While OpenDoor will not replace wholesalers, they will make tight markets even tighter - especially in non-disclosure states where accurate comp data is difficult and expensive to obtain - and skinner margins even thinner. 

He was 100% accurate in that.

I just bought a condo and was able to rent it out immediately.The previous owner did a lot of upgrades to the condo and left their very nice stainless steel refrigerator and wine fridge.They also left a gas BBQ grill in the backyard which I didn't test to see if it's still functional.My new tenant moved in yesterday and texted me to ask me to move the BBQ.

Don't ever trust the seller to give you accurate numbers.

A more accurate statement is that people "made" more money in appreciation here.

Down here in Socal, it's customary for sellers to pay for most of the tests, reports, etc but I hear it's different up north.

Here are the details:Beds: 3 BedBaths: 2 Full BathHouse Size: 1,634 Sq FtProperty Type: Single Family HomeYear Built: 1964List Price: $39,500 Plan going in - #1 - Buy & Hold #2 - Resell for profit #3 - Lease option FARV (Fast Sell After Repair Value) $110,000 Going to offer $25,000, looking to get it for $30,000 Estimating $40,000 in repairs (roof, siding, HVAC etc)Total project cost $70,000Down payment $21,000 (30%) Expected Rents $900 (Based on numbers from Zilpsy, Rentometer, Zillow and test Craigslist ads) Breakdown of monthly expenses - Total operating expenses: $380.00 Mortgage expenses: $278.22 Repairs: $90.00 CapEx: $90.00 Insurance: $60.00 Management: $90.00 Monthly P&I: $278.22 Property Taxes: $50.00 Total Monthly Income:$900.00 x50% for Expenses: $450.00 Monthly Payment/Interest Payment: $278.22 Total Monthly Cashflow using 50% Rule: $171.78 Looks like almost a 9% Cap Rate, and 12% ROI.

First its all in teh list and the more targeted the list the better the results.So a list that targets all home owners is going to not do as well as a list that might target something specific like:Out of State Owners - where you might get people who have moved away or inherited a house they don't want or burned out landlordsUnpaid Taxes - where people are in financial difficulty and going to loose their house to unpaid taxesOwned for a Long Time - where the people might own free and clear orHigh Equity Owners - again free and clearOr even other lists that you might build yourself -Expired MLS LIstings - people who want to sell but did notNOD - people who are have received a notice of defaultLate Pays - people late on their mortgageGarage & Estate Sales - people moving out of their houseAs for a good letter, I have recently used a yellow letter company for a simple I want to buy your house and they make a "handwritten" letter on legal pad paper, fold it weird to put in a thank you card size envelope, with a "handwritten" address, and grandmaesque return address label.It gets opened more, but we do get a lot of calls with people saying they don't want to sell or that we should say we are a company.We tested the straight Dear Mr Jones, we want to buy your house at 123 mainstreet with out our company name or website, just to call us . . that generated more calls than the letter that just went out that added in that we are an investment company and they can call or visit our website . . . can't tell if the results were much different.And personally, you can get all kinds of results, but it comes down to it, you want the motivated people to call you and those people are going to find you letter or not - if you have a website.

That color is pretty accurate.

My only mistake was only being able to pull so many records and I did a few test runs figuring things out and hit my limit the first month before I had my mailer done.