Considering Roofstock Academy

25 Replies

Hello everyone,

As a newbie investor, I am trying to learn as much as I can before taking the plunge. I started the process of learning over a year ago, but I still feel no closer to making my first purchase. By accident, I found Roofstock's academy on their website. The program looks interesting and even offers a lifetime money back guarantee. The price is not cheap, but if I can learn what I need to become a successful investor it will be money well spent. My question is:  Have any of you had experience with this program and if so, what did you think? 

Thank you for helping! 

Hi Torey,

I joined the Roofstock Academy about a year ago and I'll share that its been an invaluable resource. I completely relate to what you said about being on the fence. I was like that too. Roofstock really helped me find a good "test" property and take the leap but in a very knowledgable way. Since I joined the wealth of quality information is amazing. I've only touched a portion of it. What I'm finding the most helpful right now is the community which is very rich, enthusiastic and very engaged. So all that said, my review is 2 thumbs up. Hope that helps!


Chris

Thanks for sharing your experience Chris, this really helps! I hope you don't mind, but I have some questions for you. You mentioned that you purchased a test property. Can you explain?  Where is you property located? Have you purchased others? 

Torey 

Hi Torey,

No problem at all. Yes I looked on roofstock and tried to find a cheap property that met the 1% rule (1 months rent = 1% of the purchase price). I found a small property listing for $54k in Jacksonville FL. I was vacillating back and forth on pulling the trigger even though all the numbers added up. And I was going to finance it too so it'd only be about a $15k investment, not a $60k investment. I never would have even gotten that far without all the details and numbers in Roofstock. The thing that put me over the edge was one day I was looking closer at a map and the neighborhood it was in was my daughter's name lol. Sometimes I guess that's what it takes but I'm glad I did! There have been many lessons learned but its been profitable.

Then Roofstock opened up the Academy and I joined in. The videos are a tremendous wealth of information. Because of those learnings I then bought another property from roofstock this time in Chicago. I was able to find better vendors and a stellar property management company because of the recommendations from the slack community on the academy. Since then I've purchased 6 more properties with a friend. 


All along the way we've been learning a ton of lessons. Some of them palm to forehead moments for sure, but I think that's to be expected in any learning. But everything has been profitable and now we know what to look out for to significantly mitigate risk so I'm so much more confident in this asset class now.

Best

Chris

Torey,

I signed up for the Roofstock Academy program when it first started up about 18 months ago.  Like you, I spent about a year doing my research; reading and consuming everything I could relating to real estate before I came across Roofstock.  Roofstock Academy doesn't teach you some secret unknown formula for real estate investing.  What it does do, however, is neatly line up all you need to know about real estate investing (when I first joined it was primarily focused on single family homes), instead of having to dig around on the internet for countless hours trying to piece together the same information (they also provide some very helpful templates to use too).

Since then, I have purchased 6 units, and am currently closing on my seventh (only one was through Roofstock).  The key thing that I got out of Roofstock Academy wasn't actually the material, but the coaching and the community.  I joined the monthly book club and met some great like-minded real estate members, and have had some very impactful coaching discussions which have helped me "collapse timeframes" (to steal a Real Estate Guys phrase) to learn what I needed to learn, and guide me as I was in the due diligence period for a couple of properties.

I wish you the best of luck in your real estate journey!

Just curious here, but what is the price tag for "Roofstock Acadamy" ?   I would personally be a little wary about their 'education' basically just encouraging you to buy more inventory from them. 

@Dean West Thank you for sharing your experience! You mentioned that the coaching and community were the most valuable part of joining the academy. I feel like those would be the keys that would have the most impact for me as well. Having someone to talk to who could answer questions as they arise, would be huge! I have read so many books and listened to many hours of pod casts and webinars but, I still feel like I don't know enough to take the plunge. Sometimes I wonder if I should have jumped in years ago, before I knew anything. All the information swirling around in my head now has only caused me to overthink and stall. Having someone to help me make sense of it all and provide some direction, might be just what I need. To address the point brought up by @Nicky Reader ; Do you @Dean West or @Chris Fellows feel like Roofstock used any part of the academy program as a tool to sell you their listings? Also, 1150.00 is a steep price, but if it really is as good as you say, 1150 is a bargain.  

Torey

No I never had that feeling. Only 2 out of the 7 properties I own came from roofstock and both are cash flowing. I've seen crazy prices for courses out there that are a seminar or the better ones a series of seminars. This is lecture after lecture after lecture, an engaged community and mentors. For me its been invaluable. Hope this helps!

