Holy cow I'm going to buy a house.

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Holy cow I'm going to buy a house.

Jana Colgin
Kannapolis, NC · Member since 2016 · 9 posts · 10 votes

Hello community.  I am a circus acrobat seeking a realistic path to retirement through real estate because who wants to wear spandex to work forever?  Not me.  Does it surprise you that a career in circus is not all that lucrative?  Probably not.  If you're curious, google Circus Stella.  I'm not Stella.  That's the dog.

I bought my first house, the house I live in, when I was 26.  I house hacked it before the term house hacking entered my vocabulary.  My roommate paid the mortgage for several years until my husband moved in.  

Now I've saved up a solid down payment for my first rental property and I'm ready to buy.  I want a boring, turnkey 3/2 to start out.  Currently looking real hard at Roofstock.  Since I listen to the podcast regularly, I decided now is definitely the time to join the forums and see what others have to say about the pros and cons of rootstock before I commit.  

Happily receptive to any and all advice,

Jana

PS.  My husband is actively searching for a used circus big top, so we're in the market for one of those too if anyone knows a guy.  God help me.

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Chris M.
Portland, OR · Member since 2016 · 108 posts · 33 votes
10y

I just looked at Roofstock and am also interested to hear from those who are experienced with it. My general feeling about websites like this however is that since the deals are so readily available and there's an organization between you and the property, that means you won't be getting an optimal deal most likely. However, that is my normal feeling and I know nothing about Roofstock.

However, I understand the appeal of just finding a turnkey property on here with a good rental rate and calling it a day. Sometimes making things easier is worth it... hope that others pitch in on this thread that have tried Roofstock!

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  • James Wise
    Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 30k+ posts · 20k+ votes
    10y

    Welcome to the site @Jana Colgin

    0Reply
  • Chris M.
    Portland, OR · Member since 2016 · 108 posts · 33 votes
    10y

    I just looked at Roofstock and am also interested to hear from those who are experienced with it. My general feeling about websites like this however is that since the deals are so readily available and there's an organization between you and the property, that means you won't be getting an optimal deal most likely. However, that is my normal feeling and I know nothing about Roofstock.

    However, I understand the appeal of just finding a turnkey property on here with a good rental rate and calling it a day. Sometimes making things easier is worth it... hope that others pitch in on this thread that have tried Roofstock!

    2Reply
  • Steve B.
    Engineer · Portland, OR · Member since 2014 · 1k+ posts · 1k+ votes
    10y
    You seem very flexible
    1Reply
  • Chris T.
    Investor · Downers Grove, IL · Member since 2015 · 1k+ posts · 955 votes
    10y

    @Jana Colgin

    Before you dive into anything, take some time to research the pros and cons of turnkey. Then seek out investors that have done them, if they would do it again or not.

    If you still decide to go TK, then compare different TK companies. Interview extensively before you pull the trigger. 

    You already have "house hacked", so you have the experience of being a landlord. Why not find a property close by to your house and manage yourself? 

    The biggest key to multiply your assets, is to buy right with equity, fix it up, rent and take the money out and do it over, and over again. BRRRRR ! You can't do it with most TK.

    2Reply
  • Jana Colgin
    OP
    Kannapolis, NC · Member since 2016 · 9 posts · 10 votes
    10y

    Thank you for the advice guys!

    I won't be able to manage the property myself, I'm on tour with a circus most of the year.  Sometimes I don't even have cell service.  For rental properties to be a realistic option for me, I definitely need to find a good property manager.  

    That's one of the selling points of roofstock actually because they pre-screen 12-15 companies, select the best 2-3, then negotiate rates for their investors.  I am noticing that the listing prices are pretty much fair market value, so if I choose rootstock I won't be finding any deals in that regard.  But it is useful for me to have so much of the work done and it certainly seems like a more passive option.  Lots of pros and cons to consider.

    I appreciate the tips a lot, thank you!

    3Reply
  • Chris M.
    Portland, OR · Member since 2016 · 108 posts · 33 votes
    10y

    Sometimes it makes sense to go for minimalism and least amount of effort, there's a very valid argument to be made there. I know that personally if I could sacrifice say 25% of my profit to make an experience  much more painless/smoother/quicker I'd definitely do it in most circumstances. Since I'm a newbie myself I can't tell you how much better of a deal you'd be able to get outside of Roofstock compared to inside of it, but definitely worth examining the price differences. Best wishes!

    1Reply
  • Jana Colgin
    OP
    Kannapolis, NC · Member since 2016 · 9 posts · 10 votes
    10y

    Thanks so much!  I will remember to come back to this thread when I have a relevant update!

    1Reply
  • Ryan O.
    Oakland, CA · Member since 2017 · 1 post · 1 vote
    9y

    Any update? Did you pull the trigger?

    1Reply
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