Roofstock (Review / Case Study)

[Jon Krombein]

I recently closed on my first rental property. I used Roofstock. I had set up a number of baseline searches in a few markets that I was interested in. Whenever one that fit my general criteria came up, I would drill into the details and run the numbers using both Roofstock's projections, and the BiggerPockets rental calculator tool. (My plan was to pull my downpayment and closing costs out of our primary residence on a HELOC, so there was some extra number crunching to make sure that it would all pencil out. My goal was to be able to cash flow about $100 after paying the mortgage, the HELOC payment, and setting aside money for repairs, maintenance, and taxes, so I had to be very discriminating about the potential deals.) I low-balled on a couple properties and haggled back and forth a couple times but stayed firm on my requirements. Finally, on 12/13/17 one of my offers was accepted for about 10% below asking price. It was going to barely clear my $100/month cash-flow requirement.

Within about 12 hours of offer acceptance, I received a call from Zack at Roofstock. (As far as I can tell, there are at least two Zack’s at Roofstock—this was Zack Carson). He congratulated me and gave me a quick rundown of what would be next and then followed-up with an email.

Two days later, I received a DocuSign for the final Purchase and Sale agreement. I sign and returned it. My wife received her copy to sign and return the next morning (Saturday 12/16). (We purchased the property under both our names, but the mortgage is only under mine—my thought is that if I keep us separated on the loans, we be able to maximize the number of conventional mortgages we use before we have to get more creative with financing.

Late Monday (12/18), I received a copy of the final, executed Purchase and Sale Agreement and instructions for wiring the $1500 earnest money (standard earnest money for all Roofstock deals).

Tuesday morning I received an email from Zack with more info on nextsteps (Insurance and Property Management) following by several emails making introductions to various third parties. One for Insurance (Real Protect—who seemed fine and is apparently one of the go-tos for investment property insurance), and introductions to the current property manager AMG as well as two other PM options.

I had already gotten pre-approved through TruLoan (one of Roofstock’s, recommended/preferred mortgage brokers.) I have my own mortgage guy in Seattle, but for a mortgage elsewhere, they seemed as good as anyone else, so I just went with them. It was not problem to qualify and get them all of the info they needed. Since I’m a W2 employee who owns a primary residence, it really felt like it was mostly a formality.

I talked to and emailed a fair bit with Real Protect and all of the PM options and eventually decided on Brick Lane Property Management (Brick Lane was the most helpful and responsive of the bunch, and AMG, the previous PM totally dropped the ball and respond to any of my follow-up or inquiries until two week later after I have already decided on Brick Lane). Then Christmas and New Years hit and it felt a bit like everything sort of went on hold. If anything I would say that this was the only really frustrating part. There were about 2-3 weeks when it felt like nothing was happening. I finally emailed Zack at Roofstock to ask for an update and closing details. After a few fits and starts and a PSA extension, they were able to pull the info together. Since I was using a HELOC for the down, I had to jump through couple extra hoops with TruLoan. We had opened the HELOC several months ago, anticipating buying something but it had just been sitting there with a zero balance. Once TruLoan had a ball park Good Faith Estimate for me, I had to snapshot/document the process of pulling that amount out of the HELOC, and then showing the new loan balance, interest rate and minimum payment so that they could finalize their underwriting. I will say that my loan agent at TruLoan, Tracy, was awesome. She was knowledgable, helpful, and very responsive.

Finally, we got word that we were good to go and would be signing with a mobile notary on Thursday 1/25. The morning of the 25th, I still had not received wiring instructions or a final amount for closing costs. I had been given the name of my closing agent at OSNational, but no contact info. For some reason, I still don’t understand, she had been trying to call me but it just kept going through to my voicemail (and the VM’s weren’t being delivered). She was eventually able to call my wife and tell us that they still didn’t have my final loan docs. Signing was postponed until the following afternoon, and it went smoothly from there.

I received confirmation on Monday 1/29 that the loan had funded and we have officially closed. I am now officially a Real Estate Investor. Overall, I would say the process has been pretty painless. I think that Roofstock has a really great tool/system and does a great job of what they have set out to do. I was a little frustrated by the miscommunication and phone tag at the end, but that isn't Roofstock's problem, and I know that generally, last minute changes right before closing aren't terribly uncommon. I would definitely use Roofstock again--in fact I plan too. I'm going to give it a few months for this purchase to settle in and convince myself that all is going well and as planned, and then I will hopefully start looking for another property in May or June. Ideally, I will pick up at least two more units this year, and at this point, unless some other awesome opportunity comes by, I will use Roofstock.

