All Forum Posts by: Hnin Thiri

@Jason G. Thanks and looking forward to it
@Antonio Cucciniello here is my journey with roofstock
I found roof stock from Bigger pocket forum, roofstock case study. I followed step by step from the case study. I started looking for the property from 1st week of October 2019.I made 2 to 3 offers per week after calculating and researching. I also viewed webinar series on roofstock. I checked all diligence documents and financial highlight from roofstock. I learned about rental properties calculator, pest control ,property tax,home insurance, property management and Lender review etc. from Bigger Pocket forum. I also checked zillow and other market places for property value, neighborhood etc .

Roofstock advisor was helpful. He answered all my questions as soon as possible. He recommended me the Lender and sent me email about properties that I might be interested.

After some offers were made, 2 of them were rejected.4 of them asked for counter-offer. Later then 2 only left. I checked every single page of roofstock inspection report and looked for the value to add like how old is the HVAC system & Roof , Garage size etc. I found one of the properties was needed pest control and AC unit was missing in the report. I asked advisor to check with seller team. Advisor replied me seller want to sell as it is. I understood Roofstock is not turn-key company. So,I checked AC unit cost and run the numbers. I decided not to make counter-offer back. Then I accepted the counter offer for the other unit on October 31. Accepted offer was 1.5k less than listed. Appraisal from bank came back the value of the property with 2k more than my offer which is great to move forward.

My frustration moments for purchasing 1st property with Roofstock

1)Buyer information sheet

Based on Roofstock check list,Once Purchase and Sale Agreement is signed, Roofstock will send you a copy of the lease and Buyer Info Sheet that is needed to open escrow.

I waited for Roofstock Transaction coordinator (TC) to get Buyer Info sheet to fill out and sent for Escrow. Escrow agent also asked me for buyer info sheet one day after signing PSA.I am not sure who is responsible for. TC have no idea what is buyer info sheet and she said checklist need to amend and will check with Escrow agent. After 3 days,I directly asked Escrow agent for buyer info sheet. Escrow agent sent me buyer info sheet later that day.

2)Outstanding Property Tax

I was aware that outstanding property tax was 1950$ by checking county website for 2019. TC said 56$.I found out 1950$ in the closing statement.

3) Closing date

We done mobile notary on 5 December after wire transferring the closing funds. Seller couldn't make it to sign on the same day , due to emergency. We needed to redo the mobile notary again and Final closing was done later on 9th December.

4) Property Transaction from old PM to new PM

I am not sure who is responsible for transaction from current PM to New PM.I checked with new PM about transaction 13 December. They said they still waiting on closing, lease, and tenant info from the closing office or Roof stock. I sent email to TC and cc to closing agent. TC replied with all information that my PM need and asked my PM to contact to current PM directly. Closing agent said still have not heard back from my PM and asked me for my PM address to post rental deposit on 16 December. My PM replied me they received the deposit on 2nd January 2020.

5)Error on title

I received the original deed on 3rd January 2020.Tittle insurance policy was under both name. But my husband name was not included on deed. The reason may be mortgage is under my name only. But I am not sure. I called and email to tittle company and roofstock TC. Title officer asked me to send it back original title to rerecording it again. I am still waiting for original title with Me and my husband name on it.

Entire buying process took about 2 months. I earned 135 (net income) per month from that property which is good starting.

All above review is based on my personal experience. Different agents may handle differently for each case. In my case,not holding my hand in each step. Every time I needed to ask for next step. I think roofstock need more transparency and better communication in process. I have learned many things through out the process. I think I am more familiar with the process. I may use the roofstock again.
Hope this helps.

@Jason Gines

My PM ask me to fill out W9.I have no LLC yet.

so I am not sure How PM will handle my SSN on W9.I will ask W9 from them too.

1) How did you do with W9?

I choose realprotect for my rental insurance.

2) How you choose lower or higher deductible for your first property?

Thanks inadvance

Thiri

@Jason Gines

My PM ask me to fill out W9.I have no LLC yet.

so I am not sure How PM will handle my SSN on W9.I will ask W9 from them too.

1) How did you do with W9?

I choose realprotect for my rental insurance.

2) How you choose lower or higher deductible for your first property?

Thanks inadvance

Thiri

Appraisal fee is 400$ different. The rest (Processing ,underwriting,Credit Report Fee,Tax service etc.)
are almost the same.Total closing 3k+ without prepaids and initial escrow payment.

@David Adamolekun

My first Rental property in 2019

home price 70k +

credit scores 760+

25% down

no point was purchased

Interest rate

wells fargo gave me 5.7%

northpointe gave me 5.375%

if I spend 675$ to buy point to lower down the rate (can be saved ~14$ per month)

I choosed Northpointe Bank.

May be you can buy lender point or more down payment can reduce the interest rate.

Hi BP friends

My first rental property is under contract.

I will choose one of the PM Allstar management or IIP management (ohio).I will speak with them to make a decision.

I couldn't find much feedback online about them.I was wondering if anyone worked with them here?

really appreciated your response

Thiri

@Jason Gines

Thanks you for your case studies Jason.

Thanks again for answering.

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