Roofstock for newbie

[Jay V.]

Hello, 

I have been following properties on Roofstock for a few months. Found a property I like, getting ready to jump in. My due diligence process is not that great, relying mostly on public websites and Roofstock's analysis. I will be investing as an out of state investor. Can anyone share some insight on Roofstock? At this point I think getting in there is the best way for me to learn the process. Otherwise, I feel like I will keep coming up with excuses on why the property is not fit. The feedback I've seen for Roofstock has been positive so far. 

Best,

Jay

[Jay Hinrichs]

Originally posted by @Tom Ott:

Originally posted by @Jay V.:

Hello, 

I have been following properties on Roofstock for a few months. Found a property I like, getting ready to jump in. My due diligence process is not that great, relying mostly on public websites and Roofstock's analysis. I will be investing as an out of state investor. Can anyone share some insight on Roofstock? At this point I think getting in there is the best way for me to learn the process. Otherwise, I feel like I will keep coming up with excuses on why the property is not fit. The feedback I've seen for Roofstock has been positive so far. 

Best,

Jay

 It's my understanding it is just some website that lists the properties. Kind of like an agent. They did not Turnkey them, correct? I could be wrong. 

Tom far more robust than just some website..  I have been to their offices in Oakland and have meet with the top brass as it where this company is backed by large dollars much larger than ANYONE in the industry.. Save MI  …. they have at least 30 full time analyst on the floor.. etc etc.. 

From a sellers stand point I really like what they do .. They do the home inspection and clear the items before the properties are put on the site.. and they handle the sales  instead of many of the lead gen folks on the west coast who basically hand you a name and you have to do all the work with the buyer.. 

Form the buyers perspective there are all sorts of markets represented and all manner of houses.. so its just not one providers product you have true FSBO's IE individuals listing.. you have turn key folks listing.. so more of a true MLS type systems on steroids..

I do believe though from a Sellers perspective a lot of the buyers because of the way the site is think its more of an auction site and they will make offers that are not real.. IE 120k property they offer 70k type of thing  kind of a waste of time for every one..  Where as we know in these low value asset turn key the price generally is the price.. as the turnkey and flippers in residential rentals are working a margin that is not 50% of the value of the property... unless of course its a Morris type situation.. 

so on balance they do not represent they are turn key as such.. just a very good brokerage.. and a value to the seller and buyer in many instances.. but they do have some kinks to work out  like I said the low balling is an issue in my mind for me personally as a seller which I am.