Anyone used Opendoor

[AnthonyS]

Opendoor sent me an updated offer today.... lowered (its relative) their "fees" from 42k to 39k. Their offer is still just as low.

[kpc01]

Have to be careful as a realtor not acting in the best interest of your client. Convincing them to take less money for convenience could fuck you if they decide to say you lied to put yourself in first position to buy at a steep discount when it wasn't necessary.

Not saying you are doing this but realtors are held to a different standard. Often why many investors stay away from getting their license. Keeps them from running into that issuue.


Yes speak to a 1031 specialist but if you are wanting to exchange land into a primary residence... then no you can't. You can't do a 1031 with any relation to your primary residence. It's meant for investment property only and it's heavily regulated

You can avoid capital gains on the selling of your primary residence as long as you've lived in it 2 of the last 5 years. Up to something like $500k tax free

Definitely don't put my clients in a position to buy out from under them. Usually its in their best interest to list on MLS and get max money for it then it is for me to push them to open door or for me to buy from them. The way I look at it is there's tons of opportunities so I never try to take advantage of anyone much less my clients. I do know of a lot of agents that do try to pull one over on people.

That being said, I have a client now that inherited a house in Richardson recently and is buying in Denton. I told them what I think we can get if I list the house and also got them a quote from a wholesaler and gave them their net both ways. It was significantly lower the wholesaler route and honestly I wouldn't of done it but it works best for them since they don't have to touch it and they close right away. I just try to lay everything out and let them make the best decision that meets their needs. I usually give them my opinion if they ask but don't ever want to push anyone in the wrong direction.

[01yz2nv]

Have to be careful as a realtor not acting in the best interest of your client. Convincing them to take less money for convenience could fuck you if they decide to say you lied to put yourself in first position to buy at a steep discount when it wasn't necessary.

Not saying you are doing this but realtors are held to a different standard. Often why many investors stay away from getting their license. Keeps them from running into that issuue.


Yes speak to a 1031 specialist but if you are wanting to exchange land into a primary residence... then no you can't. You can't do a 1031 with any relation to your primary residence. It's meant for investment property only and it's heavily regulated

You can avoid capital gains on the selling of your primary residence as long as you've lived in it 2 of the last 5 years. Up to something like $500k tax free

Neither of these are our primary residence. Just raw land. I’ll be taking the gains from this sale and purchasing more acreage elsewhere, and will be raw land for a while.

[akfodysvn]

If you haven't listed yet depending on where your house is I could give you a cash offer (lower of course than market value like openddoor) but it would be no showings or anything. I am an agent but do a lot of buying and selling personally as well. Unfortunately for 1 good agent there are about 30 shitty ones. sucks but thats the game. I got my license in 2002 and there have been about 170,000 agents become licensed since me and thats just in TX !

I work primarily in Denton county but have done houses in Tarrant and Collin in the last month as well. Even if you do do open door and just want to ask some questions let me know I don't mind answering what I can. I know the last client I had talk to them had some crazy like 20-30k worth of fees on top of them buying it!

Have to be careful as a realtor not acting in the best interest of your client. Convincing them to take less money for convenience could fuck you if they decide to say you lied to put yourself in first position to buy at a steep discount when it wasn't necessary.

Not saying you are doing this but realtors are held to a different standard. Often why many investors stay away from getting their license. Keeps them from running into that issuue.

Check out the 1031 exchange option

Yes speak to a 1031 specialist but if you are wanting to exchange land into a primary residence... then no you can't. You can't do a 1031 with any relation to your primary residence. It's meant for investment property only and it's heavily regulated

You can avoid capital gains on the selling of your primary residence as long as you've lived in it 2 of the last 5 years. Up to something like $500k tax free

[kpc01]

New question, so we just sold our land (hopefully should be closing this week) and did really well on it. If I’m taking the gains we made from this property and puting it into another property, do I get taxed on what we made? Or is that only if I didn’t re invest those funds into another property and just kept the profit?

Check out the 1031 exchange option

[kpc01]

If you haven't listed yet depending on where your house is I could give you a cash offer (lower of course than market value like openddoor) but it would be no showings or anything. I am an agent but do a lot of buying and selling personally as well. Unfortunately for 1 good agent there are about 30 shitty ones. sucks but thats the game. I got my license in 2002 and there have been about 170,000 agents become licensed since me and thats just in TX !

