Very true on the financing, and how it connects to our business. There have been plenty of companies in the past whose business model is to buy distressed houses and flip them; Opendoor is coming from a very different angle. We'd like to buy and sell houses at normal prices, do a lot more volume, and make smaller margins on each transaction than the traditional "flipping" business.

Because of that model, it's very important that we (1) have access to a lot of capital, and (2) renovate and resell the property quickly, so we can put the money to use again.