All Forum Posts by: Kuba F.

Hey BP Community,

Kuba Fietkiewicz here, founder of REIkit.com real estate investment software. Did that title get your attention?

Today I'll explain and talk a little bit about two completely free 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 big features like garages and pools. Not doing that will throw your ARV off by thousands of dollars, that you'll only find out about when it's time to sell the property.

REIkit's Comps Adjustment tool is the only software today modeling the Uniform Appraisal Report that most appraisers use.

The Comps Adjustment tool is a one, two, three process:

1. Identify all features that the subject has, such as pools and garages

2. Assign a dollar amount to that feature based on your area

3. Select a quantity

Then, watch as the tool instantly adjusts your ARV based on your data.

Both the ARV Calculator and the Comps Adjustment tool are free for you to use, and I'd love for you to stop by the site and try it out. 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 you get:

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

@Jeffrey Bland I'm sure they are out there.

Welcome @John Ross Valderama!

A great place to start is with real estate investment meetups in your area or the area you want to wholesale in. BiggerPockets has a great list here: https://www.biggerpockets.com/rei/real-estate-clubs/

Also, I'm guessing you need ways to find motivated sellers. I wrote a few BiggerPockets blog posts on how to network and find deals both online and offline, check them out:

https://www.biggerpockets.com/blogs/8814/72016-55-resources-to-find-real-estate-deals-online

https://www.biggerpockets.com/blogs/8814/72664-35-relationships-to-help-you-find-more-houses-to-flip-or-wholesale

https://www.biggerpockets.com/blogs/8814/71506-27-ways-to-find-off-market-and-wholesale-real-estate-deals-offline

Happy hunting and feel free to reach out if you need anything.

Cheers!

Kuba

Hi BiggerPockets Community,

Kuba Fietkiewicz here, founder of 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, 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/8a10533a

If you’d like to try out the wholesale deal report builder check out our free trial here: 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

Hey Everyone,

This is Kuba Fietkiewicz, founder of REIkit.com house flipping software in Los Angeles. Today I wanted to talk about property flipping rehab costs.

If you're just starting out in the house flipping 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. 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.

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

Hey Everyone,

This is Kuba Fietkiewicz, founder of online house flipping software, REIkit.com. I wanted to let the Biggerpockets community know about a free real estate investing tool that may save you money when analyzing a fix and flip, or even prevent you from committing to an unprofitable deal upfront.

I started out in real estate investing with a plan and a spreadsheet, like many others. When I finally got past my analysis paralysis, and purchased and rehabbed a property, I realized I had made a huge mistake in my analysis, when it came time to sell.

So, what was the big mistake? Well, I did all the right things in finding comps as close and similar to the property I was analyzing as possible, and I used the formulas in my spreadsheet to average their values and calculate the ARV.

The step I missed in the process was in not accounting for how the comparables stack up against the subject property in terms of features such as pools and garages. My property, located in an area with a lot of snowfall, did not have a garage and all of the comps did, which cut 10,000 dollars off of my profit.

The results of that flip is the reason why I built out a free online tool, the Comps Adjustment tool, for anyone to use. The tool is based on the Uniform Appraisal Report that appraisers use, for the most comprehensive adjustment possible. In just 30 minutes you can adjust your comps for features and have a better understanding of whether you will profit or lose money on your next deal.

Try the Comps Adjustment tool on your next potential property here: https://tools.reikit.com/comps

Any questions about the tool or feedback, I'd love to hear it in the comments below or on the site chat.

Cheers!

Kuba

@Brittany Chesley Welcome to BP! You are off to a great start. 

Definitely order cards, and some people recommend mini-cards that will fit in your wallet.

I go into bandit signs in this BiggerPockets blog post:

https://www.biggerpockets.com/blogs/8814/71506-27-ways-to-find-off-market-and-wholesale-real-estate-deals-offline

Window decals are hit or miss, again depending on area; just keep in mind that some sellers will not like you rolling into their driveway with them on for the neighbors to see, so removable is better.

Here's another post for you to find sellers online:

https://www.biggerpockets.com/blogs/8814/72016-55-resources-to-find-real-estate-deals-online

The main thing with marketing is to be very consistent with your methods. Try one or two at a time, keep really good records on paper or a spreadsheet, including what your marketing spend was, and measure your results carefully for your return. 

It's also very helpful to meet other wholesalers and investors who can tell you if your results are low, average, or above average for the area based on their experience, and what length of time you can expect to market before seeing results.

Best of luck and reach out if I can help with anything else!

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

Glad to help if you need it.