DIRS.INFO The most relevant business & tech news

☆ The cooldown in home prices was a 'once-in-40-years' move, worse than the 2008 crisis that foiled algorithms, said the CEO of America's largest home-flipper
▼ + stars: | 2022-11-19 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +3 min

Opendoor CEO Eric Wu says the company's algorithm didn't predict housing market shifting so quickly. The quick market shifts rivaled those of the housing crisis of 2008, he said. Opendoor's forecast did factor in higher interest rates, according to Wu, but not for home price appreciation to shift alongside it. "We were pricing in the interest rate movements" but didn't also account for the dramatic shift in home prices, he said. According to Wu, Opendoor tested previous market conditions, but the speed of the most-recent shift was far greater than previous shifts — including the 2008 financial crisis.

☆ The housing-affordability crisis is sparking startup founders, Wall Streeters, and nonprofit leaders to try to offer new solutions
▼ + stars: | 2022-11-15 | by ( Hana R. Alberts | Jordan Pandy | ) www.businessinsider.com time to read: +6 min

Some innovations may help homebuyers, renters, and investors cope with the affordability crisis. 100 People Transforming Business is an annual list highlighting people across industries who are changing the way the world does business. Mortgage rates have topped 7%, the highest rate in 20 years, which means homebuyers can afford less house for their money. That's why many people and companies in the real-estate industry are trying to help homebuyers, renters, and investors cope with an affordability crisis. That's where the Washington, DC, nonprofit Grounded Solutions Network comes in: It says it helps repurpose "vacant space into vibrant space."

☆ Real-estate bigwigs harshly punished for illegally discriminating against low-income renters could be a turning point in fair-housing law enforcement
▼ + stars: | 2022-11-10 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +6 min

Washington, DC, real-estate firms who discriminated against low-income renters face a record fine. The historic settlement in DC could trigger harsher penalties for unfair landlords across the country, two housing experts said. The Section 8 program offers qualifying low-income households vouchers to subsidized rents in buildings not designated as affordable housing. Sedgwick Gardens is an apartment complex that DARO Management used to manage. The same study found that only 15% of DC landlords refused to accept vouchers.

☆ JPMorgan is the latest company to try to profit by taking old-school rent checks online
▼ + stars: | 2022-11-08 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +7 min

More than 100 million people in the US pay a total of $500 billion in rent each year, per JPMorgan. JPMorgan and many startups are taking the rent check online to get a cut of that pool of money. Historically, America's 44.2 million renters have written checks to their landlords and kissed that cash goodbye. Renters living at one of the 2.5 million "Bilt Alliance" properties, have the ability to report their rent payments to Experian, TransUnion, and Equifax. Once enrolled, renters can earn Pinata Cash that can be spent at retailers like Starbucks, Amazon, and Target, and also have their rent payments reported to TransUnion.

☆ Airbnb hosts are worrying about an 'Airbnbust.' Here's the main reason some short-term-rental owners are experiencing a rough patch.
▼ + stars: | 2022-11-07 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +5 min

After factoring in expenses, she told her 1.75 million subscribers that she lost nearly $10,000 from June through September. Airbnb hosts in certain areas are experiencing booking slowdowns that some people are calling an "Airbnbust." Nixon told Insider that her tweet came after she'd noticed changing attitudes in posts in a 196,000-person Airbnb Superhosts Facebook group. Courtesy of Amy Nixon"I would say it's happened over the last several months," she told Insider. Nixon told Insider the slowdowns hosts have been seeing in recent years come from one main source: too much supply.

☆ Real-estate investors rush to score deep discounts on Florida properties hammered by Hurricane Ian: 'If they were asking $1 million before the storm, I'll offer $750,000'
▼ + stars: | 2022-10-20 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +3 min

Real-estate investors are trying to take advantage of the down market by buying properties for less. They seem undeterred by high insurance costs, possibly falling home values, and ever-worse storms. The real-estate market in Florida just doesn't stop. "If they were asking $1 million before the storm, I'll offer $750,000," Lema told The Wall Street Journal. Photo by Ricardo Arduengo/AFP via Getty ImagesStill, it seems many buyers are undeterred by or unaware of insurance costs, future home-value depreciation, and the risk of ever-stronger hurricanes and rising sea levels.

☆ One office building is trying a radical new ploy to lure Google and other firms to Brooklyn
▼ + stars: | 2022-10-20 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +5 min

An office building in Williamsburg, Brooklyn, is slashing rents and offering flexible leases. At 25 Kent Ave., it's offering 50% off to lure tech and media firms that are attracted to Manhattan. In July 2019, Rubenstein opened an eight-story, 511,000-square-foot office building at 25 Kent Ave. in Williamsburg, Brooklyn. Bilyana DimitrovaTarget tenants include Google, Facebook, Amazon, and companies that have over 500,000 square feet of office space in Manhattan. People who work at 25 Kent have access to its fitness center.

