Bad roofstock experience

[Christopher Phillips]

I have used roofstock in the past as a new investor. I bought multiple properties with them, one decent property and the rest were absolute nightmares. They give you these subpar inspection reports, leading you to believe you are buying a good property in a good area, but then if you try to sell it, they tell you that they can't do so untill the big Cap expenditures are taken care of. These were not even seen on their initial subpar inspection reports. They blame the inspector they used for the oversight. I found this odd considering it consistently happened on every single property. These repairs are not just routine maintenence that one would expect to have to pay for a turnover a property we are talking pipes roofs foundational issues. Additionally, they waaaaay overvalue the properties before you buy. I should have gone down to see these properties myself and done my own due diligence prior to purchasing they might argue, but that's their whole model. They are selling you on the idea that with their inspections and price calculations, remote investing is easy. Watch the cartoon on the website. I think remote investing is certainly possible, but these guys are not the solution and will leave you bleeding cash. I would use my own inspectors and look at many more data points besides their price algorithms. I put entirely too much trust in them and got burned badly. 

[Jason G.]

Originally posted by @Christopher Phillips:

I have used roofstock in the past as a new investor. I bought multiple properties with them, one decent property and the rest were absolute nightmares. They give you these subpar inspection reports, leading you to believe you are buying a good property in a good area, but then if you try to sell it, they tell you that they can't do so untill the big Cap expenditures are taken care of. These were not even seen on their initial subpar inspection reports. They blame the inspector they used for the oversight. I found this odd considering it consistently happened on every single property. These repairs are not just routine maintenence that one would expect to have to pay for a turnover a property we are talking pipes roofs foundational issues. Additionally, they waaaaay overvalue the properties before you buy. I should have gone down to see these properties myself and done my own due diligence prior to purchasing they might argue, but that's their whole model. They are selling you on the idea that with their inspections and price calculations, remote investing is easy. Watch the cartoon on the website. I think remote investing is certainly possible, but these guys are not the solution and will leave you bleeding cash. I would use my own inspectors and look at many more data points besides their price algorithms. I put entirely too much trust in them and got burned badly. 

How long did you hold the properties for and did you have a property manager that did annual inspections?