[Chad Larson]

Originally posted by @Jason G.:

Originally posted by @Chad Larson:

We recently purchased a house through Roofstock. We were skeptical of the fact that they use their own inspector. Within a couple months after purchasing, we've already run into $5,000 worth of repairs that the inspector totally missed. I don't like the fact that the inspector isn't independent of roofstock. They have incentive to hide issues. I don't know whether or not that's what actually happened, but the home they rated as 18% Cash on Cash is a big money pit for me.

The inspector is a third party vendor, not an employee of Roofstock.  What were the repairs that were missed? 

Every time it rains, a ton of water comes in through cracks in the wall and does damage to the basement. We're going to have to put in tiling and a sump pump as well as seal all the cracks.

Animals were tearing apart the garage. It's detached so maybe the inspector skipped it.

When the water is turned on at one of the sinks, there's a really loud rattling noise and then it begins to leak within the walls and down into the basement.

We've only owned the place for 2 months so far....

[Jay Hinrichs]

Originally posted by @Chad Larson:

Originally posted by @Jason G.:

Originally posted by @Chad Larson:

We recently purchased a house through Roofstock. We were skeptical of the fact that they use their own inspector. Within a couple months after purchasing, we've already run into $5,000 worth of repairs that the inspector totally missed. I don't like the fact that the inspector isn't independent of roofstock. They have incentive to hide issues. I don't know whether or not that's what actually happened, but the home they rated as 18% Cash on Cash is a big money pit for me.

The inspector is a third party vendor, not an employee of Roofstock.  What were the repairs that were missed? 

Every time it rains, a ton of water comes in through cracks in the wall and does damage to the basement. We're going to have to put in tiling and a sump pump as well as seal all the cracks.

Animals were tearing apart the garage. It's detached so maybe the inspector skipped it.

When the water is turned on at one of the sinks, there's a really loud rattling noise and then it begins to leak within the walls and down into the basement.

We've only owned the place for 2 months so far....

 what market did you buy in.. also for rentals I like to avoid basements if possible every single one of them leaks  is my experience. 

[Jason G.]

Originally posted by @Chad Larson:

Originally posted by @Jason G.:

Originally posted by @Chad Larson:

We recently purchased a house through Roofstock. We were skeptical of the fact that they use their own inspector. Within a couple months after purchasing, we've already run into $5,000 worth of repairs that the inspector totally missed. I don't like the fact that the inspector isn't independent of roofstock. They have incentive to hide issues. I don't know whether or not that's what actually happened, but the home they rated as 18% Cash on Cash is a big money pit for me.

The inspector is a third party vendor, not an employee of Roofstock.  What were the repairs that were missed? 

Every time it rains, a ton of water comes in through cracks in the wall and does damage to the basement. We're going to have to put in tiling and a sump pump as well as seal all the cracks.

Animals were tearing apart the garage. It's detached so maybe the inspector skipped it.

When the water is turned on at one of the sinks, there's a really loud rattling noise and then it begins to leak within the walls and down into the basement.

We've only owned the place for 2 months so far....

 What did the inspection report say about the garage, basement, and plumbing?

[Chad Larson]

Originally posted by @Jason G.:

Originally posted by @Chad Larson:

Originally posted by @Jason G.:

Originally posted by @Chad Larson:

We recently purchased a house through Roofstock. We were skeptical of the fact that they use their own inspector. Within a couple months after purchasing, we've already run into $5,000 worth of repairs that the inspector totally missed. I don't like the fact that the inspector isn't independent of roofstock. They have incentive to hide issues. I don't know whether or not that's what actually happened, but the home they rated as 18% Cash on Cash is a big money pit for me.

The inspector is a third party vendor, not an employee of Roofstock.  What were the repairs that were missed? 

Every time it rains, a ton of water comes in through cracks in the wall and does damage to the basement. We're going to have to put in tiling and a sump pump as well as seal all the cracks.

Animals were tearing apart the garage. It's detached so maybe the inspector skipped it.

When the water is turned on at one of the sinks, there's a really loud rattling noise and then it begins to leak within the walls and down into the basement.

We've only owned the place for 2 months so far....

 What did the inspection report say about the garage, basement, and plumbing?

 It said to have someone come out to look at the beams. Which we did at they looked fine. No mention of leaks or damage coming from walls.

