All Forum Posts by: Kuba F.

@Jesse Frageman Welcome to BP!

You might want to search the FilePlace, perhaps someone has posted that basic excel model for rental analysis.

How cheap is your realtor if your holding and realtor costs are at 14K?  Just for a realtor at 5% of $295K (which is pretty discounted) that's already over $14K.  Personally, I'd think your sale costs would be closer to 20K, and your holding costs with just taxes, utilities and insurance would probably be around 2K.  Then add the $3500 for your cost of money.

You should evaluate a deal as if you were not part of the labor equation, otherwise you risk working for minimum wage, if the deal doesn't work otherwise.   So I added the 50K you said you might be saving in labor costs, upping it to 75K.

With these costs adjusted at 6 months holding, you're still making out at about 21% ROI for the deal, and you get paid for doing the work. Seems like a win to me.

Hi @Julie Baek

I'll be more than happy to help you with that.  When I'm not running a real estate investment software company, I also represent myself as well as other investors in town.

I'll send you a PM with my contact info.

Cheers!

Kuba

@Tony Marcelle the recorder's office tends to have older comp information because they can take weeks or even months to record a sale. Ideally you would get comps from a realtor with access to the MLS, or the other property sale websites. As long as the comps are recent (among a lot of other criteria) it should not matter where you find them. I wrote a BiggerPockets blog on how to find comps and the criteria you can use here: https://www.biggerpockets.com/blogs/8814/68395-how-to-find-real-estate-comps-and-calculate-after-repair-value

Using public records to find absentee owners would be quite time-consuming, as you'd have to look up each property individually and look up the owner individually to see if the address records don't match (property is one address, owner is located in another property). 

Vacant houses you can probably get a list from Code Enforcement or some other violation bureau in your city. How you would purchase is different for every jurisdiction.

Free and clear you'd need mortgage information to compare initial recording with any other loans that were taken out later to know if there is any equity.

All of these methods are very time consuming (but certainly not out of reach, especially if you live in a small town with no non-disclosure laws), and as a result are why it's expensive to pay someone to find the information.

Hope that helps.

Welcome to BP, @Donovan Lee! 

To determine ARV I recommend reading this BiggerPockets blog I wrote: https://www.biggerpockets.com/blogs/8814/68395-how-to-find-real-estate-comps-and-calculate-after-repair-value

Let me know if I can clarify anything about the steps and process.

Hey Everyone,

This is Kuba Fietkiewicz, founder of online house flipping 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 property 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.

If you'd like to see how the Rehab Estimate tool works for your business, click here 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

Hi Everyone,

My name is Kuba and I run my real estate investment software company, REIkit.com, out of Los Angeles. I wanted to let you know about a feature in REIkit that will allow you to send beautiful wholesale marketing reports in minutes to your buyer’s list. After putting in the property details, REIkit's online interface creates a detailed property page that you can download, print, or share with anyone.

Here’s what your property marketing page can look like in just a few steps:

https://tools.reikit.com/properties/8a10533a

Stop by and try out the wholesale marketing report tool here: https://www.reikit.com

I'd love to hear from you what you think, so please leave a comment below or you'll find me on chat at the site.

Cheers!

Kuba

Hi Everyone,

My name is Kuba, founder of online real estate investment software REIkit.com. Today I wanted to talk about an investing mistake that can be easily avoided.

Here on BiggerPockets, you see questions from the community such as, "what is the biggest mistake you've ever made in investing." People want to know what actions they can take to not make the same mistakes.

For my own flip disaster story, on my first flip there were a number of events that went wrong that I could have foreseen. In retrospect however, I never would have purchased the property in the first place had I known what I do now.

One of the main reasons why the flip failed is because, when calculating the ARV of the property I wanted to buy, I did not adjust my comps for features.

If I had taken just 30 minutes to compare the subject property features, like garages, against the comps, I would have discovered that the subject just didn't have features that all of the other comps did, erasing $10,000 dollars of my expected profit when it came time to sell.

My frustrated experiences led me to create REIkit.com, and one of the first tools I built to help others avoid the same outcome, is a free ARV calculator, that also includes a free comps adjustment tool.

You have nothing to lose by trying out the ARV calculator and comps adjustment tool at the link below, except an expensive mistake:

https://tools.reikit.com/comps

If you have any questions, reach out in the comments below or I am available to chat on the site.

Cheers!

Kuba

@Gregory Ballard Sending you a PM.