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- 🍀 Rocket Saves Redfin, Curated STRs, and Vendoroo
🍀 Rocket Saves Redfin, Curated STRs, and Vendoroo




Rocket Companies Bails Out Acquires Redfin
In a move poised to reshape the real estate and mortgage sectors, Rocket Companies has announced its intention to acquire Redfin in an all-stock transaction valued at $1.75 billion. This strategic merger aims to integrate Rocket's mortgage services with Redfin's real estate platform, potentially transforming the homebuying experience.
Deal Overview
Under the agreement, Rocket Companies will purchase Redfin at $12.50 per share, representing a significant premium over Redfin's recent trading price. Each Redfin share will be exchanged for 0.7926 shares of Rocket Companies' Class A common stock. Upon completion, Rocket shareholders will own approximately 95% of the combined entity, with Redfin shareholders holding the remaining 5%. The transaction is expected to close in the second or third quarter of 2025, pending regulatory approvals and Redfin shareholder consent.
Redfin's Financial Performance
Redfin has faced financial challenges in recent years. The company's fourth-quarter 2024 results revealed a net loss of $36.4 million, exceeding analyst expectations. Despite revenue growth, Redfin reported a full-year 2024 net loss of $164.8 million. The transition to a new commission-based compensation model for agents, known as Redfin Next, led to increased costs, contributing to these losses. While this move boosted agent numbers, with the count rising to over 2,200 by early 2025, it also strained the company's finances.
Strategic Benefits for Rocket Companies
For Rocket Companies, the acquisition presents an opportunity to enhance its presence in the purchase mortgage market and create a more integrated homebuying process. By combining Redfin's platform, which attracts nearly 50 million monthly visitors, with Rocket's mortgage origination capabilities, the merged entity aims to offer a seamless, end-to-end solution for homebuyers. Rocket anticipates achieving significant synergies from this deal, projecting over $200 million in savings by 2027. This includes approximately $140 million in cost efficiencies from consolidating operations and an additional $60 million in revenue synergies by connecting Rocket's financing clients with Redfin's real estate agents.
Industry Implications
The merger could have far-reaching effects on the real estate and mortgage industries:
Integration Challenges: The success of this acquisition will depend on how effectively Rocket integrates Redfin's operations and culture into its existing structure.
Market Reaction: Following the announcement, Redfin's stock surged by 68%, while Rocket's stock experienced a 15% decline, indicating mixed investor sentiments.
Regulatory Scrutiny: The deal is subject to approval by Redfin shareholders and regulatory bodies, which could impact the integration timeline.
Competitive Landscape: This merger may prompt responses from other industry players, potentially leading to further consolidation.
Technological Integration: Leveraging the combined technological capabilities of both companies will be crucial in delivering the envisioned seamless homebuying experience.
As the housing market continues to evolve, the Rocket-Redfin merger represents a bold move toward integrating real estate services. The effectiveness of this merger in enhancing operational efficiency and customer satisfaction will significantly influence the future dynamics of the U.S. housing market.