[Chad Larson]

Originally posted by @Jay Hinrichs:

Originally posted by @Chad Larson:

Originally posted by @Jason G.:

Originally posted by @Chad Larson:

We recently purchased a house through Roofstock. We were skeptical of the fact that they use their own inspector. Within a couple months after purchasing, we've already run into $5,000 worth of repairs that the inspector totally missed. I don't like the fact that the inspector isn't independent of roofstock. They have incentive to hide issues. I don't know whether or not that's what actually happened, but the home they rated as 18% Cash on Cash is a big money pit for me.

The inspector is a third party vendor, not an employee of Roofstock.  What were the repairs that were missed? 

Every time it rains, a ton of water comes in through cracks in the wall and does damage to the basement. We're going to have to put in tiling and a sump pump as well as seal all the cracks.

Animals were tearing apart the garage. It's detached so maybe the inspector skipped it.

When the water is turned on at one of the sinks, there's a really loud rattling noise and then it begins to leak within the walls and down into the basement.

We've only owned the place for 2 months so far....

 what market did you buy in.. also for rentals I like to avoid basements if possible every single one of them leaks  is my experience. 

 I'll keep that in mind for the future. Thanks for the heads up.

[Jason G.]

Originally posted by @Chad Larson:

Originally posted by @Jason G.:

Originally posted by @Chad Larson:

Originally posted by @Jason G.:

Originally posted by @Chad Larson:

We recently purchased a house through Roofstock. We were skeptical of the fact that they use their own inspector. Within a couple months after purchasing, we've already run into $5,000 worth of repairs that the inspector totally missed. I don't like the fact that the inspector isn't independent of roofstock. They have incentive to hide issues. I don't know whether or not that's what actually happened, but the home they rated as 18% Cash on Cash is a big money pit for me.

The inspector is a third party vendor, not an employee of Roofstock.  What were the repairs that were missed? 

Every time it rains, a ton of water comes in through cracks in the wall and does damage to the basement. We're going to have to put in tiling and a sump pump as well as seal all the cracks.

Animals were tearing apart the garage. It's detached so maybe the inspector skipped it.

When the water is turned on at one of the sinks, there's a really loud rattling noise and then it begins to leak within the walls and down into the basement.

We've only owned the place for 2 months so far....

 What did the inspection report say about the garage, basement, and plumbing?

 It said to have someone come out to look at the beams. Which we did at they looked fine. No mention of leaks or damage coming from walls.

Every report I've seen of theirs had pages and pages of photos as well as a detailed breakdown of all house systems and recommended work needed immediately and at turnover.  In addition, the disclosures should have been provided as part of the PSA.  What did Roofstock have to say after these issues came to light?

[Suni O'neal]

@Jason

@Jason G. Thanks so much for all of your time on detailing your purchases through roofstock. I've been following their site for a few months now with attention to the newer listings (open house) and I tend to see low COC's in 1-2 star neighborhoods. I am not interested in doing cash only deals where the COC appears to be higher. What criteria are you using because I might be setting my criteria too high and maybe I'm not being realistic. I'm looking for 10-15% COC, 20% IRR, class B, 10% maintenance,10% capex, 8-10% property management and I am not banking on appreciation.

Thank so much! 

[Jay Hinrichs]

Originally posted by @Suni O'neal:

@Jason

@Jason G. Thanks so much for all of your time on detailing your purchases through roofstock. I've been following their site for a few months now with attention to the newer listings (open house) and I tend to see low COC's in 1-2 star neighborhoods. I am not interested in doing cash only deals where the COC appears to be higher. What criteria are you using because I might be setting my criteria too high and maybe I'm not being realistic. I'm looking for 10-15% COC, 20% IRR, class B, 10% maintenance,10% capex, 8-10% property management and I am not banking on appreciation.

Thank so much! 

 Yup not realistic you can find these but you will have to dig for them and do them on your own.. 

[Michinori Kaneko]

@Suni O'neal you'll def not find that in turnkeys (especially in B class, maybe if you look at like D class ?). IRR is also function of time, you need to state how long your investment horizon is. Most likely 5~10 years will give you best return if buy and hold, but if you do flips it'll give you higher IRR. Also probably impossible to get a 20% iRR without banking on appreciation.

