All Forum Posts by: Taylor Chiu

 Glad you liked it! One caveat is once you really minimize your expenses, there isn't much left to actively do in that arena. So you might as well turn your attention to earning more ;)

@Abraham Anderson What's the MSA population like out there? How much under market rent are you currently?

@Britain Sorensen

That's awesome! Cool to see one in Utah as well. Was this an off-market deal?

What will cashflow look like for you all?

@Stefan Smith Looks alright, you'd be getting around a 10% cash-on-cash return with those numbers. Do you feel confident that this area will appreciate long term?

Btw on the whole property management thing, I don't think you always have to account for it. Obviously you shouldn't get a deal where using a PM will put you in the red, but if you feel confident that you will self manage, then go for it. By the time you are tired of landlording and want a PM, then your cashflow will likely be higher and your net will be around the same as when you self managed. 

@Abraham Anderson

Awesome work! I’m looking to get a mobile home park soon, so hearing of your success is pushing me to do the same. How much did you all have to put down on the parks?

@Eric Fitzgerald

If you haven’t already, read up on mr money mustache. Especially the article on the shockingly simple math to retire early. That article changed my life!

@Ben Gabin

An unsecured promissory note should do the trick.

Are you wanting them to be more than the private money lender (you mention partner)? As in give them more than the 10%? If so, you might want to purchase the property with a LLC jointly owned by the two of you. If not, then the unsecured promissory note should be enough.

@Coral Downey

First thing I would suggest is looking local first. I imagine your market in NY is expensive, but could you house hack and save money on your housing expenses? If so, that’s going to be a good deal for you, and you will get a taste for the things you need to pay attention to in real estate investing. Which is crucial if you eventually invest out of state.

As for out of state options - link up with investor-focused real estate agents in the area. Wholesalers can be good too, especially if they have a team in place that you can work with (property manager, contractor, lender, etc...).

To wrap up, I bet Roofstock is legit, but you are going to sink your money into lower-returning assets if you go that route.

@Kaushik Chatterjee Is this a BRRRR? Or you are just looking to buy-and-hold long term without any financing?

Your expense allotments look ok, but you're only going to achieve a 6% return on this deal with all of your money in it. This would only really make sense if you are doing a BRRRR imo.

@Coral Downey

I haven't closed a deal with Roofstock, although I have looked at a few of their properties. I think it can work, but you are not going to see as good of returns going with a turnkey provider like that. 

It might be a good option if you are flush with cash and just looking for a stable, decent return. However, if you are getting started and looking to hustle to achieve FI, then I'd look for deals from other sources.