November 22, 2024 10:11 am
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Offerpad remains profitable, plans to ratchet up purchases

(Disclosure: Rose Law Group represents Offerpad.)

By Brooklee Han | RealTrends

For the third quarter in a row Arizona-based iBuyer Offerpad turned a profit. During the second quarter of 2022, Offerpad recorded year over year revenue growth of 185% for a total of $1.1 billion in revenue. The company’s net income came in at $11.6 million, up 26% from a year prior.

Offerpad, founded by CEO Brian Bair in 2015, went public through a special-purpose acquisition company, or SPAC, in September, at a valuation of $2.7 billion. The company’s market cap has since sunk to $512 million.

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Rose Law Group Reporter, which provides Dealmaker’s content and service, is contracted by Rose Law Group. Rose Law Group is a full service real estate and business Law Firm practicing in the areas of land use/entitlements, real estate transactions, real estate due diligence/project management, special districts, tax law, water law, business litigation, corporate formation, intellectual property, asset protection, data breach/privacy law, ADA compliance, estate planning, family law, cyber-law, online reputation and defamation, lobbying, energy and renewable energy, tax credits/financing, employment law, Native American law, equine law, DUIs, and medical marijuana, among others. The views expressed above are not necessarily those of Rose Law Group pc or its associates and are in no way legal advice. This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.