[Gordon Starr]

Can anyone speak from experience what it is like selling through them? I have one in the certification phase. The inspection report flagged the roof for replacement although it has 1-2 years left. I don't mind doing it, but I told them the price would go up and they seemed ok with that. People would rather pay more for a place all fixed up than pay less for a place with deferred capex. Makes sense, I guess. Gordon

[Simcha Davidman]

@Jon Krombein I hope you don't mind that I'm following up here. Now that you've been in it for around 1 year, how has your experience been? Did you purchase any subsequent properties through Roofstock or any similar company?

Also, did you make your first (and subsequent) purchase(s) site unseen?

Thanks!

[Jason Malabute]

Originally posted by @Jon Krombein:

I recently closed on my first rental property. I used Roofstock. I had set up a number of baseline searches in a few markets that I was interested in. Whenever one that fit my general criteria came up, I would drill into the details and run the numbers using both Roofstock's projections, and the BiggerPockets rental calculator tool. (My plan was to pull my downpayment and closing costs out of our primary residence on a HELOC, so there was some extra number crunching to make sure that it would all pencil out. My goal was to be able to cash flow about $100 after paying the mortgage, the HELOC payment, and setting aside money for repairs, maintenance, and taxes, so I had to be very discriminating about the potential deals.) I low-balled on a couple properties and haggled back and forth a couple times but stayed firm on my requirements. Finally, on 12/13/17 one of my offers was accepted for about 10% below asking price. It was going to barely clear my $100/month cash-flow requirement.

Within about 12 hours of offer acceptance, I received a call from Zack at Roofstock. (As far as I can tell, there are at least two Zack’s at Roofstock—this was Zack Carson). He congratulated me and gave me a quick rundown of what would be next and then followed-up with an email.

Two days later, I received a DocuSign for the final Purchase and Sale agreement. I sign and returned it. My wife received her copy to sign and return the next morning (Saturday 12/16). (We purchased the property under both our names, but the mortgage is only under mine—my thought is that if I keep us separated on the loans, we be able to maximize the number of conventional mortgages we use before we have to get more creative with financing.

Late Monday (12/18), I received a copy of the final, executed Purchase and Sale Agreement and instructions for wiring the $1500 earnest money (standard earnest money for all Roofstock deals).

Tuesday morning I received an email from Zack with more info on nextsteps (Insurance and Property Management) following by several emails making introductions to various third parties. One for Insurance (Real Protect—who seemed fine and is apparently one of the go-tos for investment property insurance), and introductions to the current property manager AMG as well as two other PM options.

I had already gotten pre-approved through TruLoan (one of Roofstock’s, recommended/preferred mortgage brokers.) I have my own mortgage guy in Seattle, but for a mortgage elsewhere, they seemed as good as anyone else, so I just went with them. It was not problem to qualify and get them all of the info they needed. Since I’m a W2 employee who owns a primary residence, it really felt like it was mostly a formality.

I talked to and emailed a fair bit with Real Protect and all of the PM options and eventually decided on Brick Lane Property Management (Brick Lane was the most helpful and responsive of the bunch, and AMG, the previous PM totally dropped the ball and respond to any of my follow-up or inquiries until two week later after I have already decided on Brick Lane). Then Christmas and New Years hit and it felt a bit like everything sort of went on hold. If anything I would say that this was the only really frustrating part. There were about 2-3 weeks when it felt like nothing was happening. I finally emailed Zack at Roofstock to ask for an update and closing details. After a few fits and starts and a PSA extension, they were able to pull the info together. Since I was using a HELOC for the down, I had to jump through couple extra hoops with TruLoan. We had opened the HELOC several months ago, anticipating buying something but it had just been sitting there with a zero balance. Once TruLoan had a ball park Good Faith Estimate for me, I had to snapshot/document the process of pulling that amount out of the HELOC, and then showing the new loan balance, interest rate and minimum payment so that they could finalize their underwriting. I will say that my loan agent at TruLoan, Tracy, was awesome. She was knowledgable, helpful, and very responsive.

Finally, we got word that we were good to go and would be signing with a mobile notary on Thursday 1/25. The morning of the 25th, I still had not received wiring instructions or a final amount for closing costs. I had been given the name of my closing agent at OSNational, but no contact info. For some reason, I still don’t understand, she had been trying to call me but it just kept going through to my voicemail (and the VM’s weren’t being delivered). She was eventually able to call my wife and tell us that they still didn’t have my final loan docs. Signing was postponed until the following afternoon, and it went smoothly from there.

