I was very upset that they were buying everything and left nothing not even scraps for us little people, but now, I am glad that they got stuck holding the bag,
Lol homes are barely down. In some parts of the country, they're down what like 5-12% but that's minor considering they were up 100+% in the last 3-5 years. So they're still inflated. Some of Orlando's videos are fear porn and full of exaggeration. Most people who bought homes are down fine...
@@Stoneface_ OK whatever you say Einstein, home prices are falling faster than they ever had in history, if it makes you feel Better to not follow the data, good for you, prices are down as far as 35% down in California and even more and other places, you’ll see Einstein
There's an open door house I've been watching it was listed at 380k.... it's been sitting on the market at 320k for 300 days LoL. The home is worth 220k tops!
11:27 I made offers on 2 Opendoor house (low ball offers). They literally make you sign a contract to relinquish your right to sue (specific performance). So if I breach the contract, they keep my earnest money. They could breach and they just have to give me my earned money back. They could decide up to the day of close to not sell me the house! So essentially, if they find another buyer that will pay more, they could back out. How “honorable” is open door….
They literally stole the American dream for first time homebuyers. These I buyers are still doing it too! They send letters out making lowball offers and desperate people take them up on it. Greed.
Kelly, how did they acquire the homes in the first place? Owners had to ask Opendoor for an offer in which they later accepted... so do you now blame the “greedy” homeowners that benefited from selling to Opendoor too? Don’t hate the player, hate the game. There’s enough blame to go around for everyone. Also, People aren’t dumb. Give them more credit. They don’t just sell to Opendoor and decide they’ll leave 50k plus on the table. They could easily get a realtor and negotiate. But more often than not they have an undesirable home that needs to many repairs that they know will just stay on the market for months. This is when Opendoor is actually useful. The other situation is if they need to move right away, in which case if it wasn’t opendoor, some other buyer would take advantage of that info and leverage it into their offer. Everyone is about their money, it’s not an Opendoor or Ibuyer thing, it’s just common sense.
Well I would never do business with any of these I buyers, they scam sellers all the time. Do your research. They tell the seller that they need to do all these repairs then don’t. They just flip the house after slapping on some paint. They tacked on 150 to a house in my neighborhood and literally did nothing to it. It’s bs. If you think it’s cool then go ahead and invest in a company like Opendoor. They are currently loosing millions thankfully.
Opendoor was one of the dumbest mega-investors. Even in 2021-2022 they that had homes falling out of contract and sitting 100+ days because their comps didn't compare and they refuse to make repairs found during inspection.
Most of his videos are fear porn and full of exaggeration. He's similar to the guy at "Reventure Consulting" channel. That guy had been predicting real estate crashe for the last 5 years 😂
If market goes down by let's say 205+%, I guarantee you investors, mainly institutional investors would swoop in and buy properties just as they did in 2008. Many of these big firms have tens of billions of cash just waiting to be put to work. The average Joe don't have that much capital and thus can't compete...
I made a chunk of money shorting OPEN all last year. I was going to keep doing it until they went BK but I was afraid of some other idiot real estate internet company might be dumb enough to come in and take them over.
11:56...But let's be clear Mr. Orlando, the majority of the people who bought a home during the pandemic overpaid and the values of their homes MIGHT recover, but it will take a while. What amazes me is that these new homes are not made with a higher quality materials than homes built 5+ years ago. Luxury vinyl is not better than real wood. Fiberglass tubs are not better than real tiles. Peel and stick are not better than real tile. And to top it off they are putting in industrial carpets in these new homes. That's the same type of carpet in office buildings. All of this plastic and office carpet is not better than the real thing so why are these homes so expensive? It's almost the equivalent of someone trying to sell you a cubic zirconia ring for almost the real price of a diamond ring.
Some of the cheerleaders are pulling back the line of scrimmage to now conclude that properties are not going down, but are moving sideways. Therefore no hazard in jumping into your dream home without worry of losing equity. Quite a bit of word art being woven in.
OpenDoor has taken a massive hit on so many properties here in Vegas. I don't think their model works over time. Carvana and these iBuyers are showing that cars and real estate can't make it on an algorithm.
