All Forum Posts by: Rodney Marcantel

Sounds great but images don't show on my iPhone 6.

Hey all. This is great information. Yes, these type of trainings are mostly hype but there was some very good information and it was a great place to get my wife on board by seeing the financial side and protection as well as meeting many of the staff/workers who are RE investors as well. We were the only ones at the meeting who raised our hand when the question was asked "who in here already has a million dollars in the bank and/assets?" Sitting on $1.6 mill, we want to invest wisely. Owner occupied home: value at $525k (paid cash Feb 2013 for $360k and $20k in updates) Rental property: value at $240k (paid $211 cash May 2014) The rest in retirement/cash investments So we are using the equity in our home at 80% of value to invest using HELOC to invest in flips and pay for our daughters college.

Yes, they own 25 care homes in Dallas area and my father-in-law lives in this one. They are willing to pay me extra for any maintenance work needed but the home is in mint condition after all my updates. We've already run background checks on them as well with minor to no issues. I also do web development and SEO for them with my other company and they've been very prompt at payment.

For anyone interested, you can view images on the house at [REMOVED]

We are selling our current 4/3 (converted from a 4/2) senior care home business for $20,000 (invested $19,000 in updates to care home status and new 3rd handicap bathroom). I'm just curious if this is a good deal to lease the property to a care home management company. We purchased the home all cash for $211,200 for a 2215 sq.ft. home.

Business being purchased for $20,000 plus 5% annual interest paid monthly over 2 years and leasing the home for $2,000 monthly. The $20,000 paid monthly comes out to $24,000 at the end of 2 years and our expenses on the home (landscape, taxes, insurance, home warranty) is $400 monthly leaving a monthly profit of $1,600. That equates to an ROI of 9.1% annually on the $211,200 cash put in to buy the house.

From a care home use perspective, this seems like a good rental deal as to rent as single family home would bring in about $1,700 monthly (minus the $400 mentioned above) is only $1,300 monthly income or an ROI of 7.4% annually on $211,200.

Are my numbers right?
Is there something I'm missing?
Is this a good deal to lease at $2,000 monthly?
My guess is yes but would love feedback. Thanks so much.

I refuse to consider going pro with bigger pockets until they fix the problem with the app and iOS8

Just met with our local bank. They advised the same, to use HELOC and not Hard Money since we have so much equity to work with. Their numbers are 80% on our home is approximately $340K. The first $250K is interest only payment at about 5% (annually) and any amount over that is at Prime only (3.25%) and interest plus principle payment. Term of HELOC is 20 years and we can only apply for more once per year. We do have to get an Appraisal ($700 for homes over 3,000 sq.ft) and for HELOC's over $250K.

On our investment property at $240K, we can only get 50%. So we are sticking with the HELOC on our residence for now and have the option later to use the investment property as our business grows.

We're obtaining a line of credit against one of our homes to invest in our RE business. Both homes we own have no mortgage. Our home is worth $425K and our investment home is worth $245K. We will secure line of credit against our $425K home as we know we can get more to work with over the investment home. Our goal with this is to use for earnest money to purchase properties (get them under contract) but not to use for full mortgage on an investment home if we're flipping it but rather use hard money (1 - 3 % monthly) for the "mortgage".

My question is, would it be better to use our HELOC for the short term "mortgage" or the hard money? You hear about protecting your assets and personal liability/risk, so which is better? What do most investors do? I'd love to hear your thoughts on this. Thanks.

I have to view posts on my old iphone4s for the same reasons. It's an iOS8 issue not specific to iphone6 as my wife's iPhone5c worked fine until we upgraded the software to iOS8. Also, reading posts on website using mobile devices is a pain cause it doesn't format for mobile (ie responsive designed site). I know, I develop responsive designs for clients.

Liked!

After troubleshooting, the issue is with iOS 8 and BP App. The two are not compatible. Anyone downloaded iOS8 and tried viewing posts in the forum with the App?