Problems with Bigger Pockets Rental Calculator?

Question

Hey BP,

Is anyone having an issue that when you analyze a property with the BP rental calculator, it automatically drops the insurance and taxes down to almost nothing for some reason, so almost every deal looks better than it really is?

It's not a big deal, as I just have to go in and readjust it, but it seems to be a glitch, and I'm wondering if I'm the only one who is experiencing it.

Does anyone know how to contact someone for help if this is just something I'm experiencing?

Appreciate anyone's guidance on this. Thanks.

KMM

Ken M Middleton · Answer

@Robert N. Thx, man. Just making sure it wasn’t just me.

Sheepishly, I have to admit I’m about to  close on a property partially because of this mistake. Lol.

I guess BP knew it was needed to stop my analysis paralysis. Lol.

Robert N. · Answer

Hopefully the deal still works financially for you although the numbers might be lower than you expected. Making mistakes is part of the process of learning - and there is so much to learn! I view my mistakes as educational tuition on how I can make more money on the next deal. Not a single investor hasn't made mistakes...good luck and congratulations on doing what seems to be your first deal (even though you were kind of tricked into it). :)

Robert N. · Answer

Ken,

I think it is a glitch...at first I thought maybe I was not changing the tab from annual to monthly, BUT after doing this so many times (Calculator Grandmaster) I think that it often "forgets" that I made the switch. So, if I put in $80/month for insurance for instance, the BP calculator changes it to $80/annual ($80/12 = $6.67) and my analysis are all off. So now I am in the habit of double checking each report before believing what it says for my CoC return and Cash Flow.

Ken M Middleton · Answer

@Robert N. Haha...thanks, man. So far so good.

My wife and I figure as long as we’re not losing money, we’ll be fine and can just see this as the opportunity to learn as much as possible on our first one.

Thanks again!