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OwnUp! -an Urban Real Estate Crowdfunding Platform

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OLMEC Development Company
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Bomani M. Howze
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OwnUp! some real estate!
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Youtube 40073e2a27c3d525feb2942e86c500c768fec0d984a169da9df1f080c1754496

OLMEC'S OwnUp! model is a real estate crowdfunding  software platform that provides a lower cost on-ramp for local residents and contractors to get in on real estate projects.
Most poor or working class residents can't afford to get in on the ownership side of a project because one's full time job, lack of expertise, credit, capital often presents barriers to marginalized people. Our platform helps to aggregate contributions, manage the real estate portfolio and keep track of ownership stakes from project to project.

How It Works:
Step 1: 
OLMEC Development Company presents the scope of work for a new construction or rehab project

Step 2: 
Community residents join equity investors by purchasing an equity stake in the project. Example: If the total cost of the project is estimated at $100,000, a minimum of 20% or $20,000 of the ownership may be made available for residents to collectively participate. That can then be used to attract the other $80,000 to come in the form of debt that would be secured by OLMEC'S banking or  investment partners

Step 3: 
Upon completion, full leasing and repayment to any 1st position equity holders or debtors, participants of the project can begin receiving residual repayments commensurate with their initial contribution.


Submitted

Nov 28 2016

Organization Organization Type

Nonprofit

Challenge

Technology

Product Name

OwnUp!

Product Stage

Concept

Team
  • Bomani M. Howze

Contact this team about Funding, Collaboration or other methods of support. Contact Team


2 Comments

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William

12 months ago

Very exciting project! Good luck Bomani.
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Catherine Lada

11 months ago

Bomani, there have been some excellent successes of cooperative ownership and managing commercial properties profiled in the Stanford Social Innovation Review. I would love to see something like this work in Pittsburgh and this could be the first step.

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