I work primarily in Denton county but have done houses in Tarrant and Collin in the last month as well. Even if you do do open door and just want to ask some questions let me know I don't mind answering what I can. I know the last client I had talk to them had some crazy like 20-30k worth of fees on top of them buying it!

[kingjason]

Did you actually get a dose of your username at some point? If offering $115 a sq ft on good housing in lake highlands is risk, then I need a few million in cash to take on all the risk I can get.

Now banging hookers without a raincoat, that's a risk.

I bought a house in 07 that was half price. I was supposed to double my money when I bailed out. I actually lost 20k sort of when we left. I was just happy the guy behind me wanted it at what I owed on it. Imagine that on a large scale. The housing market is like anything else, it could take a shit tomorrow. I think we are in another bubble for sure. The metroplex probably won't take to big of a hit but at some point they are going to price out the average joe and it will go stagnant. Let gas prices hit 5 bucks again for any amount of time. Personally, I wish all these idiots would stay in California and Colorado, but those markets are already to high. I can't wait to GTFO of Waxahachie and away from this mess, it is getting crazy down here.

[01yz2nv]

New question, so we just sold our land (hopefully should be closing this week) and did really well on it. If I’m taking the gains we made from this property and puting it into another property, do I get taxed on what we made? Or is that only if I didn’t re invest those funds into another property and just kept the profit?

[AnthonyS]

If you'd actually read up on them you'd know that they don't middle-man the transaction just to get a cut. They actually buy the house from you, and own it, until they can resell it. They have to account for the market risk that goes along with holding the property.

Your realtor may invest in cheese and crackers, but Opendoor is literally investing in your entire house. I'm not endorsing them by any means, but try to keep up here.

Did you actually get a dose of your username at some point? If offering $115 a sq ft on good housing in lake highlands is risk, then I need a few million in cash to take on all the risk I can get.

Now banging hookers without a raincoat, that's a risk.

[Rick Modena]

that's pretty much what everyone else said on page one.

No shit, he knew they are like the company "we buy ugly houses". He knew a fucking was going to be coming and then bitched about it...

[The King]

I was in the Navy for 10 years, I speak English with lots of F bombs. If I'm pissed you get 'em in greater frequency at DI volume. I'm usually not pissed, but when I am..... I prefer Dos Equis.

Stay thirsty my friend...

[Strychnine]

And why the fuck are their fees higher than a realtors? At least the realtor is investing some actual time, cheese, crackers, and some experience into the equation?

If you'd actually read up on them you'd know that they don't middle-man the transaction just to get a cut. They actually buy the house from you, and own it, until they can resell it. They have to account for the market risk that goes along with holding the property.

Your realtor may invest in cheese and crackers, but Opendoor is literally investing in your entire house. I'm not endorsing them by any means, but try to keep up here.

[AnthonyS]

Their offer was insulting at best. And why the fuck are their fees higher than a realtors? At least the realtor is investing some actual time, cheese, crackers, and some experience into the equation? The realtors I've worked with in the past even bring in items for staging if needed on their dime and time.

I was in the Navy for 10 years, I speak English with lots of F bombs. If I'm pissed you get 'em in greater frequency at DI volume. I'm usually not pissed, but when I am..... I prefer Dos Equis.

[GeorgeG.]

They should rename it openanus for the fucking they give you. They offer 90% of what your property is worth and charge double the fees if a conventional realtor. Doing that theybuild themselves a tidy 15 to 20% profit margin by doing zilch. You move out, they sweep or even vandalize the place and sell all your appliances on Craigslist and still come out way ahead. So unless you are too lazy and stupid to straighten up your place and rent some temp storage to get what you should, then openanus may be for you.

exactly! Same story related to Open Door... the people my wife was trying to help before being foreclosed on ended going with OD due to running out of time....they left a couch at the house. The day of closing, OD made a site visit and saw it and added a $1500 charge to the seller to move a couch and something else. By this time they was so out of time that they really had no choice.

[The King]

He mad, generally when the f-bomb gets dropped in a post the poster be mad.