Flock HomesReviews of flockhomes.com

With Flock and the 721 exchange process I've left behind the headaches of being a landlord, but remain through the partnership in residential real estate, having retained the full property value without paying capital gains tax or depreciation recapture. The process was easier and quicker than listing to sell and all the problems that come with listing, showings, negotiations, etc. Flock was fair in their valuation and pricing of my properties. The last weeks prior to closing were more challenging than a regular residential real estate closing, however staff patiently worked through issues. We closed on time, with shares in Flock issued promptly the next day. There are costs to Flock's process and ongoing management, but they seem reasonable relative to other options. I found that where property values are high relative to income/expense, the hold period is longer and the income stream is lower during the hold period. The growth potential and tax shelter advantages remain, one just can't expect current income anywhere close to what rental income was.

The folks running Flock were amazing to work with. Top shelf communication and people skills topped with efficiency and knowledge. If the ROI is reflective of the initial setup of fund we all should do 25%. lol!

Everyone we have met or spoken with at Flock has been very kind, helpful and professional. Our transaction was a little more complicated than some due to our legal ownership structure. The Flock people patiently worked through the structure with us to assure compliance to IRS rules, etc. Unfortunately, the title company/notary were not as familiar with the situation/structure at closing. Happily, our Flock connections responded instantly to questions and concerns via telephone and our transaction was concluded successfully. Flock follow up has also been great. Over communication is "just right" communication and Flock communicates a lot. Our transition contact followed up the day of closing and twice over the weekend following closing to be sure everything was to our satisfaction. One week later, the head of customer service called to ask if we were satisfied and what could they do to be better. We are strongly considering contributing more of our properties to Flock very soon.

We found everyone at Flock to be open, honest, and transparent. The entire staff, from our initial contact with Jeanette, to the founder, Ari, gave us any information that we needed to make an informed decision. We had our financial advisor, attorney, and CPA all interact with Flock and get information that was readily shared in order to help us make our decision to exchange our rental homes into the Flock family. We have been happy with the appreciation of our portfolio and also the after care that we have received from Danielle and Jacob. The only item that we felt was not explained in detail was the "top up" fee. Also the closing was a little stressful as we were trying to close on December 31st and a closing agent was not scheduled until the last minute. Other than that, we appreciate the exceptional communication that we receive from Flock and are convinced what this was a sound investment for us.

The staff was professional and responsive throughout. I had a few rental properties investigated through their pipeline and ultimately decided so do 1 transaction with them. The process was transparent and low-pressure, the quarterly return ('dividend') has been as expected and staff support has been great when I have questions. It's a good strategy for the right client. If any critique is that that price valuation factors in remodeling estimates, onboarding fees, vacancy and tenant turnover, by the time that all gets totaled up the offers have been a little lean. I had a property in good shape with little to no remodel and a tenant in place, the offer was pretty good but otherwise the fees start to add up. But I have appreciated not being a landlord but still getting cashflow.

It’s a good strategy if you have lots of capital gain in a property and don’t want to sell it all at once. Easy roll over, great management.

Update: While I stand by my original review. I want to acknowledge the response that I received directly from the CEO, Ari Rubin. I think reviews should be a learning experience and Ari agreed. We had a good discussion and he apologized for the failed communication. For this acknowledgment of the mistakes made, I felt it was only fair to upgrade my rating, I appreciated being heard. And...he made good on the Home Depot Gift card, and provided evidence that it had indeed been sent originally. Original review. Flock reached back out to me after about a year from our first conversation and offered a $50 Home Depot gift card if I was willing to have another conversation about exchanging my rental properties into the "Flock." I was still curious but with a healthy skepticism. I had an hour long zoom chat with Chad and liked what he had to say. He followed up with an offer. I had questions on the offer, primarily, they asked me to pay down my mortgage and I didn't have the cash. I asked if my partnership share could be reduced by the additional part of the mortgage. This request did not effect what they would actually be giving me in return for the property. Chad followed up a week later to say he was still working on getting an answer. Since that time (~6 weeks) I have been ghosted. So after 11 emails with Nick and Chad, an hour long consultation, an offer and a follow-up call. They have ceased to exist. I think the concept of the 721 is a good exit plan and am disappointed at this outcome. I think their fees are probably high at 6% entrance fee, but I have not looked elsewhere to be honest. At this point I wouldn't trust an organization that behaved in this way with my livelihood. Additionally, I never got that promised $50 HD gift card, not that that was the point, but just another strike.

My husband and I had been toying with the idea of getting out of the real estate rate race for good. But then we were faced with another challenge, where to re-invest that will give us a sense of security and low risk, but will still give us a replacement income for the rental that will disappear once we sell the properties. We cannot afford to lose a big chunk of our hard earned investment because we do not have time on our side. We came across Flock online while searching and researching possible alternatives for our investment. After proper study and review of Flock's policies and objectives, we decided to give it a try. Soon we were talking to Jeremy, Jack, Danielle and Dylan about the onboarding. The Flock team made the whole "selling" process stress-free. So far, our investment with Flock is doing good, and hopefully will do better when the market turns around. We highly recommend Flock to people who needs to do a full exit and still enjoy the fruits of their investment but without the hassle of being a landlord.