Thoughts on buying rental property (single family homes) from Opendoor platform?
1st home doinv well was a va loan.
2nd home much higher price point wouldnt really cash flow but livong in it.. 1st equity jumped about 16k.
2nd bought about 16k under market..
The houses are nice and usually in good condition and OD will provide concessions but every market is different.. I would check comps compsand see what you would be paying vs what it would rent for.
Do they sell property as is or is there room for negotiation?
I’m in Austin market, I’ve seen their listed properties with current market price that need work though.
You can negotiate. And than still get concessions.. Just depends on house and market. 1st has had little room.. Bought as soon as it came up. 2nd house was on market for 265 days or so.. Bought equity and got concessions
@Charles Holder Appreciate your input, definitely will look into it.
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.
@David Ivy thank you for your input.