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0 pointsoldstrangers3y ago0 comments

Open Door alone owns like 600 homes where I live. Black Rock owns entire subdivisions and communities. Not sure what you mean.

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cragfar3y ago· 2 in thread

Open Door has laid off 20% of it's work force, it's stock has gone from $24 to $1.5 in a year, and it's losses are increasing.

Black Rock was buying entire subdivisions developed for the purpose of being sold to investors. They were basically large scale apartment complexes. That's wildly different than buying up random homes throughout a city.

Zillow had to give up last year and showed a $300 million loss, and now Redfin is too. I'm not saying it's impossible, but SFH flipping doesn't scale well at all.

oldstrangersOP3y ago

I still dont know what you're talking about or if you're just unaware of the data.

"Locally, NAR data showed 38% of single-family properties purchased in Harris County in 2021 were bought by institutional investors. Property data from the Harris County Appraisal District shows nearly 7,000 homes in Harris County as of June are owned by five NRHC members and their subsidiaries."

https://communityimpact.com/houston/bay-area/city-county/202...

cragfar3y ago

>Citing NRHC member-provided data, Howard said that out of 23 million single-family rental homes in the U.S., only about 300,000, or 1.3%, are owned by large companies.

NRHC includes the aforementioned Blackrock. Your quote says the top 5 SFH companies own 7,000 homes in Harris County. A county with 1.6 million homes. The sexy headline of 28% of all homes being bought by institutional investors says an LLC is an institutional buyer. It wasn't Blackrock hoovering up all these homes, it was smaller shops and normal people flush with cash and leverage.

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