Ok, so I'm on the fence about getting the Pro membership. I'm wondering how many pro members actually use the tools or if they've found better ways/apps to analyze a deal. It is the only reason that I was considering it. It's a lot of money to me that I could put towards a rental property instead. Please, no hate. I'm just looking for how much you guys find yourselves actually using it and if I would perhaps be better off putting the money towards a rental property and crunching the numbers the old-fashion way. Thank you
I would say YES, the tools are absolutely worth it! I let my Pro membership lapse and have been regretting it the whole time. The main reason that I'm about to renew my Pro membership is for the calculators, the landlord forms and being able to post in the marketplace. But, in my opinion, Pro Membership is worth every penny!
if you have the money it is worth it. The web replays, leasing forms, and calculators are helpful.
@Tony Mai are the leasing forms valid everywhere? I thought I have to get one that is specific to my state?
I have been been contemplating the same thing. I have been using free calculators online through a couple different resources, that appear to be similar to the ones available via the pro membership. I'm new to the investing world, but the free calculators seem to work appropriately.
@Alicia S. where do I go to use them?
These are the main two that I've been using. They're pretty similar, just displays the info a little differently.
Hope this helps!
Rental Property Calculator
Rental property ROI calculator
@Alicia S. Thanks for the info! I just saw that the Pro annual membership has a 30-day money back guarantee so I just decided to jump in and give it a try and see what I think for a while. Wasn't sure if you already knew about the money back guarantee so I wanted to make you aware of it in case it would make the decision of trying it out easier for you.
I didn't realize that was an option. That would provide a good opportunity to compare the paid vs free online calculators. I'll have to check it out!
@Alicia S. you do get 5 free uses of each calculator as a free member right now in case you didn't know that either. So you don't even have to purchase if all you want to do is see how you like using them. You can't download or save any of the freebies though.
@Alicia S. I just found the rental calculator at calculator.net and it seems to have rosier numbers than what the BP calculator produces. I checked a couple of times to make sure the data put in was the same. Have you noticed this? Or compared the projected results with actual results yet?
I think I understand the basic concepts of the varies return qualifying methods, but when I start looking at things like the IRR algorithm, my eyes glaze over.
@Brandon Handel - it's a good call to put this question out there before biting the bullet on the pro account. here's my experience with the calculators...
- SFR deals = BP calculators are great
- small multifamily deals (2-4 units) = BP calculators are great
- large multifamily deals (5+ units) = BP calculators can get the job done until you get north of 10+ units, but not beyond
If you're looking to analyze larger deals, strongly rec'd Michael Blank's Syndicated Deal analyzer (the "SDA). It's worth the price tag. That said, i've run dozens of analyses with the BP calculators and recommend paying for the Pro membership. You're getting value out of the membership and supporting the growth of this awesome platform and community
Does anyone have a tool which would be used after the "deal tools" and evaluate the tax implications of that deal under an S-Corp taxation structure?
I'm assuming some deals may make sense only if the tax implications are considered.
<Sorry no picture yet - I'm just that NEW to the community>
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