Is Opendoor Competition or Not Quite Ready for Prime Time?

[Account Closed]

Opendoor is active in Phoenix but it looks like they haven't figured out a formula yet. They bought this property Oct 31 2018 for $245,700 and after228 DOM are asking $249,000 - who knows how much they put into the rehab and what their carrying costs are but seems to me that putting the money into hotdogs and selling them at the beach would have a better return.

https://www.redfin.com/AZ/Glendale/5220-W-Port-Au-...

Date	Event & Source	Price	Appreciation
Jun 13, 2019	Price Changed ARMLS #5846121	$249,000	—
May 31, 2019	Relisted (Active) ARMLS #5846121	—	—
May 6, 2019	Pending ARMLS #5846121	—	—
Apr 23, 2019	Relisted (Active) ARMLS #5846121	—	—
Apr 11, 2019	Pending ARMLS #5846121	—	—
Apr 4, 2019	Price Changed ARMLS #5846121	$250,000	—
Mar 14, 2019	Price Changed ARMLS #5846121	$252,000	—
Feb 21, 2019	Price Changed ARMLS #5846121	$254,000	—
Jan 31, 2019	Price Changed ARMLS #5846121	$255,000	—
Jan 17, 2019	Price Changed ARMLS #5846121	$258,000	—
Dec 27, 2018	Price Changed ARMLS #5846121	$260,000	—
Dec 13, 2018	Price Changed ARMLS #5846121	$261,000	—
Nov 29, 2018	Price Changed ARMLS #5846121	$262,000	—
Nov 12, 2018	Listed (Active) ARMLS #5846121	$263,000	—

[Jay Hinrichs]

Also when you compare to the average wholesaler who's bag of tricks consist of 

1. 100 dollar EM if that

2. subject to my partners approval   IE his cat 

3. cant close unless they move the contract 

4. number one goal is to get the deal as low as possible even if its unconscionable 

5. semi clueless how real estate works.

you get the point at least this is a company that is properly financed properly licensed and is closing not skirting the laws .. which we all know the way wholesaling is taught is illegal in all states.