Aug. 25 at 12:23 PM
$OPEN Buyer needs to be aware that the business model here doesn't work - it's not like
$CVNA where the auto-sector has models that everyone knows and Carvana can stamp its approval via a listing. No family is going to really buy a home without serious on-site due diligence which Opendoor doesn't provide. And, "cash offers" are always "priced to sell" at a discount + there's a 5% fee. All the changes that Eric Jackson's wants to make - which is really just to transition to a real-estate marketplace - has no barriers to entry and we already have "the Airbnb of housing" - it's called
$ABNB - it would be very easy for Airbnb to also add another feature to buy / sell homes as well. And, to say that
$RKT or
$Z can't add a marketplace is naive. The "MEME" culture can certainly rip this higher - but valuation is already
$3.5B - abd any business model change having serious risk of execution and success. Concern is that you'll be Eric Jackson's exit liquidity. Maybe take the 10x ROI
