2
0

House flipping startup called open door wtf


 invite response                
2018 Jun 13, 12:05pm   8,444 views  52 comments

by everything   ➕follow (0)   💰tip   ignore  

Comments 1 - 40 of 52       Last »     Search these comments

1   Ceffer   2018 Jun 13, 12:21pm  

Sociopaths with bobbing eyebrows, gleaming toothy smiles, and little sparkles in their manic eyeballs. I like it. Take my money, PLEASE!
2   mell   2018 Jun 13, 12:27pm  

What could possibly go wrong?
3   anonymous   2019 Feb 23, 7:47am  

San Francisco-based real estate startup raises another $200 million

San Francisco-based Opendoor will raise another $200 million, bringing its valuation up to about $3.7 billion, Techcrunch reports.

The funding round for the fast-growing real estate startup, which facilitates timely home sale transactions for a fee, follows a massive $400 million injection from SoftBank Vision Fund in September, alongside $2 billion in debt financing.

According to papers filed in Delaware — and uploaded by Techcrunch — it is unclear whether the $200 million funding has already taken place, as the filing is dated Feb. 8. It’s also unknown if the funding is a conversion of its prior series E funding or a new outside round, as Opendoor declined to comment to Techcrunch.

Opendoor, which was founded in 2014, told the Business Times in September it expected to have 1,000 employees by the end of last year, up from 500 at the start of 2018. The platform currently works in nineteen cities spanning the United States including Denver, Houston and Sacramento, though none in the Bay Area.

Last year, the company also opened an engineering and design office in Atlanta, plus a Los Angeles engineering office, though its headquarters remains in San Francisco.

Opendoor's acquisition last year of Los Angeles-based Open Listings allowed
the company to begin serving both home buyers and sellers at a substantial discount compared to traditional real estate commissions.

“Our mission is making home buying and selling simple, instant and hassle-free. If that means building the experience from the ground up, that’s what we’ll do,” Opendoor founder and CEO Eric Wu recently told the San Francisco Business Times. “Our lens focuses on what’s going to produce the best customer experience.”

Beyond Softbank, the company’s investors include Andreessen Horowitz, home-leasing company Invitation Homes, homebuilder Lennar, Norwest Venture Partners and Travis Kalanick’s 10100 Fund.

https://www.bizjournals.com/sanfrancisco/news/2019/02/19/opendoor-raises-funding-homebuying-startup.html

NOTE: 4 related articles on Opendoor available from the link above
4   everything   2019 Jul 29, 6:51pm  

Things change fast, their is a way to get ahead of the flippers.

https://www.cnbc.com/2019/07/26/this-is-the-fastest-growing-trend-in-the-housing-industry.html

Open door up to 1250 employees, beefing up it's Phoenix operations.
https://www.latimes.com/business/la-fi-opendoor-home-flipping-20190702-story.html
6   zzyzzx   2022 Aug 3, 9:36am  

Opendoor Technologies Inc. (OPEN)
$5.15/sh + 0.30 (+6.18%) As of 12:35PM EDT.
52 Week Range 4.30 - 25.33
EPS (TTM) -0.61
Earnings Date Aug 04, 2022
7   AmericanKulak   2022 Aug 3, 10:05am  

Open Door should sponsor a Monkeypox San Fran Orgy
9   EBGuy   2022 Sep 2, 6:36pm  

Here's what the property history for 3016 E Palm Ln Phoenix, AZ 85008 looks like on the OpenDoor website.
https://www.opendoor.com/homes/3016-e-palm-ln-phoenix-az-85008
History
Aug 31, 2022 For sale $409,000 ARMLS
Aug 30, 2022 Off market $409,000 ARMLS
Aug 29, 2022 For sale $409,000 ARMLS
Aug 24, 2022 Off market $409,000 ARMLS
Aug 18, 2022 For sale $409,000 ARMLS
Oct 2, 2018 Sold $235,000 ARMLS
Sep 1, 2018 Pending $235,000 ARMLS
Aug 26, 2018 For sale $235,000 ARMLS

Notice anything missing? Hate to see VCs give away money like this....
https://www.redfin.com/AZ/Phoenix/3016-E-Palm-Ln-85008/home/27515756

