Stech said he had a brainwave about the opportunity when he finished graduate school at Stanford and moved to Las Vegas, which at the time was at the epicenter of the housing market crash of 2009. He bought a one-bedroom condo that sold for $267,000 in 2007 for $19,000 in cash and realized that the market was ripe for the taking.

https://techcrunch.com/2020/12/08/sundae-snags-36m-to-build-out-its-distressed-property-marketplace/