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All Forum Posts by: John Neville

John Neville has started 1 posts and replied 3 times.

@AJ Singh the deal just fell through today because the house needs a new roof and substantial repairs to the plumbing. Frankly, I’m relieved.

I am investing remotely only. Obviously, there are downsides to that, but it’s not feasible for me to fly out every time I want to buy a property, esp. given it’s only $20/$25K down up front. 

It definitely seems challenging to gauge the quality of neighborhood remotely. 
Some areas of Memphis & Montgomery are $60/sq ft and others are $110-$120 for B/C class properties. There are probably corresponding discrepancies in appreciation as well

www.rate.com publishes the avg $/sq ft for many zip codes, but I’m not sure how accurate it is. My hope/guess is that it’s more accurate than Zillow. 

@Willie James

Thanks for your reply

1. I do not yet have a property manager. I agree that is crucial. I will lock one down asap and ask them to inspect the property. Good reminder.

2. The lender is not local.

3. I have asked Roofstock via email about the lack of 30-day guarantee, and they prefer that I speak with them over phone tomorrow.

4. I spoke with two HOA's and both of them think that the property does not have an HOA. Apparently, I need to confirm with the Board of Realtors, but it's looking good so far.

5. I'm using Roofstock because things seem slow right now because it's July and I want to acquire more properties sooner rather than later. 4 turnkey companies are keeping their eyes peeled for me, and my phone isn't ringing. The cash drag is real.

Hello BP'ers,

My $100K offer on a SFH in Montgomery, AL has been accepted. This is my first time buying on Roofstock, which feels riskier than buying turnkey.

What kind of due diligence should I perform besides inspection and appraisal to make sure everything's kosher?

I read JC Wu's Roofstock post about her unpermitted roof. Jeanne G mentioned buying a property later deemed unrentable by the HOA. How do I protect myself against 5-figure losses like these?

The house seems too good to be true: 1,750 square foot 5BR/2BA on a 30,000 square foot lot. The rent is $995. Laminate floors inside that look like nice wood. 

It's been on the market for 75 days and I offered the listed price. I'm not even buying all cash: I'm using financing.

How did I get this property? Why is no one else interested? I have three potential reasons:

1. It's on the west side of Montgomery, where property values are lower and crime is higher, though my agent said that this particular neighborhood is good.

2. My agent listed the house as needing $4,000 in repairs. When I asked where he got this number from, he said, "My own head: it was just a guess. I made it up. I've never been inside the place."

3. The house does not have a 30-day Roofstock buyback guarantee.

I would like to hire a lawyer to write an agreement that protects me if the seller and title company neglect to pass on important information about the condition and rentability of the house. Do you think they would sign such a thing? Should I be suspicious?

Best,

John