All Forum Posts by: Aj Parikh

@Enrico Angella Roofstock is a semi-turnkey investment because you can explore out of state and the properties are already tenanted so you only have to figure out the financing and property management 

@Jordan Murrell Roofstock is an investor's delight. The ease of analyzing the deal along with the inspection reports helps with the purchase. Check my article below on roofstock earlier this year that I wrote highlighting the pros of roofstock. Message me if you have any questions and I can walk you through my purchase process. 

https://www.biggerpockets.com/...

@Ken Dillard I was looking at properties which would give me a monthly cash flow of $350 and higher and Memphis seemed like a good market where I could get that. 

Investment Info:

Single-family residence buy & hold investment in Memphis.

Purchase price: $70,000
Cash invested: $17,500

3 Bedroom 1 Bathroom Single Family Residence in Class C neighborhood purchased through Roofstock

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

Roofstock is a very convenient platform for Investors for an out of state market in Single Family Homes. The ability to view inspection reports, ledgers, property valuation reports and make offers on a property makes this platform unique.

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

I had created a "roof" on roofstock.com and put my criteria in it which is below:

List Price: $50000 - $100,000
State: TN
Neighborhood: 2 stars and above
No Late payments by tenants
Built: After 1950

The property was listed for $78000 and I made my 1st offer on Roofstock website for $68000. They countered at $72,000. I made another offer at $70000 and they accepted.

How did you finance this deal?

I went with Conventional financing and put 25% down. Roofstock offered their lenders but I was able to get the rate of 3.1% from my lender and I even got some credits on closing costs.

How did you add value to the deal?

I used Roofstock's referral from another investor so I got a prepaid gift card of $1000. Additionally, since I am a Bigger Pockets PRO member, I was able to get $500 credit towards the purchase. I did not make any renovations because the property was already tenanted and the inspection report on Roofstock did not have any major renovation recommended.

What was the outcome?

I only had to pay $1000 towards closing cost because of all the credits from Roofstock

Lessons learned? Challenges?

I could have got an even better rate if I had called the Roofstock lender and asked them to match the rate. But I wanted to do business with my local lender.

The challenge is because I am an out of state investor, I will have to come up with Systems so that I am able to manage the property management and handle any major issues without losing my sleep.

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

I called the 4 property management companies that Roofstock recommended on their listing and they all were offering very similar benefits. I ended up working with Renshaw Property Management since they were managing that property previously. They onboarded me with their portal and explained all the details related to rent, maintenance and policies.

@Joaquin Camarasa Looking forward to more details on the meet up 

@Iris Cruz Definitely something I should be expecting from my CPA. I have been reading more on this so will definitely will make some changes this coming year. Thank you for the feedback. 

@Linda Weygant Thank you for the advise. I have no idea about tax deductions and LLCs so wanted to gather as much information as possible. From the two responses above, one thing is clear, I won't be mixing my dropshipping income with the Rental income. 

I am scheduled to meet with my CPA next week. What questions should I ask him? . Below is a short summary of my portfolio.
2 rental properties in my state (VA)
1 in TN and
1 in OH

I want to create an LLC but I don't know if I should create 1 for each property or 1 per state. I also plan to start dropshipping so I want to make sure I include that as well in my LLC. What other questions should I bring up to make sure I save the most on taxes in the upcoming years?

@Sean Sullivan Would love to meet in the future when you have any events. Can you please add me to the mailing list? 

@Daijuan Davis Sr I can understand this is a very tempting price range but its important to check the neighborhoods you might be getting into. The numbers might look good but it would be important to talk to someone local in the area or an investor who has purchased in that area previously.