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No point to spend that much time if few people will read it. I notice that you comment on almost all Roofstock related posts usually to defend Roofstock. Looks like there are investors that have established an advertising relationship payday loans for really bad credit with Roofstock, such as the ones who wrote Roofstock reviews on Listen Money Matters and The College Investor. I have no relationship with Roofstock other than as a customer. There are posts seeking information on Roofstock regularly and I know that Bigger Pockets was an invaluable resource to me prior to purchasing my first property and continues to be so sharing my own experiences is a way for me to pay it forward. I do not see how anyone can use your experience as a guide without specifics to learn from. I am in middle of writing a review myself based on my recent experience. Most importantly what the permitting issue was exactly, and if that is why you went with a wholesaler instead of MLS... This is a community that thrives on information, details, and numbers. We gather to hear of others experiences, ventures, opinions, thoughts, and most importantly the details relating to them. With that being said I would also like to hear the details as I am already this invested in the story, but it might never happen because I am only request number 5. The more we all know, both pros and cons, would better aid in each of us coming up with our own conclusions and future decisi I realize that city may not lending club loan for vacation issue and sign off on other permits until code violations are corrected (learned that the hard way).

I can post a long version to elaborate on the above-mentioned points if more than 10 people on BP are interested to know more. The order of the questions has been rearranged for a better flow. The reasons can be explained in details in the second half of the long story. I doubt it has anything to do with this permitting issue. I bought it in 2017 for 95K before taking into account the closing costs.

The seller rehabbed the property, kept it as a rental for about a year and then sold to me. I entered the right market but bought the wrong property from the wrong seller. The Jacksonville market is pretty hot right now, and the property has appreciated quite a bit. What payday loans for really bad credit was the undisclosed permitting issue that the local flipper discovered from the public record? The ramifications that stemmed from it were complicated. The discovery of the unpermitted roof was the trigger. A 4-pt inspection I ordered for insurance purpose seems to confirm this. The 4-pt inspection report indicated that all the major systems were updated around 2015. I checked the permit history of this property on the City of Jacksonville Building Inspection Division website.

After seeing this, I immediately started to wonder what other work performed in 2015 was also unpermitted.

The seller did some other work for me after selling me the property, which turned out to be interest free personal loan a total disaster.


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Looks like they even brazenly lied in writing against their own words from previous emails to rip me off a paltry couple hundred bucks. Later on, I found out they appeared to be committing fraud and doing illegal stuff. A lot of those people are financially vulnerable and lack resources to go against the seller.

The seller also appears to be gaining unfair competitive advantage through cheating while many of its competitors earn recognition through hard work and serving the community.

I tried to warn others and posted online a screenshot of a consumer alert a website issued against the seller.

I might have to anti-SLAPP and even sue them back for malicious prosecution or malicious use of process depending on what happens in the future.

My logic goes, if the seller went so far to rip me off just a couple hundred bucks and they scam people, it would make sense for them to hire the cheapest labor, cut corners, use the cheapest material for the rehab in order to maximize their profit from the flip.

It would also make sense for them to not pull permits to save on the permit application fees and finish the rehab asap without delay. But I do know that, when it starts to fall apart, I could be hit with some big-ticket items.

In hindsight, I should have hired a local inspector to do a super comprehensive and thorough inspection immediately after closing.

In that way, If anything alarming came up and was too much for me to handle, I could benefit from the Roofstock 30-day money back guarantee and sell it right back to Roofstock. Laws regarding permits are local and vary from city to city. The cost of pulling one permit is usually only a couple hundred bucks. Technically, a permit needs to be pulled for almost any major repair, like reroofing, repiping, rewiring, replacing HVAC system. For instance, online installment loans california they usually do not enforce if i get a payday advance loan does it make my bank balance negative swapping out a water heater without a permit, but they tend to make a bigger deal out of a full roof replacement without a permit.

A code compliance inspector from the city would have to inspect the unpermitted structure and sign off on it.

The roof is fairly new with a remaining useful life of as long as ten years according to the Roofstock inspection report.

I thought about hiring my own inspector to check out the property first to see whether it could pass a code compliance inspection, and then decide whether to contact poor credit loans payday loans for really bad credit unsecured the city or not. I read some BP post discussions to get a better idea on permitting issues.

My takeaway from that post is do not count on the city to cut me some slack when they actually find out.

Well, without me having to disclose, my then prospective buyers quickly found out on their own and interrogated me about it, one day loans asking it be reflected as a discount.


