All Forum Posts by: Kuba F.

Hey BiggerPockets Community,

Kuba Fietkiewicz here, founder of REIkit online house flipping and wholesaling software.

Today I'll talk a little bit about two 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.com 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 instantly with the with the ARV Calculator and Comps Adjustment tools today:

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 BP Community,

Kuba Fietkiewicz here, founder of online house flipping and wholesaling software REIkit.com.

If you're a wholesaler, flipper, or buy and hold, you need to use every tactic and technique available to keep your deal pipeline flowing. Finding distressed properties with motivated sellers takes perseverance, but you can cut down on the learning curve with this post.

I focus on 27 ways to find real estate deals that don't require the internet -- anyone can use these methods, and many are low-cost:

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

Also check out the sister articles on the site:

55 Ways to Find Incredible Deals Online

and

35 Ways to Find Properties by Creating Relationships

Let me know if I missed any in the comments below!

To your success!

Kuba

Not sure that's a good comparison to make as their strengths are in different places.  Given that I'm a vendor I won't make any recommendations other than to say that you should filter your decisions based on what is the most important thing for you to solve for right now.  If it's a CRM then look for a CRM.  If it's websites, then look for websites.  

Hey everyone,

Kuba Fietkiewicz here, founder of REIkit.com house flipping and wholesaling software based out of Los Angeles. Today I wanted to talk about getting material and labor costs for your rehab estimates, even if you've never set foot in a hardware store or called around for construction bids.

If you're just starting out in the house flipping, rental, or wholesaling business, you may have found out how hard it is to estimate rehab 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 the property's zip code
• Creation of an itemized list for you to share with contractors for project bids

Click this link for more details or to try out the tool with a full-featured, risk free trial of the the instant material and labor costs Rehab Estimate tool on your next fix & flip, wholesale, or rental property today.
https://www.reikit.com

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

Cheers!

Kuba

P.S. - When you sign up for a free trial you get full access to ALL of the 7 tools in your REIkit.com dashboard, including fully customizable Websites (coming April), Seller Leads CRM, Premium Data for Comps and ARV, Loan History Information, Deal Analysis, Deal Reports, and more!

Hey Everyone,

Kuba Fietkiewicz here, founder of REIkit.com house flipping and wholesaling software based out of Los Angeles. Today I wanted to talk a little about how you can estimate your rehab costs without a General Contractor.

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.

Wholesaling:

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 Estimation 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 find out details or sign up for a risk-free, full-featured trial 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.

To your success!

Kuba

P.S. - when you sign up for a free trial, you'll also get full access to all of the other features in your REIkit.com software dashboard, including Lead Pages, Seller Leads CRM, Premium Data for Comps and ARV, Loan History Information, Deal Analysis, Marketing, and more!

Hi Everyone,

My name is Kuba Fietkiewicz and I run my online house flipping and wholesaling 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.com 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 build out all the tools on the site...

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, which is part of the free ARV Calculator, is particularly close to my heart, because I lost over $15,000 on my first flip by not accounting for features and amenities of my comps (such as beds, baths, garages and pools) when I did my initial deal analysis.

These tools are free for everyone to use instantly and will improve your estimated After Repair Value in under an hour.

.

Is an hour of your time worth $15,000?

I'll leave you with the link to the ARV Calculator and 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

Hi Everyone,

Kuba Fietkiewicz here, founder of REIkit.com house flipping and wholesaling 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 whether 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

Also check out the sister articles on the site:

55 ways to find incredible wholesale and off-market deals online

and

27 no-internet-required tactics to find properties

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

Cheers!

Kuba

When you're new the whole idea is to optimize for reducing risk, rather than for increasing margins.  Once you know how to reduce risk, then you can think about how to improve margins.

So what can you do?

That might mean, you read a book or three on where you're weak, like in estimating rehab costs before getting a GC involved so that you can do a rough estimate yourself prior to the contract.

That might mean you pay more for professional help.

That might mean that you partner.

That might mean that you choose projects that may not net you a lot in profit, but will give you a step up in education.

As that knowledge grows, so should your risk tolerance and ability to improve margins.

It's not very hard.  Your rates will be a little higher, and you might need  to put up to 40% down for the purchase but if the deal works and you have enough liquidity to make the payments then you're fine.  Shop around like you would any vendor.

No unfortunately it does not.  It's strength is really up to 4 units.