“St. Paul, MN, adopted rent control, multifamily building permits plunged 47% in St. Paul while rising 11% in nearby Minneapolis” - Jay Parsons
Tenant Regulations Often Sabotage Housing Affordability
The nationwide shortage of affordable housing, both for purchase and to rent, is a complicated problem that has many causes and seemingly fewer solutions. A few cities, such as Minneapolis, have managed to build more housing and affordability has increased. Others, like San Francisco, have long struggled with regulatory issues that slow the construction of new housing.
A 2018 study by the National Bureau of Economic Research (NBER) examined the effects of the expansion of rent control in San Francisco. While rent regulations increased the likelihood of tenants remaining in their residences by nearly 20%, it also led to a 15% reduction in the rental housing supply by landlords. This contraction in supply resulted in a 5.1% city-wide rent increase. The study suggests that rent control may have decreased affordability, altered the mix of housing supply, and increased rents in the broader rental market.
A 2022 NBER study analyzed the impact of rent control in St. Paul, the sister city to Minneapolis, and it found a 6-7% decrease in property values, amounting to an aggregate loss of $1.6 billion. Notably, the tenants who benefited the most from rent control had higher incomes and were more likely to be white, while the owners who incurred losses had lower incomes and were more likely to be minorities.
These findings suggest that the policy may have inadvertently transferred wealth from lower-income property owners to higher-income tenants, defeating its efforts to help the less affluent.
Institutional investors in the single-family residential market, such as Pretium Partners (90,000 homes) and Invitation Homes (80,000 properties) target states and cities with more landlord-friendly regulations.
“Pretium's geographic distribution reveals a clear focus on high-growth Sunbelt markets with favorable landlord-tenant laws and strong economic fundamentals…This Sunbelt concentration aligns with demographic trends showing population migration to these regions and relatively affordable housing compared to coastal markets. Notably, Pretium appears to largely avoid high-regulation states with more tenant-friendly laws.”
What Qualifies as Landlord Friendly?
Several types of laws and regulations can significantly impact landlord profitability in the rental market:
Rent increase limitations: Laws that cap annual rent increases, often tying them to inflation or a fixed percentage, can reduce potential income growth
Eviction restrictions: Abolishing "no-fault" evictions
Mandatory rent reductions: Some rent control measures may force landlords to lower rents on properties deemed overpriced based on point systems or other criteria
Tenant Protection Laws
Extended notice periods: Requiring landlords to provide longer notice periods for evictions or property sales can increase costs and reduce flexibility
Pet allowance requirements: Laws that limit a landlord's ability to refuse pets can potentially increase wear and tear on properties
Restrictions on security deposits: Limits on the amount or use of security deposits can increase landlord risk
Property Standards and Maintenance Laws
Mandatory upgrades: Laws requiring landlords to meet specific property standards or energy efficiency levels can impose significant costs
Increased maintenance responsibilities: Shifting more maintenance duties to landlords without allowing rent increases can reduce profitability
Tax Laws
Reduced tax deductions: Limiting tax deductions for mortgage interest or property expenses can decrease returns
Increased property taxes: Higher property tax rates directly impact a landlord's bottom line
Administrative Requirements
Mandatory registration: Laws requiring landlords to register properties or obtain licenses can add administrative costs
Compulsory participation in dispute resolution: Mandatory ombudsman schemes or mediation processes can increase time and resource commitments
These laws, intended to protect tenants and improve housing quality, can cumulatively reduce landlord profitability. This may lead some landlords to consider selling their properties, which reduces the housing supply and ultimately increases the demand and prices of existing housing. It also discourages other landlords from entering the market.
Metro Areas Tightening Landlord Restrictions
New York City, NY: Implemented "Good Cause" eviction laws in April 2024, requiring landlords to provide valid reasons for evictions. Rent increases for one-year leases are capped at 2.75% for 2024-2025
Los Angeles, CA: Statewide rent control caps annual rent increases at 5% plus inflation (or 10%, whichever is lower). Eviction protections require landlords to justify tenant removal.
Portland, OR: Rent hikes limited to 7% plus the regional Consumer Price Index (or 10%, whichever is lower). No rent increases allowed in the first year of tenancy.
Washington, D.C.: Rent control tied to inflation, with strict regulations on raising rents for older or disabled tenants (limited to 2.9% annually)
San Francisco, CA: Strong tenant protections, including just-cause eviction requirements and limits on rent increases under statewide laws
Seattle, WA: Introduced stricter eviction rules and required landlords to provide longer notice periods for rent increases or terminations
Boston, MA: Considering new rent control measures and enhanced tenant protections as part of ongoing housing affordability initiatives
Chicago, IL: Proposed ordinances aim to expand tenant protections and limit security deposits and move-in fees
Prop.text has recommended 10 areas to consider that aren’t part of the list of above metros increasing regulation on landlords. These smaller areas outside of large cities are mostly in states without costly regulations.
Home building costs
Regulations don’t just sabotage the rental market – they can also make new construction more costly. A 2021 study by the National Association of Home Builders (NAHB) highlights that regulations imposed by all levels of government add an average of $93,870 to the price of a new single-family home. This amount represents 23.8% of the average sales price, which was $397,300 at the time of the study. The breakdown is as follows:
Development Phase: Regulations during land development contribute $41,330 to the overall cost.
Construction Phase: Regulations during the construction phase add $52,540.
These regulatory costs encompass factors such as land use policies, building codes, and environmental standards. The study also notes that rising material costs, such as lumber, have added approximately $35,872 to the price of a typical new home.
Tariffs
Tariffs on imports from countries like Canada, Mexico, and China have led to higher costs for building materials, significantly impacting the cost of new home construction and remodeling projects in the US. If the Trump administration carries out its threats to implement tariffs, they are projected to increase the cost of building a single-family home by $7,500 to $10,000. This cost hike will be passed on to homebuyers, exacerbating the existing challenges in the US housing market.



