All Forum Posts by: Sunny Suh

I’m actually set to close with roofstock and hate the experience. Yes, you have two contingencies to back out of the deal, the inspection and appraisal. For the inspection, since they provide the inspection report that counts as the contingency. my inspection report had no estimate of age on anything, poor quality inspection. I then tried to still get an inspection and it took them over 4 weeks to schedule one with the tenant because the property management couldn’t communicate with the tenant. My first inspection company decided that it was too much headache to schedule they dropped me. Then they had to reschedule twice with the appraiser. 

It’s better to work with a real estate agent rather than pushing for roofstock, good idea in theory but they are lopsided to favor the seller. 

Oh, btw, all major items like roof, hvac, water heater were beyond their lifetime usage meaning they all needed to be replaced. 

Live and learn, won’t ever buy from roofstock.

This will be my fourth OOS property and was the biggest headache acquiring. I can’t back out because the two contingencies are met. Once the tenant moved out I’ll be able to rehab and get it to market rent.

Really curious if you signed a buyer's agreement because he'd have a fiduciary obligation to you. if so, I would definitely report to the realtor association and write bad reviews on zillow, trulia, realtor.com, etc. 

Or have that hanging over his head to bring you another opportunity, but you should be tactful about it. just be open about how you feel wronged and will call it even if he brings another promising opportunity.  

Sounds like this guy is hustling to find deals, and if he had to convince the seller to sell the home he may be worth "using".  

If it's not owner occupied, expect the rate to be roughly 1% higher. as you alluded Ayana, you may only decrease it by less than 1%. i have a HELOC on an investment property (not owner occupied with tenants) and it was around 4.6%.

typical rule of thumb, if you can reduce at least 1% then it's worth looking into further of doing a refinance. with what i know so far, and if you plan to keep the tenant, it may not be worth it. if you are moving back into the property, it may be worth it. 

Loan Officer is fortunately responsive (initial person I got in touch with to start the process), Loan Processor although empathetic, is almost unreachable. Be open to picking up phone calls from random numbers because I happened to pick up and it was her. 

I started the process late June, home appraisal has been done mid august and came back with conditions, and then waited another 2 weeks since I have fixed what they requested to fix, also sent pictures. the biggest concern were the bars on the windows and cracks on the stairs to the front entrace, they took a picture of only 1 window in the front of the house. they came back to check, another $175 cost to check, only for them to state i didn't remove the bars on the side of the house WHICH WAS NEVER MENTIONED IN THE REPORT. 

I had bars on the 2 windows in the front of the house ground level, and bars on the side of the home. I removed one of the metal bars a long time ago when renovating the home and the fire department said i only needed to remove one. this appraiser says i need to remove the other front bar windows, which was a charge. he then checks and states i didn't remove the bars on the side of the home which he failed to mention. 

Loan Officer said there was no change in my status, I reached out to my loan processor's manager, over 4 emails and 2 voicemails, waited awhile, only to be switched to a new processor. this new processor said he has no idea what happened to the previous processor and that he's originally from the marketing department?? (i wouldn't be surprised if she got covid, i really hope not..)

anyway, i finally got my signing around late september, they're undergoing a change in their system and i never got any welcome package which is expected to be 2 weeks after so i called and they sent me a few checks.

it was extremely annoying, timing was bad, but this is what we must suffer for that generational wealth. 

@Monica S.undefined

@Tara Faulks you really need to do better research. Being from the area I would hold onto the property in Hoboken, unless you can find an investment with as high appreciation (not easy).

You’re wrong on not being able to get a heloc on an investment property. Please simply search bigger pockets, I did it through penfed. And it’s only 1% higher. I’ve been told the same by lenders saying you can’t get a heloc on an investment property and searched on here myself.

Have your cake and eat it too. 

Still a lot of unknowns (what is your situation that you found a 900 cash flow? Are both numbers specific homes you already have in mind or are these general numbers?) 

Not sure what other goals you have, or your situation, but personally if I was in your shoes, I would buy the multi family in JC and pay 500 rather than getting cash flow. 

Other reasons beyond the appreciation that you mentioned is because if you are getting a mortgage, interest will be more favorable to a primary home. I’m assuming you wouldn’t live there long and plan on buying another property to rinse and repeat

I have a multi family home in jersey city myself, bought in 2015 and it pretty much doubled in price at the current moment. Pulled out equity via heloc and starting to look into investing out of state.

Lot of unknowns, I know you’re probably venting here a little and sorry to hear you experiencing this.

Are both of them on the lease? Curious what sort of background check your PM provides along with work and credit history that you get into these situations.

Agree with @Steven Foster Wilson, really depends on your long term goal. Personally I’d keep it, and sell when I need the case for a better opportunity to earn more like what was previously mentioned. Granted, you take on more work/stress/risk however you want to look at it, but that’s okay with me, may not be for you or others.

Hi BP Family,

Can't wait on finding a mentor so I'm executing and learning from experience!

Current Situation: Just closed on a HELOC for $140k my my first property. Have a lot of room with a low DTI ratio. Starting to explore out of state investing, and for a HELOC it will definitely be a BRRR strategy, but figure I can also get a mortgage and buy turnkey or market value.

Question to the more seasoned investors. Would it be smarter to buy my next home with a mortgage and while I have a low DTI? And then the next home with a HELOC? That's my current thinking, but wondering if there's any benefit of buying a BRRRR strategy investment with a HELOC first.

thanks for the responses everyone! speaking with a few lenders, surprising with a 790 credit score some claimed 3.5% with 2 points or 5% with no points. 

however, the concensus is that a good rate for someone with high credit is 3.5% with no points at 25%-20%. 

interestingly enough, we found a lender just searching top lenders on zillow and came across one that initially said they could only match the other lenders at 5% with no points, only to come back and say they "figure out a way" to get 3.5% with no points. concern that they will backload the cost onto the closing costs, but that is still better than the amortized total loan. 

@Nick Sheveland congrats on the refi! makes sense that it's under 3%, rates will be better for primary, my focus is on the non-primary investment. 

a lender from first federal reached out to me privately and seems like a good person to work with, but will still do my due diligence for another property.