Roofstock Review (2026): Fees, Roofstock One and the Mynd Merger

Where the Roofstock marketplace went

Most Roofstock reviews still describe a curated marketplace of leased single-family homes that Roofstock inspects, certifies and sells for a fee. That is not what a buyer finds today. On October 9, 2026 the old marketplace address, roofstock.com/investment-property-marketplace, redirected to stessa.com/investment-properties. Stessa is landlord software Roofstock owns; the page is titled “Investment Properties Powered by Roofstock - Stessa” and showed 1,051,004 results under an “MLS” tab, with “Off-Market” marked as a beta. The roofstock.com home page itself now leads with institutional services (acquisitions, property management, asset management, dispositions, valuations) and sends individual investors to three brands: Mynd for property management, Stessa for software and listings, and RentPrep for tenant screening.

What changes for a buyer is who stands behind the deal. Stessa's help center, in an article dated August 31, 2026, says that when you are ready to pursue a property it will refer you to “a trusted, third-party real estate agent”, who should contact you “within 3 business days”. Another answer says Roofstock “is a technology platform” and does “not provide personalized investment or property-specific advice”. The listing pages carry this disclaimer: “Neither Stessa nor its affiliates are acting as your real estate agent or broker, nor do we represent or endorse any properties or parties.” A listing we opened was an MLS listing from an outside brokerage, with links to Redfin and Zillow and a box for a DSCR loan quote from LendingOne under a partnership Roofstock announced on January 6, 2026.

The company's headline numbers have grown while the retail product shrank. The merger release of May 2024 said Roofstock had facilitated “more than $6 billion in transactions”; the home page now says 10B. Neither figure comes with a period or a definition, and Roofstock files no annual report, so they cannot be checked. If you are weighing a single rental against a pooled product, our comparison of crowdfunding and owning a rental directly sets out the trade-offs.

Fees and what the terms actually promise

The fee page that review sites quote no longer exists (roofstock.com/fees returns a 404). The document that does exist is Roofstock's Terms & Conditions, linked from the site footer and marked “Last updated: June 4, 2024”. Its fee clause for buyers is general: at the time you decide to buy a listed property, you “agree to pay Roofstock a marketplace fee (“Marketplace Fee”) which will be calculated based on terms that we will provide to you prior to you entering into a Purchase and Sale Agreement”. No percentage, minimum or cap appears anywhere in the 47 pages.

The only fee figures from the company itself that we could save are old. In an October 4, 2017 interview with TechCrunch, the chief executive said: “We charge 2.5 percent to sellers, and .5 percent to buyers.” Treat those as a 2017 statement, not a current price. If you are quoted a fee on any Roofstock or Stessa transaction, get it in writing before you sign, because the terms make that quote the contract.

The “Roofstock certified” label is the other thing older reviews lean on. A Roofstock blog post last updated September 21, 2020 listed what certification covered: an inspection by a national inspection firm, a valuation and rent analysis, an estimate of major repairs, a review of the lease and the tenant's payment history, disclosure reports on local risks, and vetted property managers. That was a checklist of reports, not a warranty, and the 2024 terms keep the distinction: Roofstock “does not warrant or guarantee the performance or services provided by your property managers and you shall look solely to your property managers for recourse”. On the Stessa marketplace today, listings come from the MLS and the disclaimer says Stessa does not represent or endorse the properties.

Roofstock One: 65 houses, one Form D each

Roofstock One began as a way to buy a slice of one rented house. Each house was put in its own series of the Roofstock One Trust, “a Delaware statutory trust formed in series” in the words of the terms, with names such as NAEL384 or Mala243, and each series filed its own Form D. A 2020 capture of roofstock.com/one advertised “Rental home investments for as low as $5,000” and “Buy shares of an individual rental home”. We found 66 Form D filings for 65 series, filed between December 28, 2018 and January 16, 2020 (Stdo71 filed two forms five days apart).

Two details matter to anyone who held these shares. First, the forms were filed once and never amended, so the public record stops at the first investor: on 40 of the 65 the amount sold at filing is 10% of the offering (our arithmetic), which matches a minimum ticket of about a tenth of a house. How much of each house was eventually sold to outside investors, and how much Roofstock kept, is not in any filing. Second, Roofstock's own terms describe the program differently from the forms. The June 2024 terms say Roofstock One “is private securities offering, exempt from registration pursuant to Rule 506(b) of Regulation D”; the Form Ds tick Rule 506(c), the exemption that allows general advertising and requires verified accredited investors, on 61 of the 65 series. Both routes limited sales to accredited investors here, but the record does not explain the difference.