10   EBGuy   2022 Sep 2, 6:47pm  

Talk about setting fire to piles of cash. Here's another home owned by OpenDoor. They appear to be as successful as the Zillow i-buyer program. Somebody check the algorithms...
https://www.redfin.com/AZ/Phoenix/3030-N-38th-St-85018/unit-106/home/120136369

12   Hircus   2022 Sep 3, 9:59am  

AmericanKulak says

Open Door should sponsor a Monkeypox San Fran Orgy


Call it the "OpenBackDoor" event.
13   Blue   2022 Sep 3, 2:27pm  

EBGuy says

Talk about setting fire to piles of cash. Here's another home owned by OpenDoor. They appear to be as successful as the Zillow i-buyer program. Somebody check the algorithms...
https://www.redfin.com/AZ/Phoenix/3030-N-38th-St-85018/unit-106/home/120136369

May be it just started cooling off but its not crashing yet!
# of Home sold 20% down y-o-y
Median sale price up 24% up y-o-y
There is a lot of buffer even if it crashes! Biden super inflation cycle eventually lift all the boats so does the gov debt inversely.
14   EBGuy   2022 Sep 14, 2:22pm  

This will not end well for Open Door investors. As featured in Fontana CA...


https://www.redfin.com/CA/Fontana/17049-El-Agua-Dr-92337/home/3049912
15   zzyzzx   2022 Sep 19, 8:33am  

Opendoor Technologies Inc Common Stock (OPEN)
$3.8501 -0.2099 (-5.17%)
Bid: $3.85 Ask: $3.86
Volume: 4,919,965
DATA AS OF SEP 19, 2022 11:33 AM ET
16   Booger   2022 Sep 19, 2:19pm  

https://www.bloomberg.com/news/articles/2022-09-19/home-flipper-opendoor-hit-with-losses-in-echo-of-zillow-collapse.

Home-Flipper Opendoor Hit With Losses in Echo of Zillow Collapse
Company lost money on 42% of its August resales after it failed to anticipate slide in housing demand.

Only 42%???
17   stfu   2022 Sep 19, 2:41pm  

58% of sales in August were profitable? BULLISH! Buy Buy Buy!

Where's BTC today?
18   EBGuy   2022 Sep 19, 3:04pm  

I would be calling them up if they operated in the Bay Area. "Make me an offer..."
19   zzyzzx   2022 Sep 21, 8:02am  

Opendoor Technologies Inc Common Stock (OPEN)
$3.4775 -0.0825 (-2.32%)
Bid: $3.47 Ask: $3.48
Volume: 5,444,541
21   zzyzzx   2022 Oct 11, 9:41am  

New 52 week low!

Opendoor Technologies Inc. (OPEN)
$2.8200/sh -0.1200 (-4.0816%)
22   EBGuy   2022 Oct 11, 3:57pm  

This one sold for $540,000 on September 29, 2022. So Opendoor lost over $80k on this sale alone (likely over 6 figures taking into account holding costs, commissions and sprucing up the property.

EBGuy says

Talk about setting fire to piles of cash. Here's another home owned by OpenDoor. They appear to be as successful as the Zillow i-buyer program. Somebody check the algorithms...
https://www.redfin.com/AZ/Phoenix/3030-N-38th-St-85018/unit-106/home/120136369


23   AD   2022 Oct 11, 4:58pm  

EBGuy says


This one sold for $540,000


For 3030 N 38th St #106, Phoenix, AZ 85018 there is a monthly HOA assessment or fee of $295.

It was built in 2017 and sold for $407,513. It sold for $400,000 in 2019 :-(

So it went up 32.6% since 2017 based on $540,000 sales price this September.

That is about a 6% annual increase in value since 2017.

.
25   EBGuy   2022 Oct 12, 1:41pm  

Here's another OpenDoor owned home that is a six figure loss in the making...
https://www.redfin.com/CA/Irvine/135-Neptune-92618/home/143910128

27   AD   2022 Oct 30, 11:08pm  

EBGuy says


Here's another OpenDoor owned home that is a six figure loss in the making...
https://www.redfin.com/CA/Irvine/135-Neptune-92618/home/143910128


I checked the sales history on Zillow for this home. Before selling for $1 million in May 2022, it sold in November 2016 for $552,500. The owner made some serious gains when they sold in May 2022.