I had a loan officer tell me if I didn’t buy the 1980 non remodeled home I was renting that went up for sale at 430k I would never have a chance to buy a home The realtor told me it wasn’t worth it & I could tell it was hard for her to say it Everything was falling apart in that house & it needs a full remodel 430k plus remodeling & unexpected expenses 😅no thank you but someone bought it before we even moved out
At the end of the day Opendoor is solving the archaic purchase process in the real estate market. And even in a down market will continue to get customers. And has already increased their spreads on new inventory. The 400m losses in the last 2 quarters were from old inventory. And the new inventory purchased at higher spreads are already contributing gains to the bottom line. So we will see how the next few quarters go.
I hear whenever Opendoor buys now, they are seriously negotiating with sellers to get a much lower price. They are no longer paying cash for appraisal or above. Duh, they should have done this to begin with and no it looks like Opendoor could cease its business and be a casulty in this crash 2.0
I'll be honest. I do not like the deceptive title. Especially since I have alerts set up and I prefer getting news from folks like Orlando. That's no bueno.
They are so clueless! there's an opendoor home by me in Chattanooga they bought it September 2022 for 294.5K. posted it immediately for 302K eventually lowered it all the way to 282K in January 2023 still didn't sell. Soooo... they took it off the market in mid Jan 2023, & now with no other updates its reposted for $330K as if its just better now by 48K in a month...
Orlando, I agree with what you're saying..but I want to point out (for your own protection) that the state of "bankruptcy" is a very specific financial/legal term (especially when talking about a publicly traded company) and what you've said in the title of the video is factually untrue. Opendoor has not, to date, declared bankruptcy nor has it publicly announced the inability to pay creditors, or declared doubt of ability to continue business. So, I would suggest changing that title to something non-libelous. Just a thought ;)
Completely right in all you said bro… I thought the same, but that’s what a real clickbait is. Most of us came to the video because of that, and that’s how he makes money too… and so far is legal to clickbait
@@mauricioperedoalvarado3238 Thanks. Though, I will say that this is about as clear cut a case of potential libel as I've seen on any "reputable" YT channel. All opendoor would have to do is claim harm in their stock price from such untrue statement(s) posted on a widely read platform, and it's lawsuit time. Pretty bad ROI on "clickbait". What is in Orlando's favor is that his viewership is relatively small, so proving actual harm would be difficult. All Orlando would have to do (in my non-lawyer point of view) would be to insert "going" in front of "bankrupt" and then it's a matter of trends and opinion rather than a false declaration of financial status which could be seen to manipulate opendoor's stock price. Orlando's a smart guy..I expected better.
Orlando , you are hilarious man . My first time seeing you video and the topic of open door caught my attention. I'm a realtor in st. Louis region and had been watching open door listings and seeing what the paid and what they were asking for them . I noticed they were taking less than they paid . AI Is not going to work buying houses sight unseen . That's foolish to think you can do this with a pre-owned home .
You ever notice how on some houses Zillow has scrubbed the price history data.... this seems to be done on purpose so you can't see that someone is jacking the price up like 100k in 30 days.
My buddy tryna convince me to jump on something rn too. Vegas is growing. 2nd airport, f1 racing for 10yrs, hs rail, MLS team coming, baseball team coming.
Orlando, all I know is you need to tell me when like the stock exchange bell go off when it’s time to buy. Aren’t long term flippers know that at this time if they flip a house, they have to price it accordingly to sell? My neighbor’s home was purchased and right now the owner is having some work done, so he can flip it.
A bunch of youngsters sit behind the computer using some program algorithm and think they're smart, AI my rear end. Let the old man like me attend your property auction pretty soon
Yea but arent their losses costing the PEOPLE money who can not afford a home, AND, who may have invested in their stock. They can turn around and write off their losses after the corporate executives walked with the money.....
You are unintelligent. They have 2 billion is capital and has around 3 years of operating time and I'm willing to bet the housing market will go back to normal within 2 years.
Opendoor is on its last leg. Stock price crashing signaling likely bankruptcy. Prediction is 2024 these guys wont be around. Yet they have publicly stated they will not do fire sale” 😂😂I would not buy any opendoor house right now as they are cornered and just a matter of time before they are FORCED into fire sale.
