Without going into too much detail, investors aren't generally in the business of losing money and at the scale of investment we've taken we're far beyond "bet on the team" kind of diligence.
Managing inventory and pricing risk is a key piece of this business and has been since day 1.
We really owe the world some blog posts, but until then hackers, data scientists, and predictive modelers are always welcome to come by the office for lunch!
Sure, in principle large investments should mean good DD. But Magic Leap fans were pretty surprised this week. Theranos also raised more than Opendoor.
It's not fair to put other company's problems on Opendoor, but the point it's hard to accept the large cap/DD argument with so many counter examples.
In any case, it would be great to see you succeed - good luck.
We buy and sell thousands o homes, hopefully at the appropriate price for the market's current level of risk. Hard, deeply appreciated by customers, but not much handwaving on how it will go to market.
LOL. When an SV founder defends his business model by pointing to fundraising numbers, look out.