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Opendoor vet PJ O Neill spoke to Insider about his iRenting company, Nomad. Nomad guarantees rent to small landlords, regardless of vacancy, in return for a 5-10% fee. The company, based in Denver, grew out of O Neil s experience as a landlord and property manager. When P.J. O Neil noticed the challenges small landlords had paying their mortgages with unpredictable rental income, he knew that a model adopted from his employer, Opendoor, could help. That solution, Nomad, emerges from stealth on Wednesday, with the aim of offering landlords guaranteed rent in return for a few percentage points of their rental income. O Neil got his start in real estate as a small-time landlord, buying one Denver property with his first bonus check. When work brought him away from Denver, a search for a property manager eventually led O Neil to start his own property management business with his mom and brother. 

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