Long Distance Real Estate Investing | Emil Shour from Roofstock

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 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. 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! Sign up for our exclusive newsletter Join our Facebook Group Leave us a voicemail Send an email to contact [at] TheFIshow [dot] com If you like what you hear, please leave a rating/review ! The FI show on iTunes The FI show on Android 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 Twitter – @EmilShour Learn More About Your Hosts Fly to FI (Cody’s Blog) Saving-Sherpa (Justin’s blog)