Have you used roofstock and what has your experience been like?
I looked at their deals. I wasn't impressed in comparison to the multifamily deals we're doing and the other passive self storage syndications I have access to. I just think there are better options out there.
@Dylan Viola , I'd never say anything bad about someone or a company, especially not "on the record", but I think companies like RoofStock (or, if we get into the "way back machine" - StrongBrook) offer a product to truly passive investors who simply aren't sure where to start. Can you make money in those organizations? It certainly appears to be so, but I'm always worried about the "gotchas" in deals like these. Personally, I am far more active with my investments, even though they are now country-wide in Self Storage facilities.
At the same time, as a teacher and mentor, I feel obligated to be able to help those who are working with me and learning with me - I've often wondered how entities like this handle investments from others. I'd personally be nervous sending a "company" a check. I want to know who is handling my money, then my assets. I want to have sat down with them, met their family, talked to them about sports, etc...
It really comes down to your own investment goals and aversion to risk.
Please keep us posted in the BP community!
Yeah, it appears you just pay a little more for the home with a contract to use them as the management company.
It seems good for those buying property out of state, but I just imagine they nickel and dime you with faux charges just to feed their machine.
Disclosure: I am an employee of Roofstock
Hi @Dylan Viola - thanks for your interest in Roofstock! I personally bought two homes through the site to get started and can share my experience as a buyer but also share best practices on using the site. Roofstock charges all buyers a marketplace fee if their offer is accepted. It's a $500 (.5% of the purchase price - whichever is greater)
Feel free to reach out if anyone needs additional information.
@Jason Pabon - interesting. It's nice to hear real experiences instead of marketing "hype" or talking heads. Please keep us all posted on how this process develops for you as an investor. I've always thought that a strong system could make RE investment turn-key, but the tremendous number of variables means sharp-eyed investors will always find costs (that may or may not be deemed "necessary") and potentially speak ill of the system.