Question

Trying to do my research on roofstock. seems to good to be true. almost as if you can’t fail (lose money). Anyone have bad experiences or stories?  

Answer 1

We sold our rental on Roofstock as they had a partnership with Renters Warehouse and it was simple and quick. They even sent out a person to do a remote closing. Our rental was in Mn and the buyer was from FL. Based on our experience I highly recommend them. All done on the website from initial offer all the way through and there closing costs were only around 2% at the time. Fall of 2018.  

Comments

@snipes did you buy the property from roofstock originally or just sell?  

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@tyre3094 It was our primary residence originally and we were underwater on it when we moved so we made it a rental till the market came back. We had Renters warehouse managing the renters and then they paired up with Roofstock the summer of 2018 so we listed it and less than a week later we had a full offer on Roofstock and bing bang boom it was over. We had to let them do a walkthrough and send pictures with an inspection to the buyer and that took at most 3 days just to appraise it and let the buyer know it was in the condition we said it was.  

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Since it appears you’re in Mn also the property we sold was in Shakopee.  

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Yup. Thanks! Looking to buy my first property this summer

Answer 2

Overall a good experience but the property manager they had "vetted" and made available for that property who I selected through their website, turned out not to even serve that area once I closed and purchased the property. So clearly someone didn't do a good job figuring that out before hand. However they helped me find/switch to another property manager who actually did serve that area and got sorted out from there. It just took a little bit back and forth for the transition and confusion. Otherwise good!  

Answer 3

If you are saying that you can't lose money by buying a rental house and renting it out, I would say you are failing to see several traps. If you aren't saying that, then I guess I don't understand.  

Comments

@ladida you aren’t not understanding. I’m talking about the specific company (roofstock) and the amount of resources they provide you to remotely own property. Was looking for any unsatisfied customers that have or refuse to go through them. I’m not that naive.  

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I see. Andrew really likes them. At one point they were giving people coupons that removed Roofstock's fee. You might want to ask them if you could grab one. I did some research on the company and I believe they are a bit of a unicorn. No one else does what they do. That was a few years ago and things might have changed. In an interview they did with LMM, they said that at this point they aren't profitable and they don't want to be. Good luck.  

Answer 4

Go on BiggerPockets. com and search roofstock there is a gigantic thread on the topic

Comments

@prickle thank you