All Forum Posts by: Brian W.

The City of Newark has placed a 4% cap on rentson single, duplex ,triplex and 4 family owner occupied homes, that were previous exempt. Which means Newark NJ has the strictist rent control policy in the Country outside St. Paul, The mayor wants no investors in the city. And Investors should avoid the city as such, the city has made it clear that it would rather no investment so it can keep its populations rent artfically low on the backs of homeowners and investors 

excuse me *Broker*

I finding that many homes and reasonable deals go fast in the area.  I am a beginner NJ- based OOS looking to enter the Jacksonville market  and I am looking for a responsive broker in Jacksonville. I am familair with the St Johns and Mandarin Area because my ex wife lived there.  But I am open to anyware. I tried zillow, realtor, the problem is that it takes too long to get to a broker, and if you do the broker communicates very slow and infrequent

I am looking for a duplex for under 200k

Or a low repair 3bed 2 bath SFH that is able to cash flow under 200k. I prefer homes with large land lots.

I am preapproved

I just made a purchase this april and had a undisclosed sewer line issue which now has to be replaced at a cost of 7k.  Inspector never caught the problem which could have been as easy as flushing the toilet. I am convinced that a such a problem and the   flow backups that must have are  occurre previously are NOT something that happens spontaneously. 

This will gut all cash flow for at least 2 years. i had other little repair in which seems suspicious  , a full  electric panel replacement which wiped out cash flow for two months. The large cap repairs are suspicious in that they happen to fail  right after closing , which leads me to believe that inspector rushed through the job and just slaps  on a disclaimer , basically its your problem if we miss something. OR the owner wanted to dump the property and did some temp fixes to hide large cap. In all, this tells  me there is limited value-added customer experience to rely on a roof-stock certification inspection when u must go behind them inspect the property on your own advocacy. 

i also believe there was a lagtime from inspection to purchase. Any lag time between inspection and closing  that exceeds 45days should be a red flag.   

Its been a nightmare for me and turned me off anything not new constructions or with a warranty. if i placed my down payment into a REIT i wouldn't have this problem and would have liquidity. Out of state investing is risky but it shouldn't be this risky in the first month of ownership . Mathematically, its highly unlikely that all these repairs would all converge on the first month of ownership following a inspection. I find it fishy and troubling to say the least

i have been contacted by roof-stock support but nothing tangible has come of that except a few kinds words 

Good Day, i wanna share this unfortunate experience with prospective investors on roofstock.    

I decide to get my feet with and take a leap of faith in SFH investing

I recently purchased a 100k property in Missouri relying solely on roofstock’s “certification” and inspection  .It was a decent 1956 ranch with a some recent repairs based on resolving issues highlighted in the first so called inspection 

I put in an offer and it was accepted instantly. Idk if the owner had it set to automatically accept or he/she was so eager to dump the property they was sitting anxious to get the contract started.

After i had financing fall through and then get approved on 2nd attempt , i felt relieved i can finally start my investing journey.

Literally a few days after i close, the tenants starts listing problem after problem on the property manager maintenance portal.  Master bedroom-no power....Basement ceiling HOLE and sewage backup  in toilet, ALL BEFORE I RECEIVE MY FIRST RENT CHECK   

Property Manager states hole in ceiling is from possible leak. 

As far as the hole, the Tenants says problem has occurred before/fixed before now its  a problem significant enough  to have occur again which means previous owner fixED the problem, did not disclose and ROOFSTOCKS BPG INSPECTION/RE-INSPECTION DID NOT CATCH THE PROBLEM  which was clearly brewing during the inspection period .

Luckily for rootstock and the inspection  they have plenty of loopholes and outs for situations just as this. 

Unfortunately for me im staring at 7K ESTIMATE  that involves, plumbing and excavation and other stuff...  that will that will cost me 2 years of NEGATIVE CASH FLOW “if” NOTHING ELSE goes wrong.

ANY newbie investor  that doesnt want to defeat the purpose of investing by hemoragging wads of cash on problem properties and half assed rushed inspections look at  Roofstock with EXTREME caution. Do not trust their “roofstock certification” or inspections and get a secondary inspection 

their system is setup where inspections can be 90 days old and u are locked into an offer without a contingency, which can lead to loss of deposit and loss of roofstock fee. Not a fair system to sellers and can lead sellers doing patch work/hide problem they dont wanna fix and DUMP THAT PROBLEM ON YOU.