All Forum Posts by: Kuba F.

Hey @Daniel St cyr,

Looks like you're doing things ok in your analysis.  

In tougher markets you might have to get even more specific with your numbers to be able to offer enough, yet still be sure you're going to come out on top.

Your other problem might be where you're sourcing your deals from. Are you looking at MLS, or are you going direct to seller?

Then it might be expectations.  You might have to look at a 100 deals before you find one, and that number also depends on your deal source.

Cheers!

Kuba

Hi Everyone,

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

I have compiled a list of 54 other methods, check it out at this link:

55 resources to find real estate deals online

Check out also the sister articles on the site:

27 ways to find real estate deals offline

and

35 ways to find deals by cultivating relationships

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

Cheers!

Kuba

Hi BiggerPockets Community,

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

The REI/kit system gives you the tools you need to get your wholesaling business off the ground and on the way to profitability!

REIkit offers a 7 part system that is completely connected in one dashboard:

Lead Pages

Online pages you can market that are designed to get a motivated seller to put in their contact info, for the warmest leads out there.

Seller Leads CRM

Automatic import of leads from your lead pages, and you can upload lists you buy from Listsource and others.

Bullseye ARV and Comps

Calculate the After Repair Value of the property and adjust your comps for the most accurate values to give your buyers.

Premium Property Data

Don't rely on others for property information, use our data to help you make vital decisions about what you can do with the property, and verify up to 50 key pieces of information.

Accurate Rehab Cost Estimates

Estimate rehab costs for your buyers without a GC with detailed rehab material and labor costs that.

Offer Price Guidance

What should your Maximum Allowable Offer (MAO) be, including your fee?

Professional Deal Marketing

Beautiful, polished reports that show off your numbers and the hard work you put into your presentation.

This is everything you need to track, manage and make decisions, in one integrated dashboard.

For more information, and to get started today with a free, risk-free trial of all of the features, click here:

https://www.reikit.com

Cheers!

Kuba

Hey Everyone,

Kuba Fietkiewicz here, founder of REIkit online house flipping and wholesaling software based in Los Angeles.

Today I wanted to discuss common barriers to getting accurate property rehab cost estimates for your fix and flips or wholesale deals.

If you've already flipped or wholesaled 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 latest 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 for details or to start a full-featured, free and risk-free trial 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

PS - When you sign up for a free trial, you'll also get full access to all of the other features in your REI/kit software system, including online Lead Pages, Seller Leads CRM, Premium Data for Comps and ARV, Loan History Information, Deal Analysis, Deal Marketing, and more!

It depends on the PML.  On a draw schedule either directly to contractor, or to you to pay the contractor, or to you as a reimbursement.  

In California the max deposit that the contractor can ask for is 10%.

For me, it's most common for us to fund work on 30/30/30 schedule.  

30% at the beginning to order supplies, 30% at a midpoint, and 30% after final walkthrough.

As far as who pays who and when, it depends on your lender and scope of work.  Some hard money lenders have you pay the contractor out of pocket, then reimburse you, other lenders, have a construction manager verify the work and then pay the contractor directly based on predetermined draws. 

Hi BiggerPockets Community,

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

In my previous posts, I talk about my house flipping mistakes and how I overcame them. One way was, of course, by educating myself on what went wrong.

Once I identified how I lost tens of thousands of dollars 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.

REIkit offers four tools that all work together to create a highly detailed analysis, as well as providing the data you need to make the best buying decisions possible:

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.

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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.

Premium Data: View 50 data points* that give you the big picture, including Lien History data such as Borrower name and Estimated Owner Equity Amount.

• Understand how many times the owners have refinanced, are they upside down?
• Save time by removing owners that you can’t help from your list before you engage them
• Know instantly if there is any wiggle room at the negotiation table with Estimated Owner Equity Amount
• Save time researching across multiple websites for Annual Tax Amount, Neighborhood, Zoning, and much more.

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.

REIkit 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 check out more details or try 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

*where available

PS: You will also be able to create online seller Lead Pages that you can market to attract motivated sellers, and an integrated CRM to hold and further analyze your leads!

Hi Everyone,

My name is Kuba Fietkiewicz and I run my online house flipping and wholesaling software company, REIkit.com, out of Los Angeles. 

REI/kit 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 ARV 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 BiggerPockets community,

Kuba Fietkiewicz here, founder of online wholesaling and house flipping software REIkit.com. Today I want to talk about how you, as wholesalers looking to market to your buyer's list, can create professional deal sheets 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 calculating

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

For more details, or to try out the wholesale deal report builder with a free trial, click on this link:

https://www.reikit.com

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

Cheers!

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, Rehab Estimation, and more!

Hi Everyone,

Kuba Fietkiewicz here, founder of REIkit online house flipping and wholesaling 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 55 resources to find real estate deals online

Check out also the sister articles on the site:

27 ways to find real estate deals offline

and

35 ways to find deals by cultivating relationships

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

Cheers!

Kuba