All Forum Posts by: Rohan D.

Definitely check out the roofstock website since I found it useful along my journey. I am listing some pros and cons I had mentioned in another forum about using roofstock:

Pros:
1. great analysis tools to run the numbers on a property. You get good practice analyzing properties and become more familiar with the system.

2. Many properties have disclosures and inspections already done which helps you make informed decisions

3. They sell properties which are currently occupied. so that is some sort of a safety net for many.

Cons:

1. In hot markets, delay in response can cost you. MLS to Roofstock can take anywhere from 0.5 to 1 day. Add another day for you to sign some edocs and put the offer. By then the house is gone.

2. The financial calculations they use for "Property Tax" is as if it is owner occupied (not sure if they have updated this bug). But most of us are investors, and investment properties have higher property tax percentages. This can give you misleading financial information and is something you have to account for manually in your calculations

what folks say about building a good team is absolutely important, but this process is rather organic for your first investment.

Readup about the investment strategies and make sure you are comfortable with them. (Eg: cash flow vs appreciation, buy and hold vs flips, sfh vs multifamily, handson vs passive etc) once you have identified your niche, dive deep.

@Torey Chumbley, I just used their website. 

did not know about the disclaimer either.

I am also a newbie and have used roofstock earlier this year (almost made a purchase, but got beaten on 4 offers). I can tell you some of their pros and cons.

Pros:
1. great analysis tools to run the numbers on a property. You get good practice analyzing properties and become more familiar with the system.

2. Many properties have disclosures and inspections already done which helps you make informed decisions

3. They sell properties which are currently occupied. so that is some sort of a safety net for many. 

Cons:

1. In hot markets, delay in response can cost you. MLS to Roofstock can take anywhere from 0.5 to 1 day. Add another day for you to sign some edocs and put the offer. By then the house is gone. Happened to be 4 times.

2. The financial calculations they use for "Property Tax" is as if it is owner occupied (not sure if they have updated this bug). But most of us are investors, and investment properties have higher property tax percentages. This can give you misleading financial information.

Thanks George, great inputs! I will be more prepared now...

Hi BP folks, I came across an inspection report for a 25 year old house which was built on Permanent Wood Foundation. What are the things I should be cautious about this kind of foundation? (for eg: grading of the house outside, rot, exposure to moisture...)

I am worried about the long term expenses that come along with it?

What is the life of the foundation I should expect before it starts to cost me?

Lastly what is the worst case expenditure I can expect to fix the foundation.

Assuming it has NOT been maintained with the best care.

House is approx 1700 sq ft

Thank you!

thank you guys for the valuable information!! 

Thank you Justin, appreciate your inputs. Do you have a ball park number of the how much it takes ($)(monthly/one time) to maintain a septic tank?
I will get in touch with a septic inspection company and try to get an idea of the health of the tank.

thanks again!

Hi BP folks, I am about to make an offer on a house when I found out the house has a septic tank. I do not know anything about it, but after doing some basic reading, it looks like an expensive affair.

Firstly, should I pass on the house because it has a septic tank? any disadvantages.

Secondly, if septic tanks are ok? What all should I make sure has been repaired, maintained, serviced etc. and how much budget should I account for its maintenance monthly? 

Any inputs will be much appreciated.

The house is 24 years old.

Thanks!!

Thank you Perry! Will speak to them as well... 

Hi folks, I am looking to make my first SFH investment in Greenwood IN. Based on the data online, schools are descent, neighborhood is good. What to get a feel of how the BP community feels about this place? My primary worry is not able to find a rent (since I do not have insight into jobs in the community, ease of finding tenants, seller vs renter ratio) Any input is much appreciated.

my primary concern: unable to find tenants- since I don't know the place

my goal: stable property that produces steady cash flow. I am not in this for equity.

thank you!