Roofstock One, Inc.: the REIT that went quiet

In November 2021 the product was rebuilt as a company. A blog post by the CEO, last updated November 9, 2021, called the new structure “an industry-first for SFR REITs” and said investors could start “with as little as $1,000” until the end of 2021. The issuer is Roofstock One, Inc., a Maryland corporation in Oakland (CIK 1890045). Investors bought “shares of Tracking and Common Stock”, each tracking stock tied to a set of homes, and were told they would be “eligible to receive pro-rata quarterly distribution, subject to board approval”.

The Form D/A works out to an average of $11,498 per investor (our arithmetic). A continuing Form D offering is normally amended each year, and none followed, which is consistent with sales having stopped by late 2023; the filings do not say. What they also do not say is how the REIT ended or what investors received: no notice of a sale, merger, liquidation or redemption is on EDGAR, and a private REIT that sells under Regulation D has no duty to publish one. The company's 2023 FAQ was candid about liquidity: “an investment in Roofstock One currently has limited liquidity”, and it required a five-year horizon.

If you held Roofstock One shares, the record that governs your outcome is private: the offering memorandum, the tracking-stock statements and the investor-portal notices. Ask Roofstock in writing for the date your shares were redeemed or exchanged, the price per share against your purchase price, the distributions paid, and the 1099s or K-1s issued.

What the people who own Roofstock stock say it is worth

Roofstock is private, but one public fund has to report what its Roofstock shares are worth twice a year. The Private Shares Fund (CIK 1557265), an interval fund, bought Roofstock Series E preferred in March 2022, the round that TechCrunch reported as $240 million at a $1.9 billion valuation led by SoftBank Vision Fund 2. It also owned Mynd Management, Inc. common stock from December 2021. Its schedules of investments give cost and fair value for each:

The Mynd position disappears after 2023 and a Roofstock common position appears, dated June 2024, carrying exactly the same $6,130,637 cost, which is how the merger shows up in a holder's books: 127,231 Roofstock shares in place of 340,202 Mynd shares, about 0.374 to one (our arithmetic; the fund does not state an exchange ratio). Two cautions. These are the fund adviser's fair values, not prices anyone paid; and preferred and common shares rank differently, so the two columns are not the same claim on the company. A smaller holder points the other way on the preferred: TriplePoint Venture Growth BDC carries a warrant on 56,839 Roofstock preferred shares at a fair value of $194,000 on June 30, 2026, up from $5,000 on 26,765 shares two years earlier, against a $19,000 cost.

None of this changes what you pay for a house. It does tell you the company's backers have marked it down since 2022, which fits the layoffs TechCrunch reported (about 27% of staff in March 2023, five months after a 20% cut) and the move from a retail marketplace to services and software.

Roofstock's own fundraising, and Mynd's

Roofstock's own Form Ds add up to $80,303,000 (our sum of the latest form for each offering) and stop in April 2019. The later rounds reported in the press, including the 2022 Series E, have no Roofstock Form D on EDGAR that we could find; the only Series E filing is the $1,550,000 vehicle that 7GC formed to buy into it. Mynd's last Form D, filed October 1, 2021, reported $57,417,000 from four investors.

Mynd: is it part of Roofstock, and what does it charge?

Yes. Roofstock's release of May 16, 2024 says “Mynd will merge into the Roofstock corporate entity, while property management operations will continue to operate under the Mynd brand.” Most people searching for Mynd are tenants or owners looking for the manager itself; for a buyer, what matters is that when Roofstock points you to property management today, it points to its own subsidiary.

Mynd's website (October 9, 2026) claims “20K homes under management across 40+ markets” and says it charges “a simple, flat, and monthly rate rather than an overall percentage of rent”, with pricing based on location; no rate is published. The one Mynd fee we found in a public filing is a negotiated one: in Arrived Homes' Form 1-K for 2025, each Arrived property managed by Mynd is charged “six percent (6%) of all rents and fees” or a minimum of $84 a month. That is an institutional contract, not a retail quote, but it shows what a percentage-based Mynd contract looks like. Our Arrived Homes review covers those properties.

On licensing, Mynd is in better order than its parent's brokerages. The California Department of Real Estate lists Mynd Management, Inc. (license 02014508, DBA Mynd Property Management) as LICENSED to August 12, 2028, and Mynd Mortgage Inc. (formerly HomeUnion Lending Inc.) as LICENSED to December 14, 2027.

