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Roofstock

In December of 2018, I completed my first turn-key single family rental deal through Roofstock, which is a marketplace for buying and selling turnkey rental investment properties.

Check out my complete review of Roofstock. I plan on buying another home from the company in 2019/20.

Roofstock SFR in Milwaukee, WI

At the day of closing, here’s what the returns on the property looked like:

Home details: 2 beds, 1 bath, 950 square feet.

List price: $118,000

Counter (accepted on Dec. 10): $116,900 (plus credit for replacement of HVAC; it works fine and doesn’t need immediate replacement)

Total cash needed to close: $28,825 (when factoring in seller credit)

Appraised value: $126,000 (my estimate)

Mortgage: $87,675 at 5.75% and no points

Cap rate: 7%

Monthly cash flow: $179

Cash on cash return: 6.6%

 

Frankie is a 31-year-old real-estate investor and blogger. Join me as I grow wealth through investing. Let’s take the fear out of investing together! Read more on the About page.

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Recent Posts

  • Second BRRRR Deal in Progress: The Numbers
  • First BRRRR Deal Officially Complete: Final Numbers!
  • Passive Income & Net Worth Report: February 2019
  • MLP Income Portfolio: Real-Life Holdings
  • Fayetteville BRRRR Update: Deal Closed!
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