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.
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Flock is building the retirement solution for landlords. We offer a seamless and tax-efficient exit from traditional ownership: exchanging a rental property for equal value of shares in Flock's managed portfolio of homes. Owners get steady income, upside potential, and potential tax savings without any hassle, stress, or liabilities.
