All Forum Posts by: Adam Luftig

@Cameron Lam Thanks for sharing! Very inspiring and congratulations on your success.

I'd love to get your thoughts on whether or not you think it's possible to grow a portfolio without living near your properties. Like many on BP, I live in an expensive market (NYC) and can't afford to invest in my neighborhood. I bought a few homes in Akron, OH, but haven't seen positive cash flow yet due to management costs, high maintenance costs, unpaid utility bills (even though tenant should be responsible) and unreliable tenants. Any tips would be great!

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.

Investment Info:

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?

Roofstock.com

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.

Investment Info:

Single-family residence buy & hold investment in Akron.

Purchase price: $45,000
Cash invested: $2,000

Owner occupied 2 bedroom home that was up for sale. I bought it and turned it into a rental property managed by AllStar Management. Currently rents for $745/month.

What made you interested in investing in this type of deal?

Already had one investment property in Akron and found this one which looked very promising.

How did you find this deal and how did you negotiate it?

Zillow, as soon as it was listed on the MLS I jumped on it. Used a broker in Akron.

How did you finance this deal?

HELOC and 50/50 partner with relative

What was the outcome?

Still rented. Maintenance costs have been a bit more than projected, but overall a good investment.

Lessons learned? Challenges?

When buying an owner occupied property and turning it into a rental, have a clear plan to get it rent ready and marketed as soon as possible.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Dennis Angerstien - Broker

Investment Info:

Single-family residence buy & hold investment in Akron.

Purchase price: $39,000
Cash invested: $5,000

This is my first investment property found through roofstock.com. Tenant occupied, rented for $775/month. Managed by AllStar Management.

What made you interested in investing in this type of deal?

Working with other investors, listening to BiggerPockets podcasts and reading several books, I decided to jump in and get started myself!

How did you find this deal and how did you negotiate it?

I found this home through Roofstock.com.

How did you finance this deal?

HELOC and 50/50 partner with a relative.

What was the outcome?

We inherited a tenant that wasn't paying unusually high water bills, and ended up leaving and breaking the lease in September. We had to turn the property around and make repairs for about $4500, and AllStar Management was able to find a new tenant in about 5 weeks.

Lessons learned? Challenges?

Inheriting tenants can be very unpredictable! Living out of state and trusting everything to a property management company is also a big risk. We weren't able to go after the tenant for breaking the lease because litigation fees would be too expensive and not worth the trip to Akron.