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hey what's up everybody i am jason and you're watching my channel micro investor so we got a new stock to talk about in this video open door labs incorporated is looking to go public through a merger through an already existing company called social capital hedosphere which is a smack stock a special purpose acquisition company or a blanking check company this one is traded under the ticker symbol ipob now if you guys aren't aware whose social capital is the ceo of social capital is channel pala hapatia and he is the chairman of virgin galactic and he's also the guy that brought that company to public with uh with richard branson through a spec as well so let's find out a little bit about open door the company that is going to be going public so if you guys don't mind please smash destroy and annihilate that like button because it does help me with youtube algorithm and help spread this video to more people that to this founded in 2014 open door offers an online real estate marketplace that's pitched as streamlining the property sales process there are many different real estate sites out there but where open door differs is that it buys the homes digitally making minor repairs and then listing the property for sale while charging a fee for the service the company uses software to find a price that is attracted to the property owner but still allows it to make profit by reselling the home later the san francisco-based company led by ceo eric wu competes with zillow redfin offer pad in the fast growing but somewhat unproven space the today open door has raised 1.3 billion dollars from investors including softbank general atlantic kosher ventures nea and northwest ventures partners it was most recently valued at 3.8 billion dollars after raising 300 million dollars in march of 2019.
the venture-backed companies in advanced talks to go public through a merger with social capital has fia holding corp 2 the deal would value open door at 5 billion and is set to be announced in the next few weeks now let's take a minute and look into open door and see if we can understand what they're doing exactly their services as easy as typing in your address answering a couple questions and then waiting for your offer now sadly the house that we tried for the example they're currently not accepting homes in that neighborhood and they say if you sell to them they'll give you a cash offer so you don't have to deal with the stress of listing your house dealing with real estate agents etc you get a cash offer instantly and get paid in a matter of days so you can go out and buy your next home you skip showing and repairs you do a virtual assessment basically you're going around and you're filming the entire house doing a walk through with them and apparently you're gonna move on your own schedule you get to pick the closing date now the new feature list on open door that just really honestly sounds like a real estate agent maximize your sales price sell your home at a higher price attract more buyers with ten thousand dollars interest free advance for renovations save on fees pay just five percent in fees that's one percent less than traditional six percent thousands in savings okay very very also still very similar to real estate agents and expertise at every step from setting the right price to closing you'll be supported by local industry experts so one part of open doors businesses like regular real estate they're listening with the open door part but the other part of their business sounds like those buyer house for cash people that go around soliciting or for example a home flipper that will buy a house for much cheaper fix it up and then put it back on the market which sounds a lot like what they're doing too now they try to make a point that they're not home flippers on the website it's actually the first question on their frequently asked questions part but they kind of did answer that already when uh they said on the front page skip showings and repairs they'll basically handle it with a cash offer but there honestly is a big market of doing business this way of buying and selling houses uh it is actually something that it is in demand and especially with people like looking to get out of their houses right now um giving what has been going on with the world and just going into a more uh less populated area like for me example my wife and i were eyeing 50 acres in kentucky right now we live in a really popular area in sacramento so it would be nice to have another home as a little bit of a change so i could see a big big market for this i can see that this business i can see why this business is popular why it's growing um but the really nice thing about it is that chamomile habitat will be involved with it that does create a lot more interest uh for a lot of people to invest in this especially for everything that he's done uh with everything that he's been part of so anyways we'll leave this video short i'd like to hear your thoughts on open door and uh chat with palo alto's uh potential involvement in this company so anyways you
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