You should see how the open door bulls on stock twits are shitting themselves with how this last bounce to 3.00 has completely melted down and is soon to return to 1.00... dead cat bounce is a foreign concept to them.
I was very upset that they were buying everything and left nothing not even scraps for us little people, but now, I am glad that they got stuck holding the bag,
Lol investors are holding the bag. Executives still collect their salaries
Go to hell open door, greedy leeches
I always say, When you get greedy you get caught.
Lol homes are barely down. In some parts of the country, they're down what like 5-12% but that's minor considering they were up 100+% in the last 3-5 years. So they're still inflated. Some of Orlando's videos are fear porn and full of exaggeration. Most people who bought homes are down fine...
@@Stoneface_ OK whatever you say Einstein, home prices are falling faster than they ever had in history, if it makes you feel Better to not follow the data, good for you, prices are down as far as 35% down in California and even more and other places, you’ll see Einstein
There's an open door house I've been watching it was listed at 380k.... it's been sitting on the market at 320k for 300 days LoL. The home is worth 220k tops!
I would offer them 220k and see if they go for it. 🤷🏾♂️
@@amirperrymusic by summer of next year I'll offer 200k cash. I don't really want or need it but as an investment property I'd buy it!
@@RepuBlicOfChaD and you would still be over paying
11:27 I made offers on 2 Opendoor house (low ball offers). They literally make you sign a contract to relinquish your right to sue (specific performance). So if I breach the contract, they keep my earnest money. They could breach and they just have to give me my earned money back. They could decide up to the day of close to not sell me the house! So essentially, if they find another buyer that will pay more, they could back out. How “honorable” is open door….
Smart
Lol, I ain't signing shit. Sorry they are not in the position to dictate shit.
@@thegods2622 unfortunately if you don’t somebody will, most people don’t read the contract and/or take the risk.
@@losierra117 yup let them.
I will never deal with Open Toilet Door!!!
They literally stole the American dream for first time homebuyers. These I buyers are still doing it too! They send letters out making lowball offers and desperate people take them up on it. Greed.
Kelly, how did they acquire the homes in the first place? Owners had to ask Opendoor for an offer in which they later accepted... so do you now blame the “greedy” homeowners that benefited from selling to Opendoor too? Don’t hate the player, hate the game. There’s enough blame to go around for everyone.
Also, People aren’t dumb. Give them more credit. They don’t just sell to Opendoor and decide they’ll leave 50k plus on the table. They could easily get a realtor and negotiate. But more often than not they have an undesirable home that needs to many repairs that they know will just stay on the market for months. This is when Opendoor is actually useful. The other situation is if they need to move right away, in which case if it wasn’t opendoor, some other buyer would take advantage of that info and leverage it into their offer. Everyone is about their money, it’s not an Opendoor or Ibuyer thing, it’s just common sense.
Well I would never do business with any of these I buyers, they scam sellers all the time. Do your research. They tell the seller that they need to do all these repairs then don’t. They just flip the house after slapping on some paint. They tacked on 150 to a house in my neighborhood and literally did nothing to it. It’s bs. If you think it’s cool then go ahead and invest in a company like Opendoor. They are currently loosing millions thankfully.
@@kellykell9620 Exactly, and thank you.
Opendoor was one of the dumbest mega-investors. Even in 2021-2022 they that had homes falling out of contract and sitting 100+ days because their comps didn't compare and they refuse to make repairs found during inspection.
I can sense orlando having a blast doing these videos…the pure joy he shows is hilarious!
great entertainment but wrong. LOL!!!
@@elpinchepodcastExplain
Most of his videos are fear porn and full of exaggeration. He's similar to the guy at "Reventure Consulting" channel. That guy had been predicting real estate crashe for the last 5 years 😂
This is good news we need these major investors out of the market to give us regular
Folks a chance.
If market goes down by let's say 205+%, I guarantee you investors, mainly institutional investors would swoop in and buy properties just as they did in 2008. Many of these big firms have tens of billions of cash just waiting to be put to work. The average Joe don't have that much capital and thus can't compete...
Orlando ive literally been suggested so many realtors on YT lately and you and Michael are the only ones I can stand lol Ty for all your great info :D
he's great, watch every day too!
