Anyone in AZ buy on Roofstock.com?

[Matthew Terry]

Hello All,

I'm interested in turn-key rentals outside of AZ to get my portfolio started and some deals under my belt. Markets like Kansas City, MO and Memphis, TN look great due to the low capital needed to get started and 1% rule everywhere. I started searching in these areas on Roofstock.com but ran into some red flags. 

Roofstock says that the sales price is non-negotiable (you can offer more, of course). However, I looked at a few properties for sale right around comps and then read inspection reports and the reports indicated they would need $10K+ in repairs to even be insurable or for a bank to lend on it (damaged roof, mold, asbestos). When the sale price is $50-60K, that is a huge % increase in repairs. In addition, these are safety and health risks in these homes that have current tenants with multi-month leases locked in. 

I called Roofstock to inquire about some of my concerns. I was on hold for 5+ minutes until I got sick of waiting and hung up. Anyone have better experiences?

[Dan Gauthier]

I have had a similar experience with their hold times. But honestly, I have stopped looking at Roofstock and similar sites because there are better deals to be had if you find a knowledgeable agent (and team) in the market you're checking out. I shouldn't overstate how easy this is, because I have yet to invest long-distance, but so far (making connections and researching) I have had a positive experience. I opted to start with a few local properties here in Arizona first.