All Forum Posts by: Rodney Marcantel

Is bigger pocket's app not compatible with iPhone 6?

What's up with BP app? I can't open a single post now. I can see posts but can't open them without it knocking me out. I just got the iPhone 6 and trying to use the BP App. Anyone having this problem?

Nice resource Bob. Thanks. http://www.abstraxllc.com

Chiming in here. How long has it been on the market? How much money have you spent advertising and don't forget your cost in time for showing the rental? Why not use a realtor to advertise and market? They only charge one month rent usually for their services.

Thanks for the information. I am aware of the two types of lines of credit and plan to use my home instead of the investment home for HELOC. It will only be to secure properties (paper) and then either buyers for a quick profit or our investment partners (which we've already secured) at 1 - 3% interest per month plus closing costs depending on the type of loan needed for a rehab...

• Transitional Funding - small closing costs plus 3%
• Cosmetic Rehabs - moderate closing costs plus 3% and 80% load to value
• Major Rehabs - small closing costs plus 1 - 3% depending on size of loan and 80% loan to value
• Or a cash out refi against non-owner occupied property owned free and clear up to 50% loan to value.

So you can see, we have some things in place and ready to get our first property under contract (the right property) and either wholesale it or rehab it depending on location and whether we want to rehab it or not.

Really nice forum. Been through a few trainings. Ready to invest. Have 2 homes (one owner occupied), one investment residential care home (ie rental property with elderly and nursing staff). Both have no mortgage and plan to use part of the $650 in equity to invest and grow my real estate business using HELOC and private investor money.

Always be of the mindset that you are there to help them which means understanding their situation and why they want to sell first before any other question. Let them talk and you'll get insight into the property, what assets they have, and their motivation for selling. Then ask about size, rooms, condition and price they want. Then you can structure your response that addresses their issues and your concerns that can ease their mind when you offer them lower than their asking price. You'll close more times when you get to the root of their issues and driving force for selling and they will appreciate that you really of want to help them and that you are in the business to make a profit.

When you estimate repair costs, always double it to cover unforeseen things like foundation and roof. Also consider the real cost of adding a bathroom to an existing laundry room. If this is pier and beam foundation, cost is lower than slab foundation due the cost to tear out concrete to put drains in and their location to the laundry room. Adding a second bath would increase ARV (After Repair Value) but by how much, would depend on comps that are 3/2 or 4/2 also depending on where you move laundry.

Just got back from Dallas Tarek and Christina El Mossa's Flip Advantage training. Good training but the $20k to $70k cost for advanced training and prop stream software was too much to me. Thoughts anyone?

Great feedback. Thanks.