Roofstock iBuying Strategy

[Khizer Husain]

Hello,

I have about $1 million in Cash. The following is what I am thinking of doing via roofstock:

1) buying houses on cash with sufficient cash flow 8%+ cap rates 

2) Refinance properties immediately after purchase to build a portfolio and get my cash out.

Some challenges I foresee:

1) Finding lenders that will do no-seasoning cash out refi on cap rate

2) buying houses at a hefty discount to make sure I get my entire money paid + on top (Ideally)

What are your thoughts on this strategy? The key for me is speed. and I would want to buy as many houses and cashout refi as quickly as possible to build a large income portfolio, hence I feel iBuying would be the right strategy.

Thank you