find-real-estate-deals-online
Post: Prevent my 10k mistake in under an hour with this free tool
- Real Estate Investor
- Los Angeles, CA
- Posts 2,131
- Votes 694
Hi Everyone,
My name is Kuba and I run my real estate investment software company, REIkit.com, out of Los Angeles. 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 is free for everyone to use and 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 free 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
Post: A Few Quick Questions on Analysis
- Real Estate Investor
- Los Angeles, CA
- Posts 2,131
- Votes 694
@Nate Wentworth great questions.
CapEx is fluid, but I get that you need a number to start off with -- most people just plug in 5-10% of gross scheduled income. Ideally though, once you find a good potential property and are able to walk it and determine the repairs and age of fixtures and appliances available you'd want to map out all of the replacements using the lifecycle method. I go into this quite deeply in this BiggerPockets blog post:
Determining the ARV for up to 4 units is the same as determining ARV for a single family. Here's another post on how to run comps and calculate ARV:
Post: Multifamily Calculator Analyst Tool
- Real Estate Investor
- Los Angeles, CA
- Posts 2,131
- Votes 694
@Kevin Melson I highly recommend understanding all of the different components that contribute to the overall picture of the financial health of a property you want to analyze. Specifically, what they mean, how they are calculated, and how they all work together.
I wrote a BiggerPockets blog post that describes all of the metrics you should be aware of when analyzing a residential multifamily: https://www.biggerpockets.com/blogs/8814/73755-18-essential-metrics-to-a-complete-real-estate-investment-analysis
Best of luck!
Post: How to analyze a deal?
- Real Estate Investor
- Los Angeles, CA
- Posts 2,131
- Votes 694
@Leo Tsang Welcome to BP!
What type of real estate investing are you interested in? Flipping, Buy and Hold, House Hacking, BRRRR, 5+ unit apartments? That will help narrow down the type of analysis advice we can give.
Post: As a wholesaler, how do you incentivize real estate agents?
- Real Estate Investor
- Los Angeles, CA
- Posts 2,131
- Votes 694
@Andrew Balogh Have you joined any meetups or investment groups near you? If you haven't, I'd highly recommend starting with those venues to find wholesaler friendly agents that can run comps for you. One question to ask yourself is, what do you bring to their table?
To tell you the truth, getting comps is something that you can do for yourself quite easily, using all of the available websites, especially Redfin, since they are a broker with direct access to the MLS.
I wrote a BiggerPockets blog post on how to find comps and calculate the ARV of a potential deal: https://www.biggerpockets.com/blogs/8814/68395-how-to-find-real-estate-comps-and-calculate-after-repair-value
Happy to answer any questions about that blog post or the process in general.
As far as finding potential deals, those are slim on the MLS and you'll get the largest spread for your buyers by looking off-market. I also wrote these three posts on how to find off-market leads, you might find a few nuggets in there:
https://www.biggerpockets.com/blogs/8814/72016-55-resources-to-find-real-estate-deals-online
Post: Best ways to find rental rates
- Real Estate Investor
- Los Angeles, CA
- Posts 2,131
- Votes 694
- Rentometer for automated valuations
- Check current listings in HotPads, Craigslist, Oodle, newspapers -- if 5+ unit try Loopnet
- Call For Rent signs you see in that area of town
- Check out property management websites; they typically have all of their available units listed online
- One way to get a baseline is to check Section 8 government website for the area
- Have a realtor run rental comps for you