@Jason G. Thanks and looking forward to it
@Antonio Cucciniello here is my journey with roofstock
I found roof stock from Bigger pocket
forum, roofstock case study. I followed step by step from the case
study. I started looking for the property from 1st week of
October 2019.I made 2 to 3 offers per week after calculating and
researching. I also viewed
webinar series on roofstock. I checked all diligence documents and
financial highlight from roofstock. I learned about rental properties
calculator, pest control ,property tax,home insurance, property
management and Lender review etc. from Bigger Pocket forum. I also
checked zillow and other market places for property value,
neighborhood etc .
Roofstock
advisor was helpful. He answered all my
questions as soon as possible. He recommended me the Lender and sent
me email about properties that I might be interested.
After some offers were made, 2 of them
were rejected.4 of them asked for counter-offer. Later then 2 only
left. I checked every single page of roofstock inspection report and
looked for the value to add like how old is the HVAC system &
Roof , Garage size etc. I found one of the properties was needed pest
control and AC unit was missing in the report. I asked advisor to
check with seller team. Advisor replied me seller want to sell as it
is. I understood Roofstock is not turn-key company. So,I checked AC
unit cost and run the numbers. I decided not to make counter-offer
back. Then I accepted the counter offer for the other unit on October
31. Accepted offer was 1.5k less than listed. Appraisal from bank
came back the value of the property with 2k more than my offer which
is great to move forward.
My frustration moments for purchasing
1st property with Roofstock
1)Buyer information sheet
Based on Roofstock check list,Once
Purchase and Sale Agreement is signed, Roofstock will send you a
copy of the lease and Buyer Info Sheet that is needed to open escrow.
I waited for Roofstock Transaction
coordinator (TC) to get Buyer Info sheet to fill out and sent for
Escrow. Escrow agent also asked me for buyer info sheet one day after
signing PSA.I am not sure who is responsible for. TC have no
idea what is buyer info sheet and she said checklist need to amend
and will check with Escrow agent. After 3 days,I directly asked
Escrow agent for buyer info sheet. Escrow agent sent me buyer info
sheet later that day.
2)Outstanding Property Tax
I was aware that outstanding property
tax was 1950$ by checking county website for 2019.
TC said 56$.I found out 1950$ in the closing statement.
3) Closing date
We done mobile notary on 5 December
after wire transferring the closing funds. Seller couldn't make it to
sign on the same day , due to emergency. We needed to redo the mobile
notary again and Final closing was done later on 9th
December.
4) Property Transaction from old PM
to new PM
I am not sure who is
responsible for transaction from current PM to New PM.I checked with
new PM about transaction 13 December. They said they still waiting on
closing, lease, and tenant info from the closing office or Roof
stock. I sent email to TC and cc to closing agent. TC replied with
all information that my PM need and asked my PM to contact to current
PM directly. Closing agent said still have not heard back from my PM
and asked me for my PM address to post rental deposit on 16 December.
My PM replied me they received the deposit on 2nd January
2020.
5)Error on title
I received the original deed
on 3rd January 2020.Tittle insurance policy was under both
name. But my husband name was not included on deed. The reason may be
mortgage is under my name only. But I am not sure. I called and email
to tittle company and roofstock TC. Title officer asked me to send it
back original title to rerecording it again. I am still waiting for
original title with Me and my husband name on it.
Entire buying process took
about 2 months. I earned 135 (net income) per month from that
property which is good starting.
All above review is based on
my personal experience. Different agents may handle differently for
each case. In my case,not holding my hand in each step. Every time I
needed to ask for next step. I think roofstock need more transparency
and better communication in process. I have learned many things
through out the process. I think I am more familiar with the process.
I may use the roofstock again.
Hope this helps.
