Today’s episode is an awesome chat with Emil from Roofstock.
Emil covers why he wanted to get into real estate and what held him back.
He knew his area of California was too expensive and discovered the idea of long-distance real estate.
Roofstock gave him the tools and confidence to make his real estate dreams a reality. Then a couple of years later he actually joined the company and is here today to walk us all through his journey and what Roofstock could bring to the community.
Listen, learn, and let us know what you think.
Episode Summary
Emil’s Background
Emil was instilled with values early from his frugal parentsIn high school, he got interested in stocks and started self investingAt the time he was picking individual stocks but doesn’t advise thatHe luckily had a friend who was like a child genius with stocksWhen heading out for college he needed a car and sold his stocks to purchase oneIn college, he studied economicsHis first job would be aggregating data on pharmaceutical companiesIt’s clear Emil gets a ton from his time working across a few startupsEmil also stresses the importance of NetworkingIt would ultimately lead to his job at RoofstockEmil’s Journey to Roofstock
Emil became a user of Roofstock in 2017At the time the company wasn’t at a point to bring on remote workersHe would continue to send marketing materials to Roofstock that he thought the could useOver time Roofstock opened up remote positions and he went to work with themEmil had a strong connection to the company because he always wanted to invest in real estateHis dad actually had been investing in real estate for a long timeThe problem for Emil was the prices that were near himSo he got interested in remote real estateThat’s where Roofstock came in to save the dayHe now has several properties over multiple states including Florida and Indiana.He bought his first home in 2017 for $84k in Jacksonville with an original rent of $900The property had a new roof and HVAC so it almost turn-keyToday it is renting for $954He also has never had to change tenantsTotal cash-flow has been $8,200Appreciation has also increased the property value by $26kRoofstock Details
Roofstock links you up with preferred property managersYou’re not required to use them but you’re not forced to find someoneRoofstock makes their money during the sale of the homesIt’s actually a great deal for both the buyer and sellerThe seller ends up paying 2.5% vs a standard 6% for the saleThen the buyer pays $500 but gets a ton of supportBeyond the property manager help, they also have preferred lendersEmil scans Roofstock to find states with good returnsThen he looks for states that have landlord-friendly laws to avoid squattersHe also recommends job and population growthMost properties have an inspection reportThis inspection report also comes with an estimate to get it rent-readyThen you can leverage the property manager to find a trusted contractorRoofstock Guarantees
If you’re not happy with a purchase, roofstock will help you sell itIf it’s not sold after 90 days, roofstock actually buys it backThey also have a rent guaranteeThis kicks in if you can’t rent a property after 45 daysAfter that point, Roofstock will pay 75% of rentIt does require some things on your endYou’re using a preferred property managerThe home is rent readyRent isn’t set at an unreasonable levelFree to Sign Up
Yep, Roofstock is 100% free to sign upYou only need an account for certain functionalities, but still freeCurrently, they service residential only but up to 4 unit propertiesKey Takeaways
Everything gets disrupted: It’s awesome to see a service like this trying to take something traditional and put a unique twist on it.We all need kickstarts: There’s no shame in getting a little help. Services like Betterment have helped get many people off the sidelines so they don’t miss out on the returns from the stock market and Roofstock is looking to get people off the sidelines and into the real estate market.No harm in looking: The awesome thing about looking into a new venture is that it’s free to look. No investment other than diverting a little time from Netflix and into an app or web search to find some potential first propertiesCall to Action
Learn more about long-distance real estate investing and decide if it’s right for you.
Join the Community
We’d love to hear your comments and questions about this week’s episode. Here are some of the best ways to stay in touch and get involved in The FI Show community!
If you like what you hear, please leave a rating/review!
Check out our Sponsors
Are you interested in real estate, but feel like you don’t live in the right market? Our partner Roofstock makes long-distance real estate investing simpler than ever. Each property is thoroughly vetted and comes with an inspection report, information about the neighborhood, and even property management and mortgage lender suggestions. Best of all, it’s 100% free to sign up for an account. Join thousands of other investors who are using Roofstock to find their next long-distance real estate deal.
One of the best ways to protect your family is with term life insurance. Even though we don’t like to think about it, it’s important to have financial protection in case the unexpected happens. Bestow is an awesome and reputable life insurance partner of ours that makes this process simple and easy. They use data to remove the doctor visits and paperwork involved with the traditional life insurance process. And you can apply from anywhere in just minutes. You don’t have to jump through a bunch of hoops to determine your eligibility, you’ll receive an approval response right away. It took us less than one minute to get our estimated quotes, and you can go and do the same.
Contact Emil
Via LinkedIn: Emil’s Profile
Learn More About Your Hosts
Saving-Sherpa (Justin’s blog)