You called the bottom , nice call, i bought arpund when this video came out and it has tripled since then
They were sued for millions for unethical buying. Taking advantage of sellers
I've seen so many houses that OD bought in the last year that they are still trying to sell, now for below what they paid. Crazy!!
I received mail from them with the image of my own house in the envelope window. Asking me do I want to sell. You know how creepy that is?
But did it make you want to sell?
🤣
They get it on Google
Orlando, that laugh of yours is infectious!
I’m waiting for a time when he will start a video with a laugh 😂😂😂 awesome laugh
How ya feeling about this video now?
I made a chunk of money shorting OPEN all last year. I was going to keep doing it until they went BK but I was afraid of some other idiot real estate internet company might be dumb enough to come in and take them over.
Trust me, a former Wall Street analyst, there is some value there....assets that someone will buy. Take your profits and move on.😊
@@sfchick7615 ...Done deal! Thanks.
11:56...But let's be clear Mr. Orlando, the majority of the people who bought a home during the pandemic overpaid and the values of their homes MIGHT recover, but it will take a while.
What amazes me is that these new homes are not made with a higher quality materials than homes built 5+ years ago. Luxury vinyl is not better than real wood. Fiberglass tubs are not better than real tiles. Peel and stick are not better than real tile. And to top it off they are putting in industrial carpets in these new homes. That's the same type of carpet in office buildings.
All of this plastic and office carpet is not better than the real thing so why are these homes so expensive?
It's almost the equivalent of someone trying to sell you a cubic zirconia ring for almost the real price of a diamond ring.
Great point!!!!!!!!
I've noticed that too! These new houses aren't the same quality and I question who's been designing them because the layouts are weird.
Some of the cheerleaders are pulling back the line of scrimmage to now conclude that properties are not going down, but are moving sideways. Therefore no hazard in jumping into your dream home without worry of losing equity. Quite a bit of word art being woven in.
I've even seen some starting to say "even if it goes to yoy decrease, that doesn't really matter because it went up so much before" lol
The middle class should not be competing with Wall Street and foreign investors for homes.
Wait until their is more supply than demand
OpenDoor has taken a massive hit on so many properties here in Vegas. I don't think their model works over time. Carvana and these iBuyers are showing that cars and real estate can't make it on an algorithm.
Yeah it shows in the numbers..not gonna work
I had a loan officer tell me if I didn’t buy the 1980 non remodeled home I was renting that went up for sale at 430k I would never have a chance to buy a home
The realtor told me it wasn’t worth it & I could tell it was hard for her to say it
Everything was falling apart in that house & it needs a full remodel 430k plus remodeling & unexpected expenses 😅no thank you but someone bought it before we even moved out
Open door getting it in the backdoor now 🤣🤣😅😅😅😅
🤣🤣🤣🤣
Opendoor closed at $1.44 on 2/27/23 just for an idea.
Open door was so garbage. Every house I have seen that they own old and have a refusal to update anything
Which real estate company is next to tap out! Boom is done...Bust is next. Great video...keep rockin!
I just talk to a sales person yesterday, and they said prices are still going up. SMH... this was on new construction. They all need to wakey, wakey🤣
Same!! 🤣🤣🤣
That’s what they are told to say 😂
At the end of the day Opendoor is solving the archaic purchase process in the real estate market. And even in a down market will continue to get customers. And has already increased their spreads on new inventory. The 400m losses in the last 2 quarters were from old inventory. And the new inventory purchased at higher spreads are already contributing gains to the bottom line. So we will see how the next few quarters go.
In MLS records, I do see a fair amount of sold properties that sold at losses which were Opendoor sales.
I hear whenever Opendoor buys now, they are seriously negotiating with sellers to get a much lower price. They are no longer paying cash for appraisal or above. Duh, they should have done this to begin with and no it looks like Opendoor could cease its business and be a casulty in this crash 2.0
I hope so. They harmed alot of middle class families.
@@alicia_nicole They sure did. Yeah, hoping they go belly-up.
To be clear open door has not filed bk. It's possible but not guaranteed they ever file a bk.