☆ I've made $1,000/month for 4 years renting out my land to dog owners for their pups to frolic. It takes only an hour of work a day, plus lots of mowing.
▼ + stars: | 2022-10-17 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +6 min

She uses Sniffspot, an app that helps dog owners reserve time for their dogs to run and play. Kroll charges $15 per dog per hour, and Sniffspot collects 22% of the host's fee, with the average rental lasting at least two hours. I think I'm one of the first people who signed up. The admin work takes about an hour a dayThe administrative part of it is probably about an hour a day for a busy Sniffspot. They could call me immediately and no matter where I am, even if I'm on vacation, I'm going to pick up the phone and I'm going to tell them exactly what to do.

☆ 7 people who left California detail the bigger and better homes they were able to buy or rent in their new locations
▼ + stars: | 2022-10-15 | by ( Jordan Pandy | Robert Davis | ) www.businessinsider.com time to read: +12 min

Seven people who chose to leave California told Insider about the bigger and better homes they could afford in other locations. Brittany PhillipsName: Brittany Phillips, 37Profession: Hairstylist making about $85,000 a yearHome in California: Phillips shared a three-bedroom, 1,353-square-foot house with a roommate. Home in Florida: Phillips and her 13-year-old daughter moved in with her parents in a northwest Florida hot spot, Panama City Beach. Worst part of California: Phillips felt that California is simply unaffordable. Worst part of California: Berube said Chino Hills was getting crowded and expensive.

☆ Proptech startup founders and VCs dissect the overwhelming sense of doom about raising capital right now: 'Some folks are feeling that it's really, really bad'
▼ + stars: | 2022-10-12 | by ( Jordan Pandy | Alex Nicoll | ) www.businessinsider.com time to read: +6 min

Founders fear the worst is yet to comeNaturally, proptech founders are worried. But proptech founders say they have additional concerns. Warburg Peters and other VCs who spoke with Insider encouraged founders to find partners beyond the investor offering the biggest check. Clelia Warburg Peters. Clelia Warburg Peters"In a funny way in 2021, they would just take the best check," Warburg Peters said of founders.

COVID-19 sparked a boom in short-term rentals, and AirDNA found listings hit a record high in 2022. 18 cities across North America are looking to rein in Airbnbs and short-term rentals. From the beaches of California to the mountains of Vermont, communities are grappling with what the future of short-term rentals looks like. Some cities have simply called timeout: Chattanooga, Tennessee, paused new applications for non-owner-occupied units as it considered short-term rentals' future there. Here are 18 cities in the US and Canada where residents and local politicians are fighting back against short-term rentals.

☆ An exclusive look at the 19-slide pitch deck a real-estate-investing startup aimed at millennials and Gen Zers used to raise a total of $9 million
▼ + stars: | 2022-10-11 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +3 min

Fintor raised $6.2 million in October, bringing its total funding to $9 million. The fractional-real-estate firm caters to younger investors by making buy-ins low — as little as $5. Its CEO, Farshad Yousefi, walked Insider through the pitch deck Fintor used to raise the money. Backers including Public.com, Hustle Fund, 500 Global, and Graphene Ventures contributed $6.2 million to Fintor's latest funding round, bringing the total raised since 2021 to $9 million. Yousefi argued that investing in real estate via traditional means — like buying a home, getting a mortgage, and renovating it yourself — can turn off younger investors.

☆ Renters are finally being rewarded for paying the bills on time with cash back, gift cards, and even boosted credit scores
▼ + stars: | 2022-10-02 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +6 min

Historically, the US's 44.2 million renters have written checks to their landlords and kissed that cash goodbye. In lieu of a security deposit, Up&Up users "invest" one month's rent into their Up&Up Wallet. Bilt: Building credit is as easy as paying rentAt the rental-rewards startup Bilt, renters are rewarded for paying rent. Piñata: Crack open the rewards while rentingPiñata, too, offers rewards for renters, alongside credit reporting. They can also have their rent payments reported to TransUnion.

☆ Invest in homes in Argentina, England, and more for as little as $100 via these fractional-ownership startups
▼ + stars: | 2022-09-24 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +5 min

Two startups that allow Americans to buy shares of overseas properties break down the process. Now Americans are showing more interest in Europe and other — relatively — cheaper spots abroad to buy pieds-à-terre and investment properties. Take Housie and Flyway, new startups that embrace a growing trend in real-estate investing: fractional ownership. HousieRight now, for a minimum of $100, users can buy shares of properties and receive dividends quarterly depending on how well the property does on the short-term market. Still in the preliminary stages, Flyway has sold some shares but the homes have yet to be rented out.

And layoffs at proptech companies have become all too common. That makes it harder for such startups to find customers as well as to woo funding from VCs. We've covered the hottest proptech startups before, but the current economic environment makes it much more difficult to determine which ones stand the best chance at success. To identify the startups that deserve the most attention right now, we polled a dozen venture capitalists who invest in proptech. Some VCs identified in this list recommended multiple proptech startups.

