Real Estate Agent · Philadelphia, PA · Member since 2016 · 115 posts · 61 votes
A big Philly "YO!" to everyone in the BP Community. I am new to real estate investment. I am currently writing my mission state, business plan, goals, strategy, etc. My plan for my first property is to use leverage and work with Roofstock to buy a property in GA, FL, NC, or IN. I'm looking for high cash on cash (>25%) and a property under 90k. Good schools & low crime are ideal. Also, i'm not buying in any neighborhood that Google street view has homes with bars on the windows.
My goal is to have a monthly net income of $5000 in 5 years. Until then I will keep my day job to fund acquisition costs.
Really looking forward to this exciting line of work!
Great to meet you @Kevin Branin. Could you explain Roofstock a little more? I've never heard of it. Anyhow, I am a Philly investor. Have you tried to attend or start a meet-up? I'll be attending my first next week
Great to meet you @Kevin Branin. Could you explain Roofstock a little more? I've never heard of it.
Hey Ryan! OK, this is an overview from their Facebook page:
"Roofstock is the first online marketplace and community created exclusively for investing in leased single-family rental homes that generate cash flow day one.'
So, I'm not too familiar with the turn key investment style, but I know that typically buy wholesale, rehab,find tenant, sell house to investor, and then are typically required to be kept as property managers for a time.
Roofstock functions as a marketplace and provides homes (from REO and REITs from all over the US) to investors with 3D Tours, analytics of the market and home, diligence reports (including property valuations and inspections), and referrals to property managers and financing agents. So, you the investor are independently buying, choosing the property managers, and lender, while Roofstock is there to make suggestions based off their list of certified providers. Basically, they hold your hand.
SO you're in Philly? I'm in East Falls. Are you going to this class that Thane Merril is hosting on finance? I don't know anything about him and he may be a guru, but the class is free and held at some fancy locations around the city. I would love to get together as I proceed with my first property.
@Kevin Branin. I am attending the Philadelphia Real Estate Investors Expo at the Mariott on City ave This Thursday. It is also free. Thanks for the info on Roofstock. I am not looking for the "Deal done for you"-type. Basically I'm looking for deals that current landlords would like out of for one reason or another.
Ryan Cameron Kevin Branin Jon Sanborn ,
Remember to leave your wallet at home if you visit any guru seminars. Their main income is generated by selling you over rated high priced education that you can get for free on sites like BP.
Remember to listen to the podcasts and attend a local REIA meeting.