I would agree with Chris - some of the coaching and advice programs out there are 10 x what Roofstock charges in the Academy and barely 1/100th if the material. It is mire than well worth it. In addition it is organized and always available, so you can target a concept or need-to-know without having to wade through repetitive selling. They are promoting knowledge and access to investing more than purchasing through their platform. Although when you realize how much of the work they’ve already done for you when you look at the properties on their platform, its easy to see what a great idea it is.

Originally posted by @Torey Chumbley :

@Dean West Thank you for sharing your experience! You mentioned that the coaching and community were the most valuable part of joining the academy. I feel like those would be the keys that would have the most impact for me as well. Having someone to talk to who could answer questions as they arise, would be huge! I have read so many books and listened to many hours of pod casts and webinars but, I still feel like I don't know enough to take the plunge. Sometimes I wonder if I should have jumped in years ago, before I knew anything. All the information swirling around in my head now has only caused me to overthink and stall. Having someone to help me make sense of it all and provide some direction, might be just what I need. To address the point brought up by @Nicky Reader ; Do you @Dean West or @Chris Fellows feel like Roofstock used any part of the academy program as a tool to sell you their listings? Also, 1150.00 is a steep price, but if it really is as good as you say, 1150 is a bargain.  

Torey

Wow, Roofstock Academy must be awesome because now we have TWO people who have registered for BiggerPockets user accounts yesterday apparently for the sole altruistic purpose of providing input on this great program. If it compels folks to go out of their way to register an account here to help provide positive feedback, then it must be amazing. Welcome to BP Amanda and Chris! Amanda, do you also work in technology in the Bay Area like Chris, which also happens to be where Roofstock is located?

Torey, all kidding and sarcasm aside, $1,150 IS pretty cheap compared to other programs...especially if there isn't any kind of effort on their part to try and upsell you on their "advanced" program. However, have you listened to the BP podcasts and spent some time here going through the thousands of long-distance investing posts that folks here have shared? I think you can rest assured that there isn't anything in that program that cannot be learned here. Alternatively, if mentorship is what you are looking for, I would try to hook up with a respected BP member like @Joe Villeneuve.

Originally posted by @Tony Kim :
Originally posted by @Torey Chumbley:

@Dean West Thank you for sharing your experience! You mentioned that the coaching and community were the most valuable part of joining the academy. I feel like those would be the keys that would have the most impact for me as well. Having someone to talk to who could answer questions as they arise, would be huge! I have read so many books and listened to many hours of pod casts and webinars but, I still feel like I don't know enough to take the plunge. Sometimes I wonder if I should have jumped in years ago, before I knew anything. All the information swirling around in my head now has only caused me to overthink and stall. Having someone to help me make sense of it all and provide some direction, might be just what I need. To address the point brought up by @Nicky Reader; Do you @Dean West or @Chris Fellows feel like Roofstock used any part of the academy program as a tool to sell you their listings? Also, 1150.00 is a steep price, but if it really is as good as you say, 1150 is a bargain.  

Torey

Wow, Roofstock Academy must be awesome because now we have TWO people who have registered for BiggerPockets user accounts yesterday apparently for the sole altruistic purpose of providing input on this great program. If it compels folks to go out of their way to register an account here to help provide positive feedback, then it must be amazing.

Torey, all kidding and sarcasm aside, $1,150 IS pretty cheap compared to other programs...especially if there isn't any kind of effort on their part to try and upsell you on their "advanced" program. However, have you listened to the BP podcasts and spent some time here going through the thousands of long-distance investing posts that folks here have shared? I think you can rest assured that there isn't anything in that program that cannot be learned here. Alternatively, if mentorship is what you are looking for, I would try to hook up with a respected BP member like @Joe Villeneuve.

 I noticed all the new accounts too, very suspicious. 

Also I'd be curious if Hamburger University Roofstock Academy taught more than just "buying remotely off Roofstock", eg how to market for deals, how to figure out rehab budgets, how to self-manage... All the stuff that can really create wealth vs just buying turnkey remotely and having someone else manage it..    

Looking at the academy website it looks like its basically just teaching how to analyze deals (on roofstock) and buy more deals (on roofstock) and there is a lot more to REI than just that..... and that info is freely available all over the place.

