Product Name: Roofstock
Price: Free (with commission every successful transaction)
Rating: 8.4 out of 10
Verdict: After learning more about Roofstock, I easily came to the conclusion that it is a legitimate company. There’s no doubt about it.
Many people look at investing when they are looking for a way to make their money grow passively. In a way, this is true. You can grow your money passively through investing but that is if you invest in a normal fund and be hands-off with it. Some people like to have some options for their investment and that’s perfectly fine as well.
Financial freedom is one of the most sighted reasons why investing is so lucrative for many. For many, investing equates to good monetary decisions but is that really the case?
In today’s review, we’re going to look into a program that claims to help people build wealth through real estate. It says so on their website. That’s their tagline, even. The name of the company is Roofstock. They claim to be the #1 marketplace for buying and selling single-family rental homes. Is this true? And how can you make money from that? Find out here.
What Is Roofstock?
Roofstock is not exactly an online money making opportunity rather an investment opportunity for people that are looking to not let their money stagnate on their bank accounts. It’s an online real estate marketplace for single-family rental homes.
Roofstock was launched in 2015 with the main goal of simplifying the whole process of buying real estate properties without the need to meet with the brokers all the time. All the required details are posted on the company page which can help you determine which properties are good buys and which are not.
Even early on in this review, I am inclined to believe that Roofstock is a legitimate company. But let’s inspect further just to make sure.
Who Can Use Roofstock?
Pretty much anyone can use Roofstock as long as they are interested in real estate. But generally speaking, there are 2 main kinds of users that Roofstock targets – the buyers (investors) and sellers.
It’s just like any other marketplace out there. Supply and demand. Buyers, which can also be called investors, are the ones that want to buy the property. The main selling point of Roofstock for buyers is it makes the whole process much easier by removing the hassle and legwork needed for each purchase.
Obviously, sellers are those who want to unload their real estate properties. It’s basically just like unloading any item over the internet. The only real difference is the value since real estate properties are way more expensive that stuff that gets sold online.
Benefits Of Using Roofstock Over Other Service
The beauty of using Roofstock and one that they always point out every chance they get is they remove the hassle from buying properties. If you’ve bought land before, you must already know how tiring and draining the whole process is. Roofstock aims to lessen that, if not remove it altogether.
Roofstock also has some specialty which is single-family rental properties. What this means is they only take properties that are fully renovated and available for rental as is. It’s almost like browsing a car online. The properties are ready to use. Sometimes they may already have tenants in them which means that you don’t have to worry about looking for tenants for your new property.
How Does Roofstock Work Exactly?
Roofstock is an online marketplace. It functions basically the same as other marketplaces you may be familiar with. The only distinction is it deals with real estate properties.
The company will function as the broker between the buyers and the sellers ultimately removing the need for actual brokers. Furthermore, they also make the whole thing easier since they will do all the paperwork necessary to secure the property.
They actually have a team of brokers that deal with everything but from your end, you will never notice it because everything is done online.
How To Make A Property Certified?
But before a property can be sold to the website, it has to meet several criteria. After all, Roofstock is ultimately a niche market that adheres to very specific characteristics.
- The property needs to be thoroughly inspected by a property firm to ensure that everything is in working order
- If repairs or renovations are needed, there should be an extensive estimate of the cost
- The property should have a title report with no issues like uninsurable encumbrances, liens, or other commitments
- The floor plan is required along with a 3D virtual tour of the property
- The price range must be at the market value as evaluated by an experienced valuation analyst
- High-quality photos of the property is a must
- There should be a written lease term and contract
Once all these criteria are met, the company can now list the property on its marketplace. Roofstock will actually make a recommendation on what a fair price should be. But in the end, the seller is the one who will determine the final pricing of the property.
They can reject the listing if they deem the price is unreasonable so bear this in mind when setting up your price.
Roofstock Feedback And Testimonials
If you read reviews online about this company, you would find that most of them are positive. You will also find some bad reviews, of course, but upon checking, most of the bad reviews are about the huge downpayment options and expensive repairs, which can be chalked up to a bad listing.
As far as their services go, they check out just fine. One thing you need to remember is many of their properties tend to sell out quickly. To secure a property, you need to be fast and willing.
But as with all marketplace items, you must still do your due diligence on the property. This may mean more effort on your part but if this means you’ll feel more secure about your purchase, then so be it. Buying a property is a huge investment after all.
What I Like About Roofstock
- This marketplace is free to use. If you are looking for or selling a rental property, this is a good place to start.
- It removes all the hassles that usually go with big purchases like this.
- Their commission structure is lower than most actual brokers – 2.5% for sellers, and 0.5% for buyers.
- You don’t have to be an accredited investor to buy a property. If you have the money, you can buy a rental property easily.
What I Don’t Like About Roofstock
As with all items you buy over the internet, the information that is written on there can only go so far. To ensure, like really ensure that you are getting your money’s worth, you need to pay an actual visit to the property you are interested in. This may prove to be a hassle which is what Roofstock promises to remove. But this may be needed if you want to be 100% sure of the property.
The Verdict – Do I Recommend Roofstock?
After learning more about Roofstock, I easily came to the conclusion that it is a legitimate company. There’s no doubt about it.
If you are wise in your investment, you can make a good profit here, either by renting out your property or flipping it for profit. Whatever your chosen method is, buying a property is never going to be a bad option. Well, not unless you can’t afford it.
Needless to say, if you have the money and are interested in earning passive income through rental properties, using Roofstock is definitely one of the best ways to do it.
Cheaper Online Money-Making Opportunities
Buying rental properties isn’t exactly a cheap endeavor. One can argue that it’s actually way too expensive for the returns it gives. And while I don’t have the necessary experience to either confirm or deny this claim, two things are for certain – rental properties are expensive and the housing market is too volatile and unpredictable right now, especially with the pandemic going on.
What I could suggest to you is to hold out and assess the situation once the pandemic starts to taper off. Only then can you judge whether a rental property is a good investment or not.
In the meantime, if you are looking for a money-making opportunity that is both cheaper and easy to do, perhaps you might want to check out my #1 recommended program. See you on the other side.