newbie first rental property

[Hnin Thiri]

Hi BP friends.I am new here.I learn real estate about 1 year long.I just sit on my anxiety rocking chair.After reading a few roofstock case studies from BP,finally I made my first decision.Thanks 🙏 to whoever share their experiences.I make 4 offers on roofstock start from last month. 1 is rejected.2 is asked for counter offer.1 is open.

Before i make offers,I research on zillow ,realtor etc. I used BP rental property calculator as well.

I should ask directly to roofstock advisor but I want more options and ideas.please help me to answer below.

1) preapproval letter (25 to 35%down ,~ 70k finance)

2) Can you approve or disapprove the tenants that PM find for you?

3)Will you make counter offer if it will go below 1%rule for property with 4+ neighbours , 5+ schools and 3% appreciation?

4)Can request PM for pest control and garge ?

5) roofstock is for rental property market place but What does owner occupied property mean on roofstock?

that questions came to my mind so far

much appreciated

Hnin

[Jason G.]

Originally posted by @Hnin Thiri:

1) preapproval letter (25 to 35%down ,~ 70k finance)

2) Can you approve or disapprove the tenants that PM find for you?

3)Will you make counter offer if it will go below 1%rule for property with 4+ neighbours , 5+ schools and 3% appreciation?

4)Can request PM for pest control and garge ?

5) roofstock is for rental property market place but What does owner occupied property mean on roofstock?

(1) For conventional financing you should be able to put 20% down for a SFH. If it is multifamily or you already have multiple conventional mortgages you may have to put 25% down. (2) If you purchase a vacant property then the property manager should be sending you breakdowns of applicants with recommendations on whether to approve or deny. You own the property, not the PM, you decide which tenants are approved. (3) Is the property cash flow positive and is there room to raise the rents in the neighborhood? If so I personally would. (4) PM should be able to setup pest control, etc. (5) Owner Occupied means that the owner lives in the house. They should be vacating upon closing and that should be clearly spelling out in the PSA.