@Tony Kim , @Nicky Reader , You both made the very interesting observation that at least two of the people who gave rave reviews about the Roofstock academy also created BP accounts on the same day. Thank you for pointing this out. The program they offer might be great but, this hurts their credibility, which makes me a little sad. I was almost ready to pull the trigger because I was nearly certain that this was my ticket on board the investment train that so many of you here are on. In the past, I have spent many hours researching and reading the articles here and have listened to Brandon Turner so much that he feels like part of my family. But for some reason, I can't organize what I have learned into actionable information. The hardest part for me is deciding where to invest. As was mentioned earlier, what I really need is a mentor. Do you know if the person you mentioned is a professional mentor or coach? I would love to talk with him. 







Originally posted by @Torey Chumbley :

@Tony Kim , @Nicky Reader, You both made the very interesting observation that at least two of the people who gave rave reviews about the Roofstock academy also created BP accounts on the same day. Thank you for pointing this out. The program they offer might be great but, this hurts their credibility, which makes me a little sad. I was almost ready to pull the trigger because I was nearly certain that this was my ticket on board the investment train that so many of you here are on. In the past, I have spent many hours researching and reading the articles here and have listened to Brandon Turner so much that he feels like part of my family. But for some reason, I can't organize what I have learned into actionable information. The hardest part for me is deciding where to invest. As was mentioned earlier, what I really need is a mentor. Do you know if the person you mentioned is a professional mentor or coach? I would love to talk with him. 







 With the current investing environment, this really isnt a bad time to stay back and continue reading and networking. So many markets are saturated with buyers, making finding deals difficult. I am also noticing more scams happening, people losing money, especially remote investors.  Also if we have any sort of a correction coming (due to continued eviction moratoriums, sudden freezing of credit, civil disruptions during the election, etc) you dont want to be paying retail for deals right now via roofstock.

Also the cost of this or any other guru program just needs to be put in context of your own budget. If you are already financially healthy and the few grand cost is inconsequential, i would say go for it and try it out. 

However if you are a working guy who doesnt have thousands of extra dollars laying around i would say keep watching youtube, reading books, practicing analysis, studying markets, etc. Keep your money for when you know what your goals and strategy are. 

Hi Torey!

I've been reading this thread with great interest. My husband (Mike) and I are also newbies and have been researching Roofstock. Mike invested in Fundrise a while back and absolutely loves it. He's gotten amazing returns and genuinely enjoys the user-friendly features. We have looked at Roofstock as the SFH investing equivalent of Fundrise. My concern has been that the company is still newer and likely still has some kinks to work out. Roofstock One, their crowdsourced version, is actually even more similar to Fundrise in that you're sharing the investment (and risk) with others. It's notable that there are currently no properties available via Roofstock One. I think everybody feels better with that option given the market and newness of the company.

Like you, we’ve been trying to decide how we want to get started given the current market. We are military so the ADPI community is a great resource for us with respect to contacts, coaching, and other resources. Solidifying a plan and running it by someone who’s been around the block sounds like a great idea. We will likely do the same here very soon. As they say, you don’t know what you don’t know! 

In summary, I have zero valuable advice to offer:) Just wanted you to know you’re not alone and we’re sending you some positive real estate investing juju from Hawaii!

-Jenn

I am also a newbie and have used roofstock earlier this year (almost made a purchase, but got beaten on 4 offers). I can tell you some of their pros and cons.

Pros:
1. great analysis tools to run the numbers on a property. You get good practice analyzing properties and become more familiar with the system.

2. Many properties have disclosures and inspections already done which helps you make informed decisions

3. They sell properties which are currently occupied. so that is some sort of a safety net for many. 

Cons:

1. In hot markets, delay in response can cost you. MLS to Roofstock can take anywhere from 0.5 to 1 day. Add another day for you to sign some edocs and put the offer. By then the house is gone. Happened to be 4 times.

2. The financial calculations they use for "Property Tax" is as if it is owner occupied (not sure if they have updated this bug). But most of us are investors, and investment properties have higher property tax percentages. This can give you misleading financial information.

@Rohan D. , thanks for your input. They do have some nice tools but, like you I wonder about the accuracy of some of them. I also read somewhere that they have a disclaimer in their sales contract that excludes them from any liability. Did you go through their academy or just use their website?

@Torey Chumbley it was actually from Roofstock Academy that I learned about Bigger Pockets, so it doesn't seem strange to me at all to sign up and comment on this thread first. I am actually a full time teacher so I have to stretch my money very far, and I know an educational deal when I see one. I don't really care if you like my take on it, but it seemed like you were looking for honest feedback. I have shopped around for detailed information on the ins and outs of REI, and am grateful for my choice more and more as time goes on.