I received confirmation on Monday 1/29 that the loan had funded and we have officially closed. I am now officially a Real Estate Investor. Overall, I would say the process has been pretty painless. I think that Roofstock has a really great tool/system and does a great job of what they have set out to do. I was a little frustrated by the miscommunication and phone tag at the end, but that isn't Roofstock's problem, and I know that generally, last minute changes right before closing aren't terribly uncommon. I would definitely use Roofstock again--in fact I plan too. I'm going to give it a few months for this purchase to settle in and convince myself that all is going well and as planned, and then I will hopefully start looking for another property in May or June. Ideally, I will pick up at least two more units this year, and at this point, unless some other awesome opportunity comes by, I will use Roofstock.

 This is very interesting. I am a out-of-state investor looking to invest in Orlando market. Roofstock seems to be an interesting tool.

Questions:

1. For example, I am looking to invest in Orlando market. I am already pre-approved by local bank in Orlando. How would that work? How will my lender work with Roofstock to close deal? Do you have to use a Roofstock preferred lender?

2. Since there is no real estate agent working with you how do you know the title is really owned by the seller free and clean? How do you know the property really exists and you're not getting scammed?

3. How  do you know there is nothing is physically wrong with property (like defects, damages, or hazards to the property) that needs to be fixed that was not disclosed to you? Is the property pre-inspected before being listed on Rooffstock? If yes, how do you know inspection is legit and accurate ?

4. I heard that the property is already occupied when you buy from Roofstock.  Are the tenants month to month or longterm lease? How do you know proper credit, background, and criminal check was used on tenants?

5. Can you use your own property manager immediately after purchasing property from Roofstock?

Thank you.

[Heshel Mangel]

@Jason Malabute I do not work with Roofstock, but have used their platform and will try to answer your questions: 

1) You do not have to use their preferred lenders, you can use your own lender and Roofstock will work with them to close the deal. 

2) The sale will close with through a title company that makes sure there is nothing wrong with the title before closing. Try putting the address into Google Maps and look at the property yourself to know it actually exists ;)

3) Most properties on Roofstock have a detailed inspection report that was done in the last 3 months (I might suggest you do your own inspection anyway). If it does not, there is an inspection contingency attached to the purchase agreement. 

4) The status of the tenant is disclosed to you on the site, you can see the tenant agreement to see how long the lease is for if it is occupied (not all properties on Roofstock are pre-occupied). After signing the purchase agreement, you will be given all the details of the person who brought in the tenant and can ask them these questions as part of due diligence. 

5) Yes, you can use your own PM. 

[Jon Krombein]

You beat me to it @Heshel Mangel. Thanks!

Bottom line, unless you are personally a property inspector, you ultimately have to rely on an expert to assess a potentially property—that’s whether the property is three blocks away or three states away. Once you can get yourself over that hurdle, you may as well look in cities that make sense for investing—not just the town you know. That’s especially true if you happen to live in an overpriced west coast city like I do...

[Jon Krombein]

@Simcha Davidman, sorry for the delay in response. One year in and it’s going great. I did have to switch property managers this year though. The one I picked had an existing relationship with RoofStock and when I interviewed them they were super responsive and I felt great about it. But once the deal was done, they’re were really sluggish and didn’t communicate well. Also, I was cycled through multiple point of contact (apparently due to staff turnover—not a good sign.)

But, I learned this fall that one of my coworkers also had recently bought in Indy and was really liking her PM—Wilmoth. So based on her recommendation, I switched, and so far they have been great!

[Simcha Davidman]

@Joshua Dorkin Thanks for the response! Glad it's working out for you!

[Jason Malabute]

Originally posted by @Heshel Mangel:

@Jason Malabute I do not work with Roofstock, but have used their platform and will try to answer your questions: 

1) You do not have to use their preferred lenders, you can use your own lender and Roofstock will work with them to close the deal. 

2) The sale will close with through a title company that makes sure there is nothing wrong with the title before closing. Try putting the address into Google Maps and look at the property yourself to know it actually exists ;)

3) Most properties on Roofstock have a detailed inspection report that was done in the last 3 months (I might suggest you do your own inspection anyway). If it does not, there is an inspection contingency attached to the purchase agreement. 

4) The status of the tenant is disclosed to you on the site, you can see the tenant agreement to see how long the lease is for if it is occupied (not all properties on Roofstock are pre-occupied). After signing the purchase agreement, you will be given all the details of the person who brought in the tenant and can ask them these questions as part of due diligence. 

