All Forum Posts by: Matt Morgan
Matt Morgan has started 20 posts and replied 208 times.
Post: Opendoor & Offerpad; What's Their Angle?

- Residential Agent And Investor
- Scottsdale, AZ
- Posts 212
- Votes 83
Originally posted by @Tim T.:
I know this is an old forum but seems they are still up and running. I think buyers and sellers should be aware of their business model. If the home isn’t listed then you don’t know what the market value is, so how do you know your home isn’t worth? They are basically taking advantage of desperate and/or uneducated buyers and sellers, they don’t understand that their homes are being wholesaled at an institutional level.
To some sellers, there are more important things than money. (time and convenience) Don't assume that everyone has the same motivations/desires when selling a home - Opendoor is buying a lot of houses so obviously people are finding their service valuable.
Just to follow up on my previous post, Opendoor has really picked it up in Phoenix. They bought 245 homes this February as opposed to only 65 last year. This represents 2.6% of the Phoenix market, compared to only 0,8% last year. Not a staggering number but they are definitely showing improvement.
In my last post, I noted that their market share had plateaued because the supply of homes in their price range was diminishing rapidly. It looks like they've responded because their average purchase price increased YoY from $205k to $245k.
Anecdotally, I've seen a TON of Opendoor listings lately, especially showing buyers around areas of the far West Valley like Surprise.
Although their market share has increased quite a bit, nothing says that they are running a profitable and sustainable business model. Only time and a change in market conditions will make that apparent.
Post: Should my Handy man be Licensed? Know any PHX handymen?

- Residential Agent And Investor
- Scottsdale, AZ
- Posts 212
- Votes 83
I've had issues with contractors who are licensed and I've had issues with those that aren't. Ultimately hiring a licensed contractor is just supposed to alleviate some of the liability in case something goes wrong, but that isn't always the case.
I personally don't feel the need to use licensed tradesman unless the job is big or I want to provide security to the end buyer when I go to sell. Many of the best tradesman that I've come across are not licensed.
I think references and proof of work are 10x more important than whether a contractor has a license. Just my 2 cents.
Post: Mobile home vs single family home

- Residential Agent And Investor
- Scottsdale, AZ
- Posts 212
- Votes 83
Mobiles on land function very similarly to traditional single family homes. Flips, buy-and-holds, wholesaling are all very workable strategies.
Mobile homes in parks are a different animal. Conventional financing is almost non-existent on these types of properties and makes flips, especially on more expensive homes, very difficult. Owner financing, or carrying your own paper, can make you good money and this is a much less competitive sector than traditional stick-built homes. Steer clear of the age restricted parks.
@John Fedro is the guy to talk to if you want to pursue this further.
Post: Seeking Co-Sponsors for Equity in Phoenix Multifamily Deal

- Residential Agent And Investor
- Scottsdale, AZ
- Posts 212
- Votes 83
Is this a rendering of the finished complex? Where is this located?
Post: Finding a lender for a $39,000 Buy and Hold...

- Residential Agent And Investor
- Scottsdale, AZ
- Posts 212
- Votes 83
Post: Opendoor & Offerpad; What's Their Angle?

- Residential Agent And Investor
- Scottsdale, AZ
- Posts 212
- Votes 83
Post: First Flip in Phoenix Arizona!

- Residential Agent And Investor
- Scottsdale, AZ
- Posts 212
- Votes 83
Post: Commercial Agent for Phoenix area

- Residential Agent And Investor
- Scottsdale, AZ
- Posts 212
- Votes 83
Post: Cost to Build in Phoenix Area

- Residential Agent And Investor
- Scottsdale, AZ
- Posts 212
- Votes 83
Post: Wholesalers are maddening - Be smart, people!

- Residential Agent And Investor
- Scottsdale, AZ
- Posts 212
- Votes 83
Originally posted by @Ned Carey:
@Nick C. wrote
Yes I agree, where do you think the bad wholesalers come from.
They are not really wholesalers, they are just wanabees. They probably never have nor ever will sell a property.
Not necessarily. There are many "big name" wholesalers doing several deals a month in Phoenix who artificially inflate and deflate numbers when selling. The thing is, there are actually end buyers out there who are OK with the possibility of making 5-10 grand on a $300,000 house. This is who they are appealing to and this is what makes competing for deals so difficult.