Evening Torey, 

I joined Rootstock and subsequently the Academy roughly a little under a year ago. A lot like Chris, I was intrigued and hook with the overall introduction to the platform and the method of educating interested parties. The platform itself is dynamic and very user friendly. After spending a few months of aggressively surfing the site geared up to pull the trigger. Not having had any experience in real estate I was still fairly skittish. I just didn't feel equipped enough to go through with executing a transaction. What made it much easier was taking advantage of the RoofStock Academy. The learning environment is loaded with a wealth of media (Webinars, Strong slide decks, Ad-hoc one-on-one's, Forums, Podcast, etc.) content and general templates to give you a stronger sense of preparation. After working with a few patient and understanding representatives under the platform who moved with a pay it forward attitude I was hooked. Within a matter of months of digesting the materials, actively applying the knowledge transfer I didn't have to question the growth I experienced. I'm lightyears away from being the big names earmarked and referenced throughout BP and the industry but I'm executable and actionably more confident. I've pulled the trigger. I've tasted numerous defeats in my short experience, recalibrated and knuckled up using the bailiwick of mental tools under the platform. The important takeaway for me has been the same as that of most instances or experiences in life. Find the knowledge, decipher the significant vs the insignificant, learn form them both and apply the takeaways to your challenge.  

Whatever you decide to chose, find a way to use it as the catalyst that gets you over that mental hump. The mental catalyst that brought you to this platform. The catalyst that drove you to post this question. Find a way to use the material offered to forge the necessary relationships needed for assured success in this industry. Chewing on the tidbits of knowledge throughout the Roofstock Academy along with the experienced advice from the coaches under the platform has paid instant dividends. 

Also, the guarantees under the site have held up solidly. I haven't exhausted them all but those that I have used have not been met with any contention. Solid advisors and great coaches. 

Good Luck Champ!!!
Benjamin 

@Amanda Toy Thanks for clearing things up. You’re right, I am looking for advice and I am thankful that you took the time to share your experiences with me. I have not decided either way about the academy. I am still open to it at this point but I need more testimonials from real people like you before I throw my hat in the ring.

Thanks again!

@Torey Chumbley

You’re spending time researching rootstock academy and it only costs $1150. I would encourage you to work on your mindset. A lot of folks from bigger reach out to me and want to talk about real estate investing, out of state investing, etc. I keep their names and emails in a spreadsheet. I write notes next to them. You know what 90% of those notes say? “Will never take action. Can’t get out of his own way.” They spend lots of time talking to people on the phone or researching something like the roof stock academy. So...

@Torey Chumbley To answer your question earlier, no, I did not feel like Roofstock Academy pushed their listings on you (other than the fact that their templates are Roofstock-branded and it is geared towards single family homes, which Roofstock offers).

While the Academy is good at neatly lining up all the information for you, I don't think there's enough information in the world to make you 100% comfortable with your first real estate investment purchase.

The best education I got was when I pulled the trigger on my first investment property, and I was forced to figure things out on my own.

@Lee Ripma , Thank you for your insight. I guess that RE investing courses are like most other forms of investing/self help programs out there. Like you said; most people never take action. Can you imagine the impact on this industry if the percentage of people who took action was even 50%? You can't blame us for trying though, we see what you and others have done and want that for ourselves. In the absence of a mentor to guide us along, signing up for a course is the next best thing. BP is a wonderful place to learn and interact, but I don't find that it can replace the power a mentor can have in my success, so taking a course seems like a reasonable option. You also mentioned that I should work on my mindset. Can you please expand on this idea please?  

Torey

I joined the Roofstock Academy this spring as well. As an anesthesiologist in NYC during the pandemic, I needed something to do to keep my mind off of what I was seeing on a daily basis. What started out as a distraction/hobby has blossomed into a pretty fun experience.

I agree with @Dean West about most of your education coming post-first close. We all know you can get a lot of the didactics online elsewhere and much cheaper; I actually started out by just watching Roofstock's youtube station. The crux of the Academy is the coaching/networking/tailored assistance. 

I didn't feel like they pushed their marketplace on me; in fact they put me in touch with a tremendous Birmingham agent who has found 3 of my 4 properties the old fashioned way from the MLS.

Overall I've had a great six months with Roofstock and I'd recommend it to anyone who is seeking an individualized experience.