All Forum Posts by: Alvin Lee

@Guy Yarkoni hello, did you ever find a good out of area real estate agent? Has your journey in NC been fruitful?

@Alvin Ikeda

Hi Alvin,

I am considering going into Cincinnati, Oh and was wondering if you were still happy with your property management company?

Thank you!

@Samuel Toscano

Hi Samuel,

I am also from the Los Angeles region and was considering starting out in Cincinnati. How has your real estate endeavors go in Cincinnati? Were you ever able to find a good property manager/team?

@Will Gaston

Hello Will,

I am investing in the 29210 area code of Columbia, Sc.

Hello Eran,

I've also had some terrible experiences with Roofstock. Right after closing on our property in Columbia, South Carolina, I've had to evict my tenant inside the property after she failed to pay rent for 2 months. Using a "roofstock certified" property manager (Marketplace Homes), I had to really push to start the eviction process. It was almost like pulling teeth to get them to start the eviction process after two months of nonpayment. I reached out to roofstock to help rectify the issue, which to their credit, they did. Roofstock offered a 6 month rent guarantee to help cover the costs of lost rent and the eviction process. Anyways, we are coming up on the end of the 6 month rent and we just got the tenant out late last month (December 2018). Getting updates from the, again, "roofstock certified" property management company during the eviction process was a total nightmare. I had to literally hunt down the the employees over there to get updates as to what was going on with my property. After about 4-5 months of having the property, the eviction process finally ended. It does not stop there though. I decide to terminate my partnership with Marketplace homes due to their lack of communication and professionalism. When I ask for my security deposit back to help cover the turn charges, the Marketplace Homes property manager turns around and says, "We don't have your security deposit on file. We never received one." Now, judging from their past performance with managing my property, I wouldn't put it past them to try to ookey-doke me out of my security deposit. I ended up calling my closing attorney to verify what happened with my security deposit. Sure enough, my closing attorney advised me that the security deposit was sent over to Marketplace Homes at the beginning of July and that it was cashed shorty after being sent. I called back Marketplace to advise them of the fact and was subsequently told that they double checked and saw that a security deposit was sent, but they did not know where it went. I am still in the process of trying to get my security deposit back from them, but it really makes me wonder about what it takes to be a "roofstock certified" property management company. Judging from marketplace homes' subpar performance and the fact that they lost my security deposit, it seems to me that it does not take much. I've reached out to roofstock to see if they can assist me in obtaining my security deposit back, but have yet to hear back from them. Marketplace has been doing the, "you should see it by next week" game for the past couple of weeks. Just a word of caution for those that do decide to invest with roofstock: the roofstock certification for property management does not mean much. It was an expensive lesson learned, but I do not think I will ever invest with roofstock, nor will I ever recommend anyone to do it based on my experience. Others might had a good experience, so its case by case. In my scenario, I was one of the "unlucky ones".

@Zach Evanish Yes, I spoke to Lizzy from customer success who provided me with a solution. Thanks Zach.

@Tim Johnson Hi Tim, I am finding myself to be on a similar boat as you in regards to roofstock. I purchased a property in South Carolina for about 95,000 and closed a little over two months ago. Since closing on the property, I've had to make repairs on an almost weekly basis, which at first I didn't mind and chalked it up to doing business within real estate. During my first month of ownership, I received rent incredibly late (about 3 weeks late), which I believed was just a delay between transitioning between the previous property management company to our current one (marketplace homes). Now, however, the tenant is a month late on rent, and will most likely be late on the next month. I have not heard anything about the reasoning as to why it has been late or if they are going to pay at all. We have issued a 3 day notice and will be starting the eviction process. Keep in mind that this is just after 2 months of ownership. I've contacted the property management company on numerous occasions to see if the tenant will be paying but have not heard back as to whether the tenants have responded. I've also reached out to roofstock for customer support, but I have yet to hear back from them as well. I would be wary when investing with roofstock at this point. Seems like as soon as a deal closes, they readily drop you and offer no support. Even during the buying process, my roofstock associate assigned to me Zach Carson provided subpar service. He rarely communicated or updated me with anything with the property. After reading all these positive reviews for roofstock, I was really hoping for a different experience but am underwhelmed by it all. Thanks for letting me vent! Alvin

Originally posted by @Lara Chinarro:

Originally posted by @Jason G.:

I think that makes sense, but was I was told is "no, because we don't want to bother the tenant". That did not seem like a good reason for me!

 Hello,

I am currently in the process of purchasing a Florida property via Roofstock where an inspection contingency was set in place because it was never done by a roofstock certified inspector. My roofstock point of contact made it clear that with the inspection contingency, should any major issue pop up during the inspection, you are free to walk away from the purchase. You will be refunded for the money you already put in (Marketplace fee, earnest money down, etc.) I will say that getting them to schedule the inspection in a timely manner has been like pulling teeth. I am having my point of contact draft up an addendum to extend the 20 day grace period for the inspection to be done because they weren't able to schedule an inspection soon enough. My inspection contingency grace period ends in 2 days and if they are not able to complete the amendment to the contingency within that time, I will have to walk away from the property. I will keep you posted on the process, but so far, I feel my point of contact could be a bit more responsive and be a bit better at updating on the status of the purchase.

Regards,

Alvin