An interview with SocialEquity Co-Founder and CEO Brian Lora by Glen Sarvady on the BigCast Network Podcast.
Originally published as “Fintechs Re-Writing the Rulebook” on the BigCast Network, on December 7th, 2021.
Key Takeaways:
- “The most provocative presentation at VentureTech… generated a ton of conversation both during and after the session”
- The average net worth of renters is about $6,300 the average net worth of a homeowner is over $254,000… there’s a ripple effect to wealth generation. The equity accrued through homeownership gives people access to other financial tools, like education, that in turn effects the quality of life for future generations.
- How SocialEquity works: SE invites people to join, they become members (complete ID, background check to ensure authenticity), and then they get access to the platform where they can meet other compatible people and form a buying group, and go buy a house together.
- SocialEquity has created a new home loan that gives the flexibility to tackle this problem. The mortgage structure allows for the transferability of similarly qualified people, so we can swap people in and out of rooms in a home, much like renting, but through an ownership structure.
- The SocialEquity Platform includes a home appraisal tool called the HomeX, to divi up the shared and personal spaces and costs of the house so that each member of the household is paying for their fair share of the home.
- 80% of people who are single and under 40 already rent and share space with a non-family member, SocialEquity is providing a way of starting to build ownership equity earlier and more easily in life, primarily for this group of people.
