Roofstock Raised $13.25 Million, Inaugurates Rentals Marketplace
Roofstock Inc. has collected $13.25 million in Series A funding to be used in an online marketplace for single-family rental homes that has been occupied. The platform will be launched on Thursday with a keen inventory of central Florida homes from institutional real-estate agents.
Roofstock Inc. delivers an online marketplace enabling investors to commit in rented investment homes from institutional sellers. It was incorporated in 2014 and has headquarters in Oakland, California. It runs Roofstock which is a cloud-delivered platform enabled by technology. It gathers participants under one roof and sells homes, as reported by Bloomberg.
The company will have inspectors to determine the condition of homes and make buyers comfortable to buying them even without visiting the site. The buyer will obtain the house and its present lease according to Roofstocks' exemplar. Currently, Roofstock is taking homes where tenants currently pay their rents and have leased for at least one year, Wall Street Journal reports.
Roofstock has the ability to interpose liquidity into market with assets that cannot be easily converted into cash. Usually, selling of single-family rental homes will have tenants leave the house. As the vacated home stays in the market for many months, the sellers miss on the possible collection of the rent.
The company gets its funding from Bain Capital, Ron Conway, Khosla Ventures and Marc Benioff to name a few. Prices are already determined to prevent lost time during the negotiations. The closed deal will be delivered through electronic document and e-signatures to speed up the process, according to TechCrunch.
"You'd never vacate an apartment home to sell it, so why should we vacate a rental home," asks Gary Beasley, co-founder and CEO. Before Roofstock, "there was no efficient way to buy and sell investment homes that have tenants in place."
The Roofstock platform will soon start in Florida with future plans of expanding throughout the U.S. Bain Capital Ventures invested $7 million in Series A-1 in that closed in December while Matt Harris, the managing director adjoin Roofstock's board.