COVID-19 sparked a boom in short-term rentals, and AirDNA found listings hit a record high in 2022. Some locals and officials in hot cities say they deplete housing stock or cause noise disturbances. 18 cities across North America are looking to rein in Airbnbs and short-term rentals. From the beaches of California to the mountains of Vermont, communities are grappling with what the future of short-term rentals looks like. Here are 18 cities in the US and Canada where residents and local politicians are fighting back against short-term rentals.

☆ Vowing to invest more in 2023? These apps make it easier for investors to enjoy the perks of real-estate investing without as much capital.
▼ + stars: | 2022-08-20 | by ( Zoe Rosenberg | Jordan Pandy | ) www.businessinsider.com time to read: +2 min

A trend of "fractional ownership" allows almost anyone to purchase or invest in real estate. Via these 11 startups, buyers can invest in shares of an income-producing property or a second home . The main audience for fractional ownership is anyone interested in a property that's not their primary residence — whether it's a vacation home or an investment property. Arrived is one of several companies working to lower the barrier to entry for second-home purchasing and investing. Two types of ownership — vacation and single-family rentals — have doubters.

☆ Why I left Florida: 7 people share why they're leaving the Sunshine State and warnings for people considering moving
▼ + stars: | 2022-07-23 | by ( Jordan Pandy | Kelsey Neubauer | ) www.businessinsider.com time to read: +1 min

'I'm 31 and spent my whole life in South Florida, but I wanted to be somewhere I could actually afford to settle down and buy a home soon. So I moved to Chattanooga, Tennessee.' Nicole Panesso, 31, who moved to Tennessee from Florida. The pandemic drew an influx of out-of-state movers and drove up housing costs in South Florida. Panesso, who was already renting a studio for $1,200 a month in Fort Lauderdale, knew she was ready to move on.

☆ Everyone talks about all the people moving to Florida. But high prices, hot weather, and shattered expectations are pushing residents out, too.
▼ + stars: | 2022-07-13 | by ( Jordan Pandy | Madison Hoff | ) www.businessinsider.com time to read: +7 min

Florida was the top 2021 destination for movers, with 221,000 more US residents moving in than out. The leavers say the high cost of living, including skyrocketing insurance prices, is a big factor. Take car insurance: Lovelace, a private investigator who uses her car regularly for work, paid $430 a month. The state's chief financial officer, Jimmy Patronis, said in May 2021 that 900 people a day were moving to Florida. A study by Joblist that compared wages to cost of living ranked Florida last out of all 50 states in affordability.

Tiny homes had a coming-out party in 2022, as more places began building or budgeting for tiny home villages. Gimmicks aside, tiny homes are being used as solutions to housing crises in cities like Chicago or Bridgeton, New Jersey — where tiny homes are being used to house former inmates for free after their release. The often-modular approach of tiny homes can help reduce construction costs and make housing cheaper. Tiny homes can range in price and aesthetics, but typically remain under 600 square feet. We've compiled a list of the hottest tiny-home companies to look out for in 2023, all shaking up real estate in different ways.

The Detroit Land Bank Authority sells publicly owned properties in poor condition at low prices. That's how high-school teacher Deandra Averhart purchased a three-bedroom home for just $2,690.50. Averhart broke down how she transformed the house while keeping renovation costs low. The Detroit Land Bank Authority (DLBA), founded in 2008, sells run-down and vacant properties. In June 2018, native Detroiter Deandra Averhart purchased a home through the DLBA's Own It Now program for $2,690.50.

☆ A couple paid just $55,000 for an 80-year-old general store. See how they transformed it into a $600,000 dream home that's now for sale.
▼ + stars: | 2020-10-06 | by ( Jordan Pandy | Libertina Brandt | Taylor Borden | ) www.businessinsider.com time to read: +2 min

In 2018, Rod Roddy and Lisa Cinnater bought an old general store in Louisiana for $55,000. Roddy broke down the painstaking renovation and why they're finally ready to sell to a lucky buyer. When they were approached with the opportunity to buy the old OJ Mire General Store in 2018, they were in the process of renovating another home owned by the Mire family. After taking a tour of the store, the couple purchased it for $55,000. Roddy and Cinnater spent just over a year turning that old general store, which had sat vacant for nearly 40 years, into a proper home.

☆ Donald Trump just broke ground on a new golf course — even though they tend to lose millions each year. Take a look inside his 15 clubs around the world.
▼ + stars: | 2020-09-30 | by ( Jordan Pandy | Libertina Brandt | Dominic-Madori Davis | ) www.businessinsider.com time to read: +2 min

Former President Donald Trump owns 19 golf courses around the world. This month, Trump flew to Scotland to break ground on his newest course in Aberdeen, Scotland. According to a New York Times investigation, his 15 courses combined lost more than $315.6 million between 2000 and 2020. In addition, he's lost $63.6 million on his golf courses in the British Isles THIS INCLUDES SCOTLAND? Insider compiled a list of Trump's 15 open and operating golf courses, along with their amenities, from The Trump Organization DID WE HAVE ANY OTHER SOURCES?.

Search resuls for: "Jordan Pandy"

23 mentions found