Broker licenses: three Roofstock companies expired in California

Roofstock's broker-licenses page lists firms and brokers in 11 states (Alabama, California, Florida, Georgia, Missouri, Nevada, North Carolina, Oklahoma, South Carolina, Tennessee and Texas, our count), and for California it still shows Real Estate ID 01995170, the license the regulator lists as expired. An expired corporate license can mean the business moved to another licensed entity; it does not by itself mean wrongdoing, and the DRE record gives no reason. If a Roofstock or Mynd entity acts for you in a sale in California, ask which licensed company is acting and check its number at the DRE before you sign.

Where Roofstock puts its own money now

The record shows a company moving toward institutional deals. On October 30, 2024 Roofstock said it had represented the seller in a sale of “nearly 1,700 single-family rental homes to AMH”. In May 2025 it announced a short-term rental division with an investment in Casago, and Vacasa's merger proxy shows how large that was: Roofstock, Inc. was one of three guarantors and equity sources behind Casago's take-private of Vacasa, with a 9.93% equity interest in the buyer after the merger. Vacasa signed a confidentiality agreement with Roofstock on September 5, 2024, and the deal closed on April 30, 2025 at $5.30 a share in cash.

Complaints and court records

The CFPB complaint database returns 0 complaints for Roofstock and for Mynd Management (October 9, 2026); that is expected, because neither is a consumer lender and the database covers consumer financial products. A search of federal dockets on CourtListener returned no case with Roofstock in the case name, and we found no lawsuit by Roofstock One investors. We did not rely on review-site ratings. If you have a dispute, the terms send it to arbitration unless you opted out within 30 days of signing up.

What a buyer can do with this

• Price the house yourself. The Stessa page computes cap rate and cash-on-cash with default assumptions; run your own numbers in a tool such as the one in our DealCheck review, with your real tax, insurance, vacancy and management cost.
• Get the fee in writing. Roofstock's terms say the Marketplace Fee is set by terms given to you before the contract. On an MLS listing through a referred agent, ask who pays the agent and how much.
• Do not count on a guarantee. We found no buyer guarantee in Roofstock's current terms. Your protection is your inspection contingency, the title policy and your purchase contract.
• Check the license. Look up the acting broker on the state regulator's site. In California three Roofstock corporate licenses are expired.
• If you held Roofstock One, ask for the redemption or exchange price, the date and the tax forms, and keep the offering documents; the public record has nothing on the outcome.
• If you need a loan, a rental bought in an LLC usually goes on a DSCR loan, which is underwritten on the rent rather than your income; see what a DSCR loan is and our LendingOne review, the lender Stessa now quotes.

Roofstock, Inc. has not filed with the SEC since April 2019, so the alert below covers changes in this record: a new filing by a Roofstock or Mynd entity, a new mark on Roofstock stock in a fund report, or a change in its licenses.

FAQ

Sources: SEC EDGAR Form D and Form D/A filings of 65 Roofstock One Trust series (66 filings, CIKs in the CSV), Roofstock One, Inc. (CIK 1890045; 0001567619-21-019342 and 0001890045-22-000001), Roofstock, Inc. (CIK 1643176, six filings 2015-2019), Roofstock Series E, a Series of 7GC Opportunity Partners, LLC (CIK 1908144) and Mynd Management, Inc. (CIK 1688930, four filings), read October 9, 2026; The Private Shares Fund's N-CSR and N-CSRS reports for June 30, 2022, December 31, 2023, December 31, 2024, December 31, 2025 and June 30, 2026; TriplePoint Venture Growth BDC Corp. Form 10-Q for June 30, 2024 and June 30, 2026; Vacasa, Inc. DEFM14A (0001140361-25-011022) and 8-K (0001140361-25-016775); Arrived Homes, LLC Form 1-K for 2025 (0001213900-26-050390); California Department of Real Estate license records; the CFPB complaint database; CourtListener; Roofstock's Terms & Conditions (June 4, 2024); roofstock.com, stessa.com, the Stessa help center and mynd.co, read October 9, 2026; Internet Archive captures of roofstock.com/one and learn.roofstock.com; and TechCrunch articles of October 4, 2017 and March 22, 2023. Statements attributed to company websites are the companies' claims. Sums, averages and percentages are our arithmetic. We have no relationship with Roofstock or Mynd and earn nothing from them. This is analysis of public documents, not investment, legal, lending or tax advice.