Hey all,
Thanks for being so welcoming! Sorry for the late reply. I'm still pretty new at this whole BP forums thing.
Overall, I had a positive experience with Roofstock. This is of course coming from someone who had zero experience with real estate asides from listening to podcasts and reading articles/books. The biggest pro to working with Roofstock was that it took very little effort on my end. Roofstock's online platform is very user friendly and their team is also very helpful. After just registering an account, I received a call from one of their team members the next day offering guidance on the process. My only major task was setting up financing and they basically did everything else. Because of this, I would say that Roofstock is a really good option for newbies (like myself). It gives you the opportunity to learn a lot about the process of purchasing an investment property but with much less stress. Another huge benefit is the opportunity to purchase properties far away that are affordable for newbies, which is great if you live in an expensive state). There are a few cons but I can only think of two right now as I'm typing this: 1. the price negotiation process isn't too great. There is no verbal communication between you and the seller asides from numbers. You offer a price and they either accept, reject, or send you a counter offer. This then repeats until the numbers work out or not. There is no opportunity to provide any reasoning behind the numbers. 2. There aren't many properties available with the sort of numbers people look for in rental properties (i.e. 2% rule).
I only closed last week so I can't speak too much about other aspects of the process (e.g. property management) but hopefully I can in the future!
