Long Distance Real Estate Investing | Emil Shour from Roofstock

June 28, 2022January 28, 2020 by Justin Taylor

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Episode Summary

Emil’s Background

Emil was instilled with values early from his frugal parents
In high school, he got interested in stocks and started self investing
At the time he was picking individual stocks but doesn’t advise that
He luckily had a friend who was like a child genius with stocks
When heading out for college he needed a car and sold his stocks to purchase one
In college, he studied economics
His first job would be aggregating data on pharmaceutical companies
It’s clear Emil gets a ton from his time working across a few startups
Emil also stresses the importance of Networking
It would ultimately lead to his job at Roofstock

Emil’s Journey to Roofstock

Emil became a user of Roofstock in 2017
At the time the company wasn’t at a point to bring on remote workers
He would continue to send marketing materials to Roofstock that he thought the could use
Over time Roofstock opened up remote positions and he went to work with them
Emil had a strong connection to the company because he always wanted to invest in real estate
His dad actually had been investing in real estate for a long time
The problem for Emil was the prices that were near him
So he got interested in remote real estate
That’s where Roofstock came in to save the day
He 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 $900
The property had a new roof and HVAC so it almost turn-key
Today it is renting for $954
He also has never had to change tenants
Total cash-flow has been $8,200
Appreciation has also increased the property value by $26k

Roofstock Details

Roofstock links you up with preferred property managers
You’re not required to use them but you’re not forced to find someone
Roofstock makes their money during the sale of the homes
It’s actually a great deal for both the buyer and seller
The seller ends up paying 2.5% vs a standard 6% for the sale
Then the buyer pays $500 but gets a ton of support
Beyond the property manager help, they also have preferred lenders
Emil scans Roofstock to find states with good returns
Then he looks for states that have landlord-friendly laws to avoid squatters
He also recommends job and population growth
Most properties have an inspection report
This inspection report also comes with an estimate to get it rent-ready
Then you can leverage the property manager to find a trusted contractor

Roofstock Guarantees

If you’re not happy with a purchase, roofstock will help you sell it
If it’s not sold after 90 days, roofstock actually buys it back
They also have a rent guarantee
This kicks in if you can’t rent a property after 45 days
After that point, Roofstock will pay 75% of rent
It does require some things on your end
- You’re using a preferred property manager
- The home is rent ready
- Rent isn’t set at an unreasonable level

Free to Sign Up

Yep, Roofstock is 100% free to sign up
You only need an account for certain functionalities, but still free
Currently, they service residential only but up to 4 unit properties

Key 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 properties

Call to Action

Learn more about long-distance real estate investing and decide if it’s right for you.

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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.

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Contact Emil

Via LinkedIn: Emil’s Profile

Twitter – @EmilShour

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Long Distance Real Estate Investing | Emil Shour from Roofstock - The Financial Independence Show (2024)