I've been waiting 7 years. I'll wait until I die before I over pay for a home. It's not an American dream if you over pay lol
This is great news. Nest I need to see:
Progress
American Homes 4 Rent
Tricon
Mainstreet Renewal
Your personality is contagious my G lol! 😆
😁
Clicibait, opendoor did not go bankrupt they just posted a loss last quarter...
Every quarter...I don't think they have made a profit ever....
@@jessicabixler1658 but they didnt go bankrupt...
can you link the news where they went BK..???? i cant find a BK filing????
I'll be honest. I do not like the deceptive title. Especially since I have alerts set up and I prefer getting news from folks like Orlando. That's no bueno.
Absolutely amazing! And they're STILL running commercials in my area. Go figure?????
Everyone knows these prices in every market went up historically to dag’gone fast compared to the organic 3-5% normal YOY appreciation!!
Orlando! "just stop it, get some help" LOVE it every time you use that clip.
Thanks for the video, as always info packed and funny. : o)
Glad you liked it!
I backed it up to watch twice! 🤣
They are so clueless! there's an opendoor home by me in Chattanooga they bought it September 2022 for 294.5K. posted it immediately for 302K eventually lowered it all the way to 282K in January 2023 still didn't sell. Soooo... they took it off the market in mid Jan 2023, & now with no other updates its reposted for $330K as if its just better now by 48K in a month...
They’re not even close to bankruptcy with the amount of freehand hand cash they have... Can you please stop lying in your titles for clicks? Thank you
Orlando, I agree with what you're saying..but I want to point out (for your own protection) that the state of "bankruptcy" is a very specific financial/legal term (especially when talking about a publicly traded company) and what you've said in the title of the video is factually untrue. Opendoor has not, to date, declared bankruptcy nor has it publicly announced the inability to pay creditors, or declared doubt of ability to continue business. So, I would suggest changing that title to something non-libelous. Just a thought ;)
Completely right in all you said bro… I thought the same, but that’s what a real clickbait is. Most of us came to the video because of that, and that’s how he makes money too… and so far is legal to clickbait
@@mauricioperedoalvarado3238 Thanks. Though, I will say that this is about as clear cut a case of potential libel as I've seen on any "reputable" YT channel. All opendoor would have to do is claim harm in their stock price from such untrue statement(s) posted on a widely read platform, and it's lawsuit time. Pretty bad ROI on "clickbait". What is in Orlando's favor is that his viewership is relatively small, so proving actual harm would be difficult. All Orlando would have to do (in my non-lawyer point of view) would be to insert "going" in front of "bankrupt" and then it's a matter of trends and opinion rather than a false declaration of financial status which could be seen to manipulate opendoor's stock price. Orlando's a smart guy..I expected better.
The media says housing picked up lol. good luck with that purchase:)
The time of realtors is running out, and it is time to find different careers.
Title of Video:Opendoor goes Bankrupt. In fact they are not bankrupt yet. I like the channel but this is clickbait
Orlando , you are hilarious man . My first time seeing you video and the topic of open door caught my attention. I'm a realtor in st. Louis region and had been watching open door listings and seeing what the paid and what they were asking for them . I noticed they were taking less than they paid . AI Is not going to work buying houses sight unseen . That's foolish to think you can do this with a pre-owned home .
In Austin texas, they have been blocking the price of what the seller bought it for.
I noticed that too
GOOOOOD!!!!
I wonder if there is going to be a bailout?
oh yea you know there will be. Us Americans just LOVEEEEEEEEEEE helping rich people not be poor like us lol
Depends who they donated to.
Bro yes they lost money, but no news they are going bankrupt. I want a crash too but this is a clickbait title.
It is about 50% chance
Orlando has been spot on with all his information. I really enjoy this channel. Keep up the good work.
?
🤣🤣Spiritual Court is in Session. The Most High is the judge. Karma is the sentence. 💯
The government will give them a bailout. Gotta protect those corporate interests.
You ever notice how on some houses Zillow has scrubbed the price history data.... this seems to be done on purpose so you can't see that someone is jacking the price up like 100k in 30 days.
Where does it say opendoor went bankrupt? I can't see to find that anywhere🤔
My buddy tryna convince me to jump on something rn too. Vegas is growing. 2nd airport, f1 racing for 10yrs, hs rail, MLS team coming, baseball team coming.
all of them are markets and they surprised me in 2019, but this one is just getting started.