Chambersburg, Pennsylvania
As of February 2025, the average home value in Chambersburg stands at $268,348, reflecting a 3.4% increase over the past year. Homes typically go pending in approximately 15 days, indicating a brisk market. The median sale price is $263,133, with a median list price of $306,600. Notably, 31.2% of sales have closed above the list price, while 37.9% have sold below, suggesting a balanced negotiation environment.
Employment & Economic Drivers
The average rent in Chambersburg is $1,399, which is below the national average of $1,980. This affordability can attract a broad tenant base, enhancing the appeal for rental property investments.
Summit Health Services/Chambersburg Hospital: Approximately 3,600 employees.
The presence of the Letterkenny Army Depot and proximity to Camp David further diversify the employment landscape. Additionally, the area's agricultural base, particularly in corn, wheat, and barley farming, contributes to economic stability
Situated along Interstate 81 and within 100 miles of both Washington, D.C., and Baltimore, Maryland, Chambersburg offers logistical advantages for distribution and commuting. This connectivity enhances its attractiveness for both residential and commercial real estate investments.


3955 Percy Ave

New construction for less than 300k! Undervalued market compared to median incomes and home values.
The Investment Thesis
→ 3 bedroom home for only $289,900
→ $2,129 / month estimated rent
→ Undervalued market with New construction at less than the average US sale price
Property Details
Yr Built: 2024 | Type: SFR |
Sqft: 1,398 | Bed/Bath: 3, 2 |
Financial Projections
Asking Price: $289,900 | 5 Yr Appreciation: $71,368 |
Revenue: $25,548 | Annual Gross Income: $24,015 |
Interested in Learning More?
*Appreciation based on 4% growth rate.


Curated Short-Term Rentals Are a Winning Formula in Raleigh
Evan Howard credits his father with lighting the fire that interested him in real estate investing.
“My dad gave me ‘Rich Dad, Poor Dad for Kids when I was like 13,” Howard said, “and ever since then I was always trying to figure out how to grow wealth.”
Howard bought his first property for $230,000 in Raleigh in 2020, and ever since has househacked his way into three other properties — he lives with his wife in the fourth house. He would rent the first house he bought through Airbnb when he was out of town, and also rented out rooms short term to help cover the mortgage with all the homes he bought.
He has worked at Second Nature for the last 7 years, most recently as the principal national account executive. The company offers a variety of services and software tools that aim to make life easier for property managers, residents, and investors.
Howard said the short-term rental market in Raleigh is robust, and his occupancy rates at his homes are about 65 percent, with the average stay about three days and the longest one being up to a month. (Raleigh has a number of regulations governing STRs, including a 30-day maximum stay.)
He found a web developer and designer to build a site for his listings, OnlyOases. Two of the properties produce about $60,000 gross each year and the other one about $80,000. He has a cleaning team that handles turns and his wife helps him manage the properties.

The Art Oasis
“I get a lot of business travelers and digital nomads, people doing contract work or events at the university,” he said. “These are less vacation rentals and more business related.”
The properties he bought were close to turn-key, but he made some improvements.
“I moved into all of them and they needed some work and did that work so I could turn them into short-term rentals,” Howard said. “I did some painting and made them picture ready.”
Looking ahead, he is looking to do a four-family building with long-term rentals. He’s also interested in RV parks and the campground business, a niche market that he thinks is not overrun yet.
For Howard, the properties are all about securing his family’s future.
“I look at my rentals as a source of wealth building,” he said.

