Single-family residence buy & hold investment in Akron.
Purchase price: $60,000
Cash invested: $3,000
Third investment property also bought through Roofstock.com
What made you interested in investing in this type of deal?
Gain experience and grow my portfolio
How did you find this deal and how did you negotiate it?
How did you finance this deal?
HELOC and 50/50 partner with relative
What was the outcome?
Rented for $840/month
Lessons learned? Challenges?
Inherited another tenant, this one working out much smoother than first property so far. Maintenance/repairs costs are much higher than expected.
Overall Roofstock is great as an easy way to get started. They analyze each home/neighborhood, provide inspection reports, help you through the buying process, and connect you with property managers. I believe you can use your own inspector but you'd pay for it and include the contingency of home inspection when buying. I don't think they repair/replace old items, but they include a "Roofstock Guarantee" which allows you to return the purchase up to 30 days after the sale.
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