5) Yes, you can use your own PM. 

 thank you

[Jason Malabute]

Originally posted by @Jon Krombein:

@Simcha Davidman, sorry for the delay in response. One year in and it’s going great. I did have to switch property managers this year though. The one I picked had an existing relationship with RoofStock and when I interviewed them they were super responsive and I felt great about it. But once the deal was done, they’re were really sluggish and didn’t communicate well. Also, I was cycled through multiple point of contact (apparently due to staff turnover—not a good sign.)

But, I learned this fall that one of my coworkers also had recently bought in Indy and was really liking her PM—Wilmoth. So based on her recommendation, I switched, and so far they have been great!

[Farrukh Amini]

Originally posted by @Jon Krombein:

@Simcha Davidman, sorry for the delay in response. One year in and it’s going great. I did have to switch property managers this year though. The one I picked had an existing relationship with RoofStock and when I interviewed them they were super responsive and I felt great about it. But once the deal was done, they’re were really sluggish and didn’t communicate well. Also, I was cycled through multiple point of contact (apparently due to staff turnover—not a good sign.)

But, I learned this fall that one of my coworkers also had recently bought in Indy and was really liking her PM—Wilmoth. So based on her recommendation, I switched, and so far they have been great!

Thank you for sharing your experience Jon. Do you mind sharing what kind of ROI you're seeing with your Roofstock investment?

[Bobby Shell]

Originally posted by @Farrukh Amini:

Originally posted by @Jon Krombein:

@Simcha Davidman, sorry for the delay in response. One year in and it’s going great. I did have to switch property managers this year though. The one I picked had an existing relationship with RoofStock and when I interviewed them they were super responsive and I felt great about it. But once the deal was done, they’re were really sluggish and didn’t communicate well. Also, I was cycled through multiple point of contact (apparently due to staff turnover—not a good sign.)

But, I learned this fall that one of my coworkers also had recently bought in Indy and was really liking her PM—Wilmoth. So based on her recommendation, I switched, and so far they have been great!

Thank you for sharing your experience Jon. Do you mind sharing what kind of ROI you're seeing with your Roofstock investment?

Earlier he mentioned $120 monthly about 10% cash on cash.

[Farrukh Amini]

Thank you @Bobby Shell 

[Roberto Ramirez]

I apologize if this is a newbie question, but I'm a for real newbie. Literally joined BP a few days ago and have been wading through so much information. I am interested in buying and holding rentals and was first intrigued by BRRRR and then heard about RS on one of the podcasts. What interested me in BRRRR was that it seems that if done properly you can end up with a rental property that cost you nothing/relatively nothing plus generates cash flow as well as appreciation (hopefully). By going the RS route it seems like you avaoid the bulk of the work (rehab and rent) but also don't get the refinance aspect which recoups any money you put into the deal and should also yield a return. So, and this is my question, it seems ultimately with the turnkey method you build wealth much slower as you have to recoup your down payment before you are actually making money on the deal because you aren't refinancing anything but rather just taking out a loan and have to put money down. Is that right or is there something I'm not understanding. I appreciate any clarification. Thanks

[Simcha Davidman]

@Roberto Ramirez sorry nobody has answered you! Yes, that's essentially how it works. In the industry, it's called building equity. That's what you own of your property after the debt. You build equity by (1) paying down the mortgage, (2) appreciation (market and inflation related), or (3) adding value to the property (also generally will lead to appreciation).

For example, if you buy a BRRRR for $100k and put $20k down. You fix it up slowly, put good tenants in there, and pay down the debt. After a couple of years, your debt balance might be down to $70k (from $80k at purchase) and the property might be worth $120k. You've added equity of $30k ($10k from debt paydown and $20k of added value). At the same 80% LTV, you might be able to refinance the property and pull $26k ($120k x 80% = $96k, less the current mortgage balance of $70k).

On the other hand, if you buy a turnkey property, you will only get the debt paydown and whatever the market/inflation pushes the value up to.

Also, use the @ symbol to tag people so they know you're talking to them and they're more likely to respond. Welcome and best of luck!!!

[Yaniv Yaakubovich]

Originally posted by @Sung Park:

Jon Krombein thanks for the review! I’m also under contract for a property through them as well.

Did you end up buying the property with them? If so, how was your experience?

[Emil Shour]

Hey Jon, thanks for sharing your experience using Roofstock! Glad we were able to help you find a good investment property.

I purchased my first rental property through Roofstock a little over 2 years ago (well before I ever started working here). Have bought 3 more through the marketplace since :)