Roofstock is an online marketplace where investors can buy, sell, and trade homes that tenants are living in.
"Roofstock’s platform allows users to invest in the $2 trillion single-family rental home sector in a manner similar to traditional asset classes like stocks," reports Bizjournals.
Prospective buyers don't necessarily visit the home or meet the tenants; instead, they can view 3D walkthroughs of properties on Roofstock's website. Third-party inspectors certify the condition of the property and the performance of the property managers.
They also conduct background checks on current tenants, looking for unpaid rents and verifying that they earned at least three times the rent at the time they signed the lease, according to the San Francisco Chronicle.
Rents in Oakland are estimated to be the fourth highest in the nation; the lack of affordable housing in the area recently led county officials to declare a public health crisis.
Roofstock's co-founder and CEO called the company's model "a win-win-win situation" for buyers, sellers, and tenants.
Investors seem to agree: The company recently raised $20 million in Series B financing, and has raised $33.25 million in equity funding since its founding last year.
FULL STORY: Oakland startup raises $20 million to trade houses like stock
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