The Nature Oasis
This interview has been edited and condensed for clarity.
What is your special real estate superpower?
Taking action and not overthinking things. If a deal works out, I’m not trying to over-analyze it. I don’t have too many superpowers, but I’m doing short-term rentals and they are working.
What was the hardest lesson you learned early on in your real estate journey, and how did you overcome that and persevere?
Get good insurance. I had a pipe burst in the middle of a bachelorette stay with 12 girls getting ready for a wedding that day and they could not shower. Then the plumbing backed up and I had to dig up the whole yard. It cost like 8 grand but I had insurance that covered all of it. Fortunately, I had another property nearby where they (the bridal party) could go shower. It’s best to have some redundancy and be prepared for any scenario.
What advice would you offer to somebody looking to get into real estate or grow a portfolio?
The biggest thing is not to get caught up in over analyzing and just getting started. I probably took 10 years longer than I needed to and when I finally bit the bullet and bought my first house and I was only in for about nine grand. The first step is the hardest to get the ball rolling. As far as expanding the portfolio, the way I think about it is to get the next property. Not go big or go home, and not to try to take too big a bite of the apple. If there is cash flow and appreciation in a deal, that can be meaningful if you are doing it without outside capital.
Among the strategies a property owner could pursue — long-term rental, mid-term rental or short term, (Airbnb), co-living — what works best for you, and why?
Short-term rentals work best for me. The main reason I have pursued that strategy is the flexibility and tax advantages they offer. The margins are also higher. Lowering taxable income through the short term rental loophole is helpful. My wife runs the management of the short-term portfolio and it serves as a creative outlet for us. We have some nice wall murals in the houses and have done some creative things with the design. It makes it fun and makes it more than spreadsheets and maintenance every day. After working with long-term rentals in my day job, I don’t think I want to do long-term rentals.
What do you think is the biggest issue investors face in 2025 and beyond?
It’s got the same struggle with making the numbers work. How do you stand out and make an investment better than the other people doing this? How do you get creative with the strategy and get creative with the property to stand out from the crowd?


Vendoroo
Property management was never meant to be seen. When done right, it's invisible. Problems are handled before they surface and issues resolved before they escalate. But reality is far messier. A single maintenance request can take 19 touchpoints. Teams are buried in repetitive tasks, always playing defense. Property managers only reach out when there's bad news. It’s a loop that’s reactive, exhausting, and unsustainable.
Vendoroo was built to break that loop. This isn’t a better checklist or another dashboard. It’s a fully autonomous AI agent designed to manage the most operationally painful part of property management: maintenance. From triage to work order creation, vendor coordination, and tenant updates, Vendoroo acts like a true digital teammate.
Founding Team
Vendoroo was founded by Reza Keshavarzi, a machine learning and AI expert with a personal connection to the problem. After watching his father struggle with maintenance overspend and inefficiency, Reza set out to build a smarter solution. He brings both technical depth and lived experience. Joining him are David Normand, a 15-year property management veteran and former CEO of RentVue, and Yashar Babrzadeh, a seasoned engineering leader with deep expertise in workflow automation.
AI Is Reshaping Property Management
The industry has already seen two phases of tech evolution. The first was off-the-shelf software borrowed from other industries. The second came after 2008 with purpose-built tools, better UI, and virtual assistants. But both still relied on humans doing the work.
We are now entering phase three. Agentic AI tools no longer just support your team. They function like team members. This is not a software subscription. It is a digital hire.
According to Pablo Gonzalez, Chief Evangelist for Vendoroo, this next wave is different. “Property Meld, a leader in maintenance tech, is a Ferrari. A much better ride than your typical car. We’re an autonomous vehicle. Vendoroo doesn't just give you a better ride, it drives the car for you.”
With affordability pressures and generational wealth shifting portfolios into new hands, expectations are changing. Owners and residents want faster responses, greater transparency, and more value. AI gives you the leverage to meet those demands.
Why Vendoroo Is the Right AI Partner for You
Vendoroo’s AI coordinator is trained on thousands of real-world scenarios. It troubleshoots with tenants, triages requests, assigns vendors, and tracks everything in real time. It adapts to the way you operate, not the other way around.
The platform integrates directly with Rent Manager, AppFolio, and others. It fits into your existing systems and preferences without disruption. The AI Co-Pilot is tailored to your vendor relationships and property-specific rules.

Vendoroo manages the entire maintenance lifecycle, including vendor payments and work verification. Clear reporting shows you exactly where every dollar goes and helps you maintain transparency with owners.
For edge cases that need a human, Vendoroo brings in experienced operators to assist. This hybrid model keeps you in control while boosting efficiency.
Vendoroo also understands that communication is not one-size-fits-all. Its AI agents are built with emotional intelligence and trained to interact differently with residents, owners, vendors, and teammates. As Pablo Gonzalez says, “EQ is just as important as IQ in property management. You wouldn’t speak to an owner the same way you speak to a resident. Your AI shouldn’t either.”
Maintenance is just the beginning. Vendoroo is already building AI agents for other areas of property management, using the same automation-first mindset.

How to Get Started
There comes a point when you stop adding more tools and start building a better team. Vendoroo is that point. It is your first true digital hire. It works around the clock, never drops a task, and scales as your portfolio grows.
If you're ready to simplify operations, move faster, and focus on what matters most, Vendoroo is worth a closer look.
Schedule a demo today at www.vendoroo.ai.

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