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Insurance companies feel differently about unpermitted structures, many of which do not cover unpermitted structures or personal injuries caused by unpermitted structures. During the short duration of my ownership, Jacksonville was under the influence of a category 5 hurricane and a category 4 hurricane: Irma in 2017 and Michael in 2018. I payday loans for really bad credit can imagine during a hurricane, the tenants huddle under the roof while the roof gets battered.

The necessary steps to follow would be that a claim is filed by the insured via a call to the insurance claims department and then an investigation would be conducted by an insurance claims adjuster who would then make a decision as to whether the claim would be paid or not. I thought about leaving it vacant and wait for it to appreciate over the next one to two years and then sell. However, I think leaving a property vacant for too long is risky.

During vacancy, I have to incur some costs, such as property tax, property management fees, insurance, and possibly property get payday loans for really bad credit cash now no credit check damages from break-ins. Moreover, I feel that the market is at its peak right now.

When the home gets listed on the MLS, it would likely get hundreds or even thousands of views. Some nosy people might even rat me out to the code-compliance folks.

Also, a buyer might request the issue to be remedied, which could hamper closing.

I put my contact info on the public record when I bought the property, so I received payday loans for really bad credit unsolicited postcards in the mail from local wholesalers. I just called about a dozen of them, figured out they use the same formula to run numbers, their offers came close, I picked the second highest offer (the highest seemed a bit shady).

The wholesaler eventually assigned the contract to another buyer and the title company did a double closing. I could probably have walked away with a couple thousand dollars more. This is the first property I bought from Roofstock, and the first property I bought in my entire life, so I was a brand new newbie. My due diligence can be divided into two parts: on Roofstock and on the property. I found out that the Roofstock CEO went to Stanford. A close family member of mine also went to Stanford. These are hardly any real connection, but I have the tendency of trusting people who share things in common with me. I believe everybody has that tendency more or less. I believed and expected Roofstock to possess a sense of honor, integrity, decency, and abide by a set of moral and ethical rules. Roofstock providers is a juicy story for another day. I checked out amenities around the property on Google Map.

Grocery stores, day care centers, parks, restaurants, shopping malls, distance to downtown, major highways, etc.

I also checked citydatadotcom for the demographics of the population, the average income, and a bunch of other things pertaining to the local community as a whole.


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I went on homedisclosuredotcom to check for hazards, noise level, criminal offenders nearby, etc. And of course, all the documents in the Roofstock diligence vault. At the time of purchase, my biggest concern was actually the registered sex offender neighbor.

The lease I inherited indicated there was only one female tenant. I was concerned about her safety and whether the resale value would be adversely affected by a neighbor like that.

It turned out the sex offender was the least of my concern. It also turned out the tenant had unauthorized occupants living with her all along. As a rather clueless newbie, it never occurred to me that I should check permit record.

Maybe I dodged some bullets without even knowing about it by cashing out on this property. I definitely should have done extensive research on the seller.

Writing payday loans for really bad credit reviews brings me closure, but more importantly, I hope by sharing my experience, you newbies out there easy loans to get can avoid paying some tuition. Thank you for sharing more details on your experience. It is useful to know that Roofstock does not verify if all work is permitted on the homes they sell, at least in this particular instance. Just an observation, but you seem like someone who might benefit a great deal from using a real estate agent if you plan to invest in RE in the future. It is commendable that you care about the safety of your tenants and neighbors, but it sounds like you spend a lot of time worrying about what could go wrong with your investments. Find a good agent, and let them eliminate some of that time and stress for you! You payday loans arlington tx have made a number of assumptions that may simply not be true. You are presuming the "seller used the cheapest labor, cut corners and and used the cheapest materials. When I hire a contractor I expect them to pull permits. A licensed roofing contractor I trust completely, put a new roof on my personal home. You can see the quality of the finish work on the job and you received an inspection report. If that was satisfactory then why are you concerned? I think you are making a big deal over a little issue.

When I make decisions, I only care about the worst case scenario and whether I can handle it or not, which involves asking "what if" questions. The report for this particular property is only 13 pages long including all the pics, not very detailed. Some Roofstock inspection reports are over 100 pages long. The City is really good at looking at permitted work. Appreciation for Jacksonville for 2019 should be a bit less than double-digit, then cool down next year as we enter a recession (2 quarters of successive declines in GDP).

I believe the market is perfect for buy, fix and flip, I sold all of my rentals at the end of last year, so I got top dollar for those we held before the Great Recession.