Open Door Capital: Verified Investor Reviews on Invest Clearly
4.47
Open Door Capital Website
Open Door CapitalOpen Door Capital Overview
Open Door Capital is a privately held real estate investment firm founded by Brandon Turner that specializes in mobile home parks, self-storage facilities and multifamily. Open Door Capital has nearly $1 billion in assets under management (AUM), a portfolio of more than 13,000 units, and has partnered with more than 2,000 investors. Visit odcfund.com/our-offerings to view current opportunities.
Address
Kiehi,
Hawaii
96753
Year Founded
2017
Operates In
Virginia
Florida
Georgia
Mississippi
Texas
Asset Classes
Multifamily
Storage
Mobile Home Parks
Accepted Investors
Accredited
highlighted review
Verified Investor
1.00
"Inexperienced operators failed expectations"
They have over promised and under performed on every single metric. They promised 7-9% annual returns. We barely received 2% for 1 year and then distributions were paused. Now I'm just hoping we will get our capital back eventually without a capital call as some of their other funds have needed. I was sold on the whole Brandon Turner marketing machine and should have invested with a more experienced operator. I don't know how they have 5 stars on this platform when every investor that I know that has invested with them has been disappointed. Nothing besides the first fund is performing to projections and this is because the first fund was during the best time to invest when anyone could make money because of the rapid inflation that took place in 2021. Investors beware.
Open Door Capital
Thank you for sharing your feedback. We’re happy we were able to connect recently to talk through your concerns. We aim to provide clear and transparent information from the start, but we understand that there can sometimes be misunderstandings. As discussed, investment returns are never guaranteed. They are based on projections outlined in our offering documents. The 7-9% range refers to the average cash-on-cash return over the full investment period, rather than each year individually. Early returns can be lower as the investment ramps up. While the path to our projections isn’t always linear, we’re still currently on track to meet our overall target for this fund. Pausing distributions was a difficult decision, and we understand the concern it can cause. Distributions were paused out of caution due to the current macro environment, as well as being mid-swing on the busiest (and most CapEx intensive) portion of the fund’s business plan. It was a tough but necessary decision to protect the fund’s long-term health and our investors. With healthy reserves and long-term fixed-rate debt, the fund remains financially healthy and we expect distributions to resume in the coming quarters. Regarding capital calls: To date, we’ve had no capital calls in any of our funds/offerings. Currently we’ve raised preferred equity for a couple of our apartment deals that were structurally impacted by unprecedented increases in insurance/taxes/interest rates, but this differs from a capital call. We’ve taken this step to give these deals more time to refine operations and hopefully benefit from improving market conditions, to try our best to optimize returns for our investors in those deals. Our first fund did benefit from favorable market conditions, and some of the more recent investments have faced different challenges. That said, we are actively managing more than $1B in assets, and the overwhelming majority of our investments are still structurally sound and still on track to achieve our originally projected total returns (even if distributions have fluctuated along the way). We really appreciate your feedback and are always available to chat if you have any further questions.
Verified Investor
1.00
"Invested $100,000. Might lose 90% of my investment."
I invested $100,000 in a multi-family property deal they had. I received an email asking if I wanted to receive only 10% of my investment back, a 90% loss, or try to get more of my money back with the new buyer. I would not invest with them again, and if you are considering it, please consider what happened to investors like me.
Open Door Capital
The multifamily asset class is facing serious headwinds, particularly in the Sunbelt markets. These challenges aren't unique to us. Across the industry, operators have been dealing with an unprecedented rise in interest rates—largely the result of aggressive fiscal policy in response to a once-in-a-lifetime pandemic. At the same time, we've seen surging insurance premiums, rising property taxes, and an overwhelming wave of new supply that’s flattened or even reversed rent growth in many markets. At the property you’re invested in, we’ve managed to maintain strong occupancy and have grown both revenue and NOI during our hold period to near underwriting targets. However, local cap rates have expanded by 1-2% during that same time, more than offsetting those gains and putting downward pressure on valuations beyond what anyone could have underwritten. Underperforming properties represent a small minority of our overall portfolio, but we’ve taken major operational and company-wide steps in response: - We’ve significantly slowed acquisitions since the headwinds began, including no new acquisitions in 2025—not because we can't, but because we want to maintain strategic focus on the assets already under management - We’ve relentlessly explored creative solutions to protect asset performance—though some were ultimately disrupted by last-minute legislative changes. - We continue to open all major decisions to investor votes, because transparency and alignment matter more now than ever. We know it's disappointing to be in a deal that doesn't go as planned. Please know we’re doing everything in our power to protect and preserve assets. If you have questions, we're always here to talk things over and we’ll keep sharing updates every step of the way.
Verified Investor
2.00
"Multiple ODC Funds: A Disappointment"
My investments in two ODC funds, marketed as "cash-growth" and "day one cash flow," have been disappointing. Distributions on both funds have been paused for multiple years, directly contradicting their initial stated goals. Although ODC's communication is acceptable, their consistent underperformance relative to even their most conservative projections is a significant concern.
Open Door Capital
We understand how concerning paused distributions can feel, but it's important to note that paused distributions aren’t always a sign of distress. In many cases, we pause as a proactive, strategic decision (to preserve capital, reinvest in the asset, or position the fund to weather market headwinds, etc). We'd love to talk do you about your specific investments and give you more detail into the strategy behind the decision and what we expect moving forward. Feel free to reach out at any time at investors@odcfund.com.
Sutter L.
5.00
"Love Open Door Capital!"
We’ve now invested in three deals with Open Door Capital and couldn’t be happier. The team is exceptional, the deals are solid, and their communication is clear and consistent. Before investing, we spoke with several references and consistently heard glowing feedback about how ODC operates. They’ve proven to be trustworthy and highly transparent. Overall, it’s been a great experience, and we’ve truly enjoyed partnering with ODC.
Zach M.
4.00
"So far, so Good"
Good onboarding. However, initial communication after investment was lacking. I had to reach out to find out some specifics of how the fund was doing in the first few months.
