All Forum Posts by: Jason G.

I'm under the impression that if you use the HELOC to purchase investment properties then it should still be deductible.

I have one carrier on my primary, another on all my rentals, and then United States Liability Insurance (USLI) for umbrella.  I used to use Geico for Umbrella but they have a cap on how many properties they will cover.  I do not have multiple umbrellas though.  USLI covers everything, primary, rentals, and auto.

 Four in Atlanta Market and current one in contract is Cleveland Market.

For those not familiar with the open house feature, according to Roofstock, "Open House is a 72-hour period that allows you to make an offer and start negotiating early. This is a new or previously listed property on the marketplace that has been listed while the certification process is being completed. When you make an offer, the seller will respond within 24 hours of the Open House period ending. Access our newest listings: Be the first to view new listings that have just hit our marketplace. These properties will be open to bidding during the 72-hour Open House period. Engage sooner with sellers: Get a leg up on the competition. Open House allows you submit your bid ahead of other marketplace investors and quickly get a response. Tip - Make your bid more competitive: Submitting an offer above the suggested offer price can increase your chances of being accepted by the seller, especially if there are other investors interested in the property."  

They used to have coming soon properties in the past and then they rolled out a Roofstock rack feature for properties that needed a bit of rehab and were offered at reduced pricing. When working with new or newer features there are always bound to be bumps in the road, but overall I've found Roofstock to be a good tool in acquiring out of state investments. I'm in the process of purchasing my fifth SFH (fourth through them).

 I use Excalibur Homes.  They manage my four rentals in the Atlanta area.

For me personally it would matter what the addendum is saying.  As long as the appraisal contingency is in place and extended during the time the seller is appealing it then I would wait.  If the addendum is attempt to eliminate the appraisal contingency I would walk.   If you have concerns about the terms of the addendum I recommend contacting a real estate attorney in your locality.

Do you know if that was just a limitation on getting a LOC on the investment property or is that also a restriction on a HELOC as well on a primary if you have more than three properties?

 Just type Roofstock into the bigger pockets search. There are quite a few reviews by those who have used it.

It has been a little while since I've provided an update so I thought now would be a good time. I currently own four SFH in the Atlanta Metro area and am in the process of trying to acquire a SFH in the Cleveland Metro area via Roofstock. All the numbers worked pretty much as expected based on my initial computations.

- Lithonia, GA: This was the first SFH I purchased through Roofstock. Aside from initial work needed to be done which has been discussed in prior posts I've had no maintenance items at this property. In July 2018 the tenants did not pay the rent which resulted in the filing for eviction. This prompted the tenants to pay the July rent. However it resulted in legal fees. As of right now the August 2018 rent has not been paid, but sometimes it takes a few days before it registers on the owner's interface on the property management site.

- Villa Rica, GA: This was the second SFH I purchased through Roofstock. Aside from initial work done and additional work stemming from having the septic tank inspected there have been no maintenance items at this property. The tenants have been paying every month.

- Canton, GA: This SFH was purchased outside of Roofstock using an agent from the property management company. Aside from initial work done there was an issue with the garbage disposal unit which was addressed back in June. The tenants had renewed their lease back in December 2017 but have recently given notice to leave early at the end of September. The tenants have been paying every month.

- Dacula, GA: This was the third SFH purchased through Roofstock. No work has been done to the property after purchase. The tenants have been paying every month.

-Euclid, OH: I'm trying to purchase a property through Roofstock but have been having some issues.  We came to an agreement on purchase price back on July 17th.  After that the Roofstock Transaction Coordinator told me that the seller was requesting that I pay for an item at closing that was the seller's responsibility as per the PSA posted in Roofstock's diligence vault.  However, after I raised skepticism over the request Roofstock offered to credit me the market place fee at closing which comes out to be a little more than the requested item.  This did bother me though because after a sale price is agreed upon there is no discussion on Roofstock's website that the PSA terms are now negotiable.  Technically I suppose everything is negotiable but the point of Roofstock is to simplify the entire process so if that was a seller requirement then the posted PSA should reflect that.  I was sent the PSA back on July 24th and the seller did not fill out the Ohio Disclosure form.  This was a red flag to me.  Remember that Roofstock is the agent of the seller, not the buyer, but even so, as a customer with Roofstock I believe they should have reviewed the disclosure sent by the seller which didn't answer the questions presented and sent it back.  I told the Roofstock Transaction Coordinator that the deal could not move forward if the seller would not fill out the disclosures.  I received updated disclosures today, August 2nd, which revealed a prior issue at the property that the seller had addressed.  Several questions were still not answered.  So I informed Roofstock that they needed to be addressed.  However, the entire thing comes off very shady and unprofessional.  At this point I'm skeptical this deal will even move forward.

Home Union has higher fees associated with purchasing and managing the property and they aren't an exclusive market place. All those properties you see on their site, at least the last time I logged in, are all MLS. They negotiate on your behalf to purchase the property, just like a regular buyer's agent does. Personally I think it is more cost effective to just engage with a local investor friendly real estate agent and purchase a property rather than going through Home Union.