All Forum Posts by: Edquan N. Dantzler

Am I missing something? Is there an update to the BP app soon to be available?

I received a March update email, mentioning the Rental Property calculator in the tools app, but I do not see a tools section in the app. The email has a download app option, which I tried thinking maybe there was another app, but only led me to open the current app already installed.

I’m excited to have access to the calculator from the app, which would be BIG!! Hopefully we would also have the ability to generate/access reports from the app!

Just wondering if I’m missing something, or is it on the way?!!

Is anyone having issues with the Wholesale Calculator? When I enter the property description, in the first section, it generates the report when I click next. Even after the report has generated I can't even edit the report to enter the other info. 

Help! (Lol) Looks like I'll have to analyze this deal the "prehistoric", old, long way!

@Matt Kelty

We also are new to the screening process. There are a few property management apps, and systems you can find here on BP. I currently use RentRedi, which is sufficient for my current situation.

The background checks has been a valuable deterrent to unwanted tenants. Those with sketchy pasts don’t even waste the time.

We have been blessed to have tenants who were referred by friends of the family, and could vouch for character, and integrity. So far it has worked with no major issues for the past 2 yrs. Any potential tenant is going to be a gamble either way, so you have to trust whatever makes you most comfortable.

@Matt Kelty Congrats on the 1st deal! As an investor myself, in the city of Flint, and familiar with the area, very careful tenant screening will be key. Not having Flint water is great. Have the well system inspected. There are pros and cons on either side of the well water argument. 

My advise would be to seriously look into the BRRRR method if you're looking at paying all cash. All cash would be easier to get the ball rolling, but the ROI you're looking for may be delayed 6 yrs or so. Leverage, if possible. It's not a "perfect world" in this area. If it previously rented for $750, I would use $750/$800 as your base number for calculations, unless you plan on doing something to make your home more attractive than comparable homes in the area.

A plus, (in my opinion), is that the right tenant, in that area, usually stays longer, so you may have a lower vacancy rate. But, it's still a 50/50 chance either way. 

Good luck!

Hi @Matt Kelty,

I agree with the other comments here. It really depends on your risk tolerance. The lower the price point, the increased risk factors. I fully understand your question, as I am in Genesee County, and know the challenges we face in the area, and Michigan in general. I currently have 2 SF rentals, and a third under renovation. Minimizing vacancy is key if you decide to go with lower price points; but cashflow is much more attainable in this market. Run the numbers multiple times, and trust your gut! You gotta start somewhere!! Feel free to reach out to me if you would like to brainstorm (which I need help with also), and/or have questions about this area.

@Carly M. I’ve been operating a lawn service for almost 10 years, and those numbers seem a bit inflated, considering your statement of “the yard isn’t that big”. All the tree trimming is very questionable. I would ask for picture verification of exactly what work was done. Either there is 20 trees on this property, or you were charged twice for the trimming of 10 trees. You should have a very firm conversation with this PM in my opinion.