BP pro worth it for a newbie?

Question

Hi, I'm just starting out and planning to purchase a duplex or triplex in about 18 months to house hack. I want to get lost of practice analyzing deals. How do you recommend getting that practice? Is a BP pro membership worth the money to use the calculators for practice? Thanks!

Julien J. · Answer

@Sherrie Tullsen-Chin

Plenty of free calculators out there.

Another approach is find a good realtor who specialize supporting investors and they will have all the tools you need as well as coach you through it.

Twana Rasoul · Answer

I recommend either creating your own calculator or team up with an investor/realtor...ideally a local realtor that has numerous investments in your market and have them mentor you.

Jeremy Horton · Answer

I'm going to be honest here - it's a fairly simple process to create a pesonalized spreadsheet that will calculate the basics - income vs expenses, CoC return, ROI etc

Brandon Turner and BP have a video on Youtube - 4 square method for analyzing rental properties. Give it a watch

That being said when you're investing 10s if not 100s of thousands of dollars I think it's a smart idea to create your own spreadsheet so that (1) you trust it since you know exactly what is going into it and (2) you know exactly what you're doing because you created the sheet that works for your own personal situation

Shannon Strickland · Answer

@Sherrie Tullsen-Chin

Although I have practiced with many BP calculators, I didn't find them useful for analyzing houses to hack. You can search for a House Hack Calculator and experiment with it until you feel confident. After that, try to practice regularly so that you can easily identify a good deal when you come across one.

Shannon

P.S. My DH is from FM.

Bruce Woodruff · Answer

Just to use the calculators? No...but there are other benefits to consider.....

BP pro worth it for a newbie?

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