All Forum Posts by: Kalen Jordan

Hello Marlene, 

It's time consuming looking for a Turnkey company, but I think most of your energy will be spent on looking, researching and finding your investment home.  

I narrowed it down to three Turnkey companies and researched the homes within them.  After numerous inquiries (most were taken), I eventually found my first investment home and am now close to closing on my first investment home in Kansas City.  I went with @Mike D'Arrigo and his company. So far, he has been very helpful, professional and has answered all my questions. He is very respectful. 

I do not know how our relationship will be in 3 or 6 months, but so far, it has been a good relationship. 

Best of luck and wish you success! 

I have experience with this group. 

Strong Points: Coordination. They do have a smooth process down and are in several markets. 

Downside: All of my properties are performing under 9% cash on cash ROI.... This backs out vacancy. If you factor vacancy allowance I'm barely hitting 7% ROIs. They mark up their properties way too high. Their investment advisors are a bit sneaky too as I had a bad experience in Huntsville. Marco is polished but it is becoming more clear they are simply trying to squeeze every last penny out of a deal. I am not having a hard time selling these underperforming properties as I need to hold them for 3+ years to make up for the closing costs. Overall I wish I hadn't invested with them.

 No problem - glad I could help, please message and connect if you have more questions.

From him I have purchased 4 in Indianapolis and am in escrow now on 2 in Kansas City and 1 in Houston.

Since there's some new interest in Roofstock, I thought I'd post my experience which, unfortunately, hasn't been as stellar as others.  I am not intending to knock Roofstock at all and hope to be a customer of theirs in the future, but my first shot with them has been disappointing to say the least.

I found a house that I liked in a decent area in Georgia (most of the GA properties are either in the boonies, in "war zones," or areas with high vacancy).  I live in Atlanta so I was able to drive by and take a look; the house was really cute.  I was excited to say the least.  The asking price was over the market price by a good $10k, so I "negotiated" with the seller back and forth 5 or 6 times before we landed on a number we could both live with, though I was still paying more than I wanted to for the house.  The numbers worked, however, so I was ok with moving forward.  I put "negotiated" in quotes because there's no way for you to justify a lower price to the seller (and I had plenty of reasons: comps, repairs, etc.) why they were asking too much.  You simply submit a dollar amount and the seller accepts or rejects it.

After the offer was accepted by the seller, Roofstock was quick to act, putting me in touch with a mortgage broker and an insurance agent.  I signed the contract, applied for a loan, and talked to Roofstock's insurance agent and a few others.  About 3 weeks later I got a call from Roofstock indicating that the buyer had stopped paying rent the month before I moved ahead with the purchase and the current owner was going to evict them.  Roofstock asked me what I wanted to do.  I said that if the seller could turn the place over and get a new tenant within a reasonable amount of time, I'd stick with the contract.  It was a good house, after all.

Another few weeks go by and Roofstock calls to advise me that I cancel the contract.  Things were taking longer with the eviction than expected.  The seller was still interested in selling me the house, but they didn't know when that was going to be.  Deciding I didn't want this dragging on forever while being legally bound to the offer, I decided to cancel the contract.  Roofstock said they'd keep me updated on progress as the house was turned and new tenants were found.  That was 3 1/2 months ago.

I've emailed and called Roofstock 5 or 6 times since then.  They tell me that things are just taking time.  There were problems getting the gas and electric out of the evicted tenant's names.  The turnover took longer than expected.  Nobody's renting during the holidays.  They usually get back to me 3 or 4 days after I contact them asking for a status update.

So now I'm here with a hard pull on my credit for a mortgage I don't need and dozens of hours sunk into preparing to buy the house.  Updates from Roofstock have been terrible, but I've given up at this point.  I don't think any of this is necessarily Roofstock's fault (aside from the lack of communication when things didn't go perfectly).  Yes, the house was still listed on their site showing that it was occupied and the tenants were current with their rent, but that's really more on the current owner of the house than Roofstock - how would Roofstock know?  So I'm only frustrated with the communication, but it's definitely not been smooth sailing for me.