Roofstock buys Great Jones to help investors profit from real estate

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  • Single-family rental market Roofstock has acquired property management firm Great Jones.
  • The Roofstock CEO said the move will help individual investors buy and manage homes remotely.
  • The company dominates the world of single-family rental technology with a 10x growth year over year.

It will soon be easier to invest in real estate without lifting a finger.

Roof, single-family rental market has evolved into a one-stop shop for investors, acquired Great Jones, a single-family property management company in Oakland, for an undisclosed amount, the company told Insider.

Roofstock allows investors to buy or sell rental properties or even just shares in rental properties if they cannot afford an entire home. Houses usually already have tenants to generate built-in income.

Investors can buy a rental home through Roofstock and then assign Great Jones to handle day-to-day tasks, from coordinating with HVAC specialists or plumbing problems to minor fixes on site. According to a press release, Roofstock’s goal is to create “a fully digital retail investing experience generally available only to large investors.”

In 2018, the company acquired real estate management firm Streetlane Homes, serving large institutional owners. Rooftstock can now also provide services to individual investors who can only own one or two properties for reliable rent verification.

“Small investors are less concerned about lease optimization,” Gary Beasley, CEO and co-founder of Roofstock, told Insider. “Instead, they are more likely to say, ‘Make it easier for me.’

Prior to acquisition of Great Jones – not to be confused with fashion food company – run 5,000 homes in southern cities like Austin and Raleigh, as well as most hot Sun Belt Region… He has raised over $ 30 million in venture funding from investors such as MongoDB and Business Insider co-founder Kevin Ryan.

Beasley said Great Jones could also help promote Roofstock to more single-family rental investors who can use the Roofstock market to sell their property – or buy other leased properties – in the future.

Roofstock, which has raised over US $ 130 million since its founding in 2015, has become the main beneficiary of the project. single-family rental boom due to pandemic… The company serves both large institutional investors, criticized for overcrowding the housing market with their vast holdings and smaller investors who can only own one home.

Roofstock said it topped more than $ 3 billion in transactions and recorded a 10x increase in the dollar value of transactions on its website in the first half of 2021 compared to the months of the pandemic in the first half of 2020. The deal marks Roofstock’s second acquisition. year: it took accounting firm and management company Stessa in March.

Roofstock is one of the few single-family technology rental companies that works with both institutions and individual investors. Beasley is very familiar with the institutional game, as he co-founded Waypoint Homes, which eventually became part of Invitation Homes. largest single-family landlord

His colleague, the co-founder of Waypoint, is currently the CEO and co-founder of Mynd Management, a single-family property rental firm that recently signed $ 5 Billion Home Purchase Deal for Invesco… Where Meind paved the way by partnering with large investors, Beasley said Roofstock is designed for all levels of investors.

“What we are building looks more like Switzerland,” Beasley said. “Many, many customers will use us in a wide variety of markets.”

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