A conservative or safe estimate for this home is $785,000 based roughly on a 6% annual price increase since 2016.

/
28   1337irr   2022 Oct 30, 11:31pm  

ad says

EBGuy says



Here's another OpenDoor owned home that is a six figure loss in the making...
https://www.redfin.com/CA/Irvine/135-Neptune-92618/home/143910128


I checked the sales history on Zillow for this home. Before selling for $1 million in May 2022, it sold in November 2016 for $552,500. The owner made some serious gains when they sold in May 2022.

A conservative or safe estimate for this home is $785,000 based roughly on a 6% annual price increase since 2016.

/

Love me that super dependable data science algorithm!
29   AD   2022 Oct 30, 11:36pm  

1337irr says

Love me that super dependable data science algorithm!


Its a SWAG but given its California, I think 6% annual price appreciation is reasonable as far as figuring out where it may bottom. So 135 Neptune in Irvine, CA will lose about 25% of value by dropping around $750,000.
30   1337irr   2022 Oct 31, 3:01am  

ad says

1337irr says


Love me that super dependable data science algorithm!


Its a SWAG but given its California, I think 6% annual price appreciation is reasonable as far as figuring out where it may bottom. So 135 Neptune in Irvine, CA will lose about 25% of value by dropping around $750,000.

Call me a conspiracy theorist, I believe California could be in for a long term decline based on demographics and policies at least I feel pretty certain of that in SoCal. The Bay Area might still have some appreciation but I'm bearish.
31   AD   2022 Oct 31, 6:42pm  

1337irr says

Call me a conspiracy theorist, I believe California could be in for a long term decline based on demographics and policies at least I feel pretty certain of that in SoCal. The Bay Area might still have some appreciation but I'm bearish.


Please clarify or elaborate more. You mean because it is becoming an extension of Mexico and is left wing authoritarian and dysfunctional ?

.
32   1337irr   2022 Oct 31, 7:18pm  

I think the Bay Area’s tech economy is superior to Southern California based on their contribution to GDP. California as a whole lost two Congressional seats in the most recent census due to population decline. I don’t know what you mean by California being an extension of Mexico. I think California’s state government is inept.
33   AD   2022 Oct 31, 7:22pm  

1337irr says

I don’t know what you mean by California being an extension of Mexico. I think California’s state government is inept.


I mean it acts as almost like Mexico in that it is corrupt and has a declining quality of life.
34   zzyzzx   2022 Nov 3, 8:38am  

https://www.opendoor.com/w/blog/a-message-from-our-ceo-and-co-founder-eric-wu

It’s with a heavy heart that I share this news today. For those who missed the Open House, we’ve made the difficult decision to reduce our team by ~550 people across all functions – approximately 18% of the company.

Severance pay:
Everyone leaving will receive ten weeks of pay, with an additional two weeks of pay for every full year beyond two years of tenure.

Health care coverage:
All current healthcare benefits will remain active for the rest of the month, then we will pay for three months of health insurance.

Job transition support:
We will also offer job transition support and launch an opt-in talent directory to help departing team members connect with new opportunities.
35   komputodo   2022 Nov 3, 8:40pm  

zzyzzx says

https://businessden.com/2022/10/27/nightmare-on-newton-opendoors-154k-flip-loss-illustrates-denver-woes/

Opendoor’s $154,000 flip loss illustrates Denver woes

these flippers never lose money on their deals on the TV:

38   AD   2022 Nov 5, 12:44am  

Open Door is a weak company as far as debt level and profitability. And given the housing crisis now, it is going to $0 unless it can borrow money and turn its business around.
.



.
39   1337irr   2022 Nov 5, 5:57am  

ad says


Open Door is a weak company as far as debt level and profitability. And given the housing crisis now, it is going to $0 unless it can borrow money and turn its business around.
.




.

It is going to get hammered a bit more on properties that don’t sell with increased taxes.

Comments 1 - 40 of 52       Last »     Search these comments

Please register to comment:

api   best comments   contact   latest images   memes   one year ago   random   suggestions