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http://techcrunch.com/2016/06/07/a-startup-that-pays-cash-to-buy-homes-now-offers-money-back-guarantee/ A San Francisco-based startup disrupting the worst VC investment ever category. "Wu says Opendoor has also raised “hundreds of millions of dollars” in debt in order to carry the homes on its balance sheet while it works toward re-selling them." "To keep from buying any real lemons, Opendoor won’t purchase any home built before 1960. It also sticks with homes that range in value from $100,000 to $600,000, which apparently covers 90 percent of homes in the U.S." "Most obviously, if the market were to turn sharply, Opendoor could be stuck holding properties it can’t sell. But Wu argues the frictionless marketplace that Opendoor is creating more than makes up for that risk." "As for profitability, Wu says Opendoor isn’t focused on it just now, despite nervousness in the investor market. Opendoor is purchasing more than $50 million worth of homes in Phoenix a month, and $25 million per month in Dallas." No mention of international expansion or UK partnerships, unfortunately. /s
This needs to be shared more widely, what about we prioritise allowing people to use the city instead of locking up the most valuable land for bankers and investors. Full article: https://newrepublic.com/article/124470/hacking-city