All Forum Posts by: Jason G.

Hi @Jason G.
I'm just getting into REI and will be planning to specifically get into Buying and Holding. If you don't mind, would you share how you scaled up to 5 properties in a year and a half? I believe my understanding is still lacking in this specific area - the creative financing. Unfortunately I don't have a property of my own yet to do any type of HE Loan or HE Line of Credit. 

I'm also going into this as an LLC so I'm sure that changes things a bit dealing with CU and banks, but that's separate. I'm just interested in learning the specifics of how you grew to 5 from 1.

Daily texts, calls and postcards. Anyone else just absolutely worn out? Everyone has the same pitch too. 

@Jason G. I was thinking about finding a BRRR deal in New Jersey and using an FHA 203k loan to fix it up and then house hack it. Of course this is assuming that everything said and done, the cashflow would atleast allow me to breakeven, but the way I see ot I would be saving on rent every month. What do you think about that?

Hi, I am 23 years old and live in NJ. I have been reading, listening to podcasts, etc. For almost a year now and part of me is like I need to learn more and the other part of me is like do not get stuck in Analysis paralysis.

I am in a dilemma about whether I should buy a rental or BRRR. I have enough money for a downpayment and closing costs I also do not know whether to invest in NJ or out of state. If I do invest in NJ I can FHA and househack, if I dont then I can either buy a turn key property out of state or BRRR. Another thing that is bothering me is the decision of whether I should invest now or wait a little bit because of the current condition of the market. There are so many things I have to figure out and I need some guidance. Any help is appreciated. Thank you!

I have used roofstock in the past as a new investor. I bought multiple properties with them, one decent property and the rest were absolute nightmares. They give you these subpar inspection reports, leading you to believe you are buying a good property in a good area, but then if you try to sell it, they tell you that they can't do so untill the big Cap expenditures are taken care of. These were not even seen on their initial subpar inspection reports. They blame the inspector they used for the oversight. I found this odd considering it consistently happened on every single property. These repairs are not just routine maintenence that one would expect to have to pay for a turnover a property we are talking pipes roofs foundational issues. Additionally, they waaaaay overvalue the properties before you buy. I should have gone down to see these properties myself and done my own due diligence prior to purchasing they might argue, but that's their whole model. They are selling you on the idea that with their inspections and price calculations, remote investing is easy. Watch the cartoon on the website. I think remote investing is certainly possible, but these guys are not the solution and will leave you bleeding cash. I would use my own inspectors and look at many more data points besides their price algorithms. I put entirely too much trust in them and got burned badly. 

@Jason G.

And you answered your own question, I can’t give out too much detail in case Roofstock did make a mistake and offers to rectify it. As of right now, if anyone asks me what I think about Roofstock, as was the original question posted, I would advise to stay away from my personal experience, but you are welcome to do with your money as you please. You don’t have to know much more than that. That’s really all personal stuff until it ain’t, if it ever comes to a point that it isn’t, ie. Class action for misrepresentation or something of the like.

@Jason G.

It’s never wise to give too many details about an issue you are still dealing with. Just know I purchased a “turnkey,” and what I got was anything but turnkey. I guess one way to learn is to go through it yourself. There’s a ton of good reviews on Roofstock out there, unfortunately my experience was, or is a disaster, and I personally wouldn’t recommend Roofstock to anyone I know!!

 It seems kind of odd they market them as a Turnkey, when they are not even a Turnkey Provider. 

@Ikra Kafayat

I am still dealing with these issues so, unfortunately I can’t go into too much detail, but the property I bought was marketed as turnkey, and it turns out that it needed a good amount of work. It failed the occupancy inspection on 2 of 2 units, and now the central ac unit is not working and needs to be replaced. All in all, I’m at about $3000+ in expenses in 2-3 months of ownership, not counting whatever the cost of central AC issue is.