Rootstock Bad Experience/Problem Dumping

[Brian W.]

Good Day, i wanna share this unfortunate experience with prospective investors on roofstock.    

I decide to get my feet with and take a leap of faith in SFH investing

I recently purchased a 100k property in Missouri relying solely on roofstock’s “certification” and inspection  .It was a decent 1956 ranch with a some recent repairs based on resolving issues highlighted in the first so called inspection 

I put in an offer and it was accepted instantly. Idk if the owner had it set to automatically accept or he/she was so eager to dump the property they was sitting anxious to get the contract started.

After i had financing fall through and then get approved on 2nd attempt , i felt relieved i can finally start my investing journey.

Literally a few days after i close, the tenants starts listing problem after problem on the property manager maintenance portal.  Master bedroom-no power....Basement ceiling HOLE and sewage backup  in toilet, ALL BEFORE I RECEIVE MY FIRST RENT CHECK   

Property Manager states hole in ceiling is from possible leak. 

As far as the hole, the Tenants says problem has occurred before/fixed before now its  a problem significant enough  to have occur again which means previous owner fixED the problem, did not disclose and ROOFSTOCKS BPG INSPECTION/RE-INSPECTION DID NOT CATCH THE PROBLEM  which was clearly brewing during the inspection period .

Luckily for rootstock and the inspection  they have plenty of loopholes and outs for situations just as this. 

Unfortunately for me im staring at 7K ESTIMATE  that involves, plumbing and excavation and other stuff...  that will that will cost me 2 years of NEGATIVE CASH FLOW “if” NOTHING ELSE goes wrong.

ANY newbie investor  that doesnt want to defeat the purpose of investing by hemoragging wads of cash on problem properties and half assed rushed inspections look at  Roofstock with EXTREME caution. Do not trust their “roofstock certification” or inspections and get a secondary inspection 

their system is setup where inspections can be 90 days old and u are locked into an offer without a contingency, which can lead to loss of deposit and loss of roofstock fee. Not a fair system to sellers and can lead sellers doing patch work/hide problem they dont wanna fix and DUMP THAT PROBLEM ON YOU.