All Forum Posts by: Jason G.

All the Roofstock properties have been performing as anticipated.  We are using Excalibur Homes as a property manager.  I think they are doing a pretty good job.  The one non-Roofstock property had an unexpected expense which I'll discuss in another post in a few weeks when I'll have concrete details and numbers to share.  In the mean time we entered into contract on a duplex in Conyers, GA through Roofstock.  So we'll see how that goes.  One thing of note though with the Ohio property was that we used Agora/Ethos Lending and felt that they were NOT an investor friendly lender, even though they are partnered with Roofstock.  They were giving us a difficult time with certain documents, did not want to accept a master insurance policy through Real Protect, which is the only company Roofstock is partnered with, did unnecessary additional credit checks, and had stricter overlays than other lenders we've used.  We wouldn't use them again for an investment property.

The Euclid, OH property ultimately fell through. That prior issue discussed in the last post was water intrusion into the basement. The property then went on to fail two city point of sale inspections for that very same issue. The second inspection occurred approximately a week ago. The seller intended to appeal the decision of the city rather than remedy the violation and at that time I walked away from the deal. Aside from time, I was out of pocket the appraisal fee. Roofstock is in the process of refunding their Market Place Fee and the EMD should be returned to me shortly. In addition, Roofstock agreed to waive the next Market Place fee on a future purchase. I did feel that the Transaction Coordinator handling the purchase through Roofstock was not promptly responsive or proactive during the course of the purchase, but ultimately the property failing the city inspection had nothing to do with her. Onward to the next property.

 Do a search on BiggerPockets for Roofstock.  There are several reviews.  

 Search for Roofstock in the search bar.  There are several reviews.

Investing isn't my full time occupation, but people I work with know, as well as people in my every day life.  They see my social media posts when I purchase a new property, they see it in my LinkedIn profile, when I take off time from work to close on a property it comes up, etc.  Some people may be insecure or jealous, but that is their issue, not mine.  

 Do a search for Roofstock in the search bar on the site.  There have been quite a few posts on it to date.

If an offer is accepted you pay their market place free and someone from Roofstock will reach out to you and will work with you to closing. You then enter into the PSA. You wire the EMD. You choose an insurance carrier and property management company (if not self managing) and if financing you work with your lender on final approval. You wire the rest of the downpayment and closing costs. You can do a remote closing in your own home.

I have never gone in person to any of the properties ive purchased whether outside of roofstock or through roofstock.

All my properties were occupied with tenants when i closed.  I never dealt with their rent guarantee program.

ALWAYS run your own numbers and don't rely on theirs or anyone elses.

Aside from my primary I have four SFH and purchasing a fifth. Every one of them I put down 20%.

 Roofstock is not a turn key company.  It is a marketplace.  You own the property and can choose to self manage, use a property manager they are associated with, or find your own property manager.

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?