And working on overthrowing Chicago for murder capitol of the US
I love your little animation there. "I think we can overcharge them." "yeah I agree." lol
Gonna have to pay property taxes on all those houses soon.
Landlords everywhere thank you Mr. Miner. 😉
For the year, Opendoor lost $1.4B in 2022. How much longer can they keep THAT up??
Not long...bankruptcy is here
New home construction is at 1.67 million homes and that at new home ms not counting existing homes
Clickbait title👎🏼👎🏼👎🏼 Orlando you’re better than this, your excellent contents stand on its own without these divisive titles.
I can only feel for the person who suggested that game plan for open door
I just received a letter of interest to purchase my home today 😮
Lol 😆 u r not lying 🤣
Zillow next
Hi Orlando, can you tell me how the housing market is doing in San Leandro CA? I’m waiting for the right time to buy, we’re ready.
Orlando, all I know is you need to tell me when like the stock exchange bell go off when it’s time to buy.
Aren’t long term flippers know that at this time if they flip a house, they have to price it accordingly to sell?
My neighbor’s home was purchased and right now the owner is having some work done, so he can flip it.
Used car dealership American Car Center just shut down. 40 stores in the southeast impacted. Hold tight.
Opendoors stock is a whopping 1.44, yep one dollar and forty four cents 😮
your content is good and so why the clickbait titles? we'll watch it without those bro.
Orlando, when Baltimore, Maryland realestate market will crash? Seems like prices are still very high, nothing has changed here. 😥 😔 😟
You should check out Sachs realty on YT. He’s a realtor in Maryland and speaks about the local market as well as the market as a whole
@@arkzyFn8 thanks
Im waiting for the DMV area to go back to 2019 prices as well
When did open door go bankrupt? I know their stock price is a 1/4 of what it was last year but did not know they filed for bankruptcy?
Thanks!
Open door are opened by Chinese investors. That says a lot.
Forget sitting on the sidelines. Right now you should be in the stands or even out in the Parking lot.
Keep up the good work
A bunch of youngsters sit behind the computer using some program algorithm and think they're smart, AI my rear end. Let the old man like me attend your property auction pretty soon
Videos never miss 🎯 I just think it's funny how people drank the kool-aid without asking the flavor.
They backed out of many deals just not all of them....
bailout coming.....wait let's see; rich guy rich guy rich guy check! yep bailout coming....**** saw opendoor ad next to your other video 🙂
Yea but arent their losses costing the PEOPLE money who can not afford a home, AND, who may have invested in their stock. They can turn around and write off their losses after the corporate executives walked with the money.....
don’t overpay ✌️
You are unintelligent. They have 2 billion is capital and has around 3 years of operating time and I'm willing to bet the housing market will go back to normal within 2 years.
I just got a job offer from them for $45 a showing...
Do I get 10 a day?
"Aw...you don't know what greed is. Ahahahaha" 😆😆😆😆😆😆😆😆😆😆
hahahaha "Open Door" will be "Close Door"!!
They still trying buy one of my rentals.
Your titles are very misleading and I’m sorry to say the title is a flat out lie
Can you do a story on Offerpad. They look like they are in bad shape too with their stock down to 54 cents.
"SHUT THE Front DOOR"!!!
Can't wait for OPENDOOR to close that DOOR 4ever
Can’t till selling doom isn’t the thing anymore 😒😒😒
Down ⬇️ down ↘️ and more down!!!⤵️
F Opendoor!
Didn't they make a lot of money???
Opendoor is on its last leg. Stock price crashing signaling likely bankruptcy. Prediction is 2024 these guys wont be around. Yet they have publicly stated they will not do fire sale” 😂😂I would not buy any opendoor house right now as they are cornered and just a matter of time before they are FORCED into fire sale.
You should see how the open door bulls on stock twits are shitting themselves with how this last bounce to 3.00 has completely melted down and is soon to return to 1.00... dead cat bounce is a foreign concept to them.
Hold the line!
My man laughed at them losing a billion dallors idk if that’s a good thing or bad 😂😂😂
They are still going to be bailed out.