Buying from Opendoor

[Anil Rathi]

Thoughts on buying rental property (single family homes) from Opendoor platform?

[David Ivy]

@Anil Rathi

I've dealt with Opendoor and several other "iBuyers" in the Austin market. In my experience, the process is substantially the same as buying from a traditional seller/owner. After you submit the offer documents online, you deal directly with a licensed Realtor or agent at Opendoor. Maybe their process is different when a buyer approaches them directly without representation. Regardless, Opendoor isn't a wholesaler, and they are in business to make money. So, like most any other seller, they want to net the most they can on the sale. I've successfully negotiated with them like any other seller on price and other contract terms, but they are not a source for deeply discounted properties in this market.