Roofstock is a real estate crowdfunding platform that helps new investors looking to get into the single-family rental market. They make it easy to buy and sell properties in 70 markets across the country and cut out many costs by being online. Since they only sell houses with tenants, you can start making money immediately.
Real Estate Crowdfunding
AT A GLANCE
- Guaranteed lease up on vacant properties
- Advanced technology platform
- Invest in single family rentals
- Over $3 billion transactions completed
Real Estate Investment Platform
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Pros & Cons
Our Roofstock review includes some quick pros and cons to help you weigh out your decision.
Are you ready to start investing in real estate but don't know where to start? Investing in real estate is an excellent use of your money, and if you acquire rental properties, you can have an extra monthly income.
The challenge is finding the suitable properties that'll let you start earning immediately.
Roofstock is an online platform where investors can buy and sell single-family rental homes from all over the country. Each property listed has a renter, so investors will start making money as soon as the sale goes through.
Is Roofstock worth your time and money? This Roofstock review will break down everything you need to know about the platform so you can decide if the venue is right for you.
Service: Real estate investing platform
Fees: .5% or $500 of selling price
Promotion: No current promotions
Roofstock is an online real estate platform aimed at investors wanting to buy or sell single-family rentals. It was founded by three experts in the fintech, investing, and real estate space.
It serves as an online marketplace for rental homes and handles all transactions between buyers and sellers.
How Does It Work?
When a rental property owner wants to sell their house, they can list it with Roofstock. Roofstock vets all properties before putting them on their marketplace. Buyers can then search the marketplace to find a property that suits their budget.
Roofstock handles the sale and closing transactions, making the process as easy as possible for buyers and sellers.
Investors can register with Roofstock for free. You can browse the online marketplace to find a house that interests you. Each listing has a renter already and has undergone a thorough inspection and certification process.
Listings also include information about projected financial gains, inspection documents, and information about the area.
If you don't wish to manage the property yourself, you can work with a Roofstock recommended property manager. You can be as hands-off as you want. Once you've chosen the house you wish to, Roofstock handles all the paperwork between you and the seller.
They also offer a 30-day guarantee after your purchase if you're unhappy with the purchase. You contact Roofstock, and they'll re-list the property. If the property hasn't sold after 90 days, they'll buy it themselves.
If you're ready to sell, you submit property details to Roofstock. They'll give you an estimate and begin inspections. You don't have to remove your tenants during the process, and you'll continue getting income until closing.
Roofstock creates a listing for you and then handles all of the closing paperwork once you have a buyer.
How Much Does Roofstock Cost?
It doesn't cost anything to join Roofstock as a buyer or a seller. You can even look at all available properties without paying a penny. Roofstock takes their commission once you buy or sell a house.
As a buyer, you'll make an offer on a property before spending any money. If the seller accepts your offer, Roofstock will charge you 0.5% of the selling price, or $500, whichever is higher.
As a seller, you'll pay a commission for 3% of the total sale or $2,500, whichever is higher.
Do you still have questions after reading our Roofstock review? We have answers!
Yes! It is a legitimate company. They have over $3 billion in transactions over the past six years. They also offer a 30-day satisfaction guarantee and pay you monthly rent if you purchase a rent-ready property with no tenants.
Roofstock is no more or less risky than real estate investing. You'll save on broker and closing fees, but there's the same risk with buying a rental property anywhere. You can be wildly successful, or you may purchase a property that underperforms.
One caveat with Roofstock is that their brokers aren't local to the areas where they're selling. They won't have as much insight into the site as a local agent would. It's up to you to do your due diligence before buying a property.
Roofstock takes commissions from both buyers and sellers. They take 3% of the sale from buyers and charge 1% of the total sale.
Gary Beasley is the CEO and co-founder of Roofstock. He runs the platform with two other co-founders. With experience working in the fintech, real estate, and hospitality industries, Gary led ZipRealty and Starwood Waypoint Residential Trust through IPOs. He's received several accolades for his work, including 2019's Top 50 Fintech CEO from Financial Technology Report.
Roofstock vs. Competitors
Should I Invest With Roofstock?
Roofstock claims to be disrupting the real estate industry by making it easy for people to invest in rental properties. They're entirely online and can save buyers and sellers money since they circumvent many fees associated with real estate transactions.
If you're a new investor, Roofstock can be an excellent place to start. They handle a lot of the process. You'll still need to do your due diligence, but you've got a bit of a head start.
If you're interested in buying a single-family rental property that'll start paying for itself right after the sale, or if you own a single-family rental property that you're ready to sell, check out Roofstock to learn more.
Roofstock is an online marketplace for investing in leased single-family rental homes in a transparent and low-friction method.
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I’m Donny. I’m a world traveler, investor, entrepreneur, and online marketing aficionado who has a big appetite to compete and disrupt big markets. I thrive on being able to create things that impact change, difficult challenges, and being able to add value in negative situations.