- Rental Property Investor
- Thousand Oaks, CA
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Roofstock Any Good Guys?
#5 Ask About A Real Estate Company Contributor
- Rental Property Investor
- Long Island, NY
- 490
- Votes |
- 433
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#5 Ask About A Real Estate Company Contributor
- Rental Property Investor
- Long Island, NY
Originally posted by @Jonathan Jaime Velarde:
Has anyone bought on roofstock yet? If yes, how did the process go. Looking for some reviews. Thx!
There have been quite a few reviews posted, just search for Roofstock in the search bar.
So far, I'm a little bit less impress. I'm in contract for a property with the understanding that immediate repair is being addressed. However, that is not the case. The properties on roofstock in sold as-is. You are responsible for the entire capex. And if the property happen to be close to where you live, seller do not like to disturb tenant and would not let you see the property.
#5 Ask About A Real Estate Company Contributor
- Rental Property Investor
- Long Island, NY
- 490
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- 433
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#5 Ask About A Real Estate Company Contributor
- Rental Property Investor
- Long Island, NY
Originally posted by @John Lee:
So far, I'm a little bit less impress. I'm in contract for a property with the understanding that immediate repair is being addressed. However, that is not the case. The properties on roofstock in sold as-is. You are responsible for the entire capex. And if the property happen to be close to where you live, seller do not like to disturb tenant and would not let you see the property.
What gave you the impression that repair items listed in the inspection report or on the property listing would be addressed by the seller or buyer?
Notice the language in the first capex that the property is being repair.
Second, my initial contact with roofstock account executive lead me to believe I'm only responsible for the @ turn capex
#5 Ask About A Real Estate Company Contributor
- Rental Property Investor
- Long Island, NY
- 490
- Votes |
- 433
- Posts
#5 Ask About A Real Estate Company Contributor
- Rental Property Investor
- Long Island, NY
Originally posted by @John Lee:
Notice the language in the first capex that the property is being repair.
Second, my initial contact with roofstock account executive lead me to believe I'm only responsible for the @ turn capex
Those are typically the items the inspector is recommending be addressed immediately vs. at turnover. However, the language in the the first item and the email response does make it appear the seller would be handling at least that first item. What did Roofstock say when you pointed this out to them?
@John Lee How has your experience been since your last post? Thanks!
Originally posted by @Simcha Davidman:
@John Lee How has your experience been since your last post? Thanks!
Roofstock offer to credit the amount of fixing the post problem in closing.
We closed on Oct 24th, the title company used previous tax year to determine the credit for the tax in 2018 around $534.64. On November 1 I found out the real property tax was $1754. So I'm on the hook for that. Make sure to know the tax date or rate on the county that you buy property from and negotiate tax credit with buyer before. (Not roofstock's fault, and no one really tell first time house buyer that something to look out for)
The seller is a large multi state management company. They have not update in their system that they sold the property, so they take my tenant November rent. My initial contact with roofstock rep about the problem, they told me that the seller have no knowledge of such. My property manager has contacted them multiple time to get it back for about 2 month. Finally I contacted roofstock again and escalate to another rep, and the problem was fixed within week. ( If you decided to buy from roofstock and encounter problem in transaction, the person to talk to in roofstock transaction manager. If you encounter problem after closing, they have another manager that handle issue after closing. So make sure to ask for that info)
My overall experience with roofstock was good. If I decided to buy turnkey again, I would look at roofstock property.
Real estate is local so unless you live in somewhere crazy expensive, I would talk to local investor first before jump into turnkey. You buying at retail price at roofstock. Turnkey property do come with unforeseen issue so make sure you are ready for that. The roof on my property leak after 2 months from a heavy rain. The roof was brand new installed in January 2018 and had no issue during the hurricane season. The original roofer come and fixed the roof at no cost. but finding the permit for the roof to find the original roofer was a learning lesson as well. I will save that for another story.
@John Lee thank you!