My professional background is in real estate investing and property management - and although I’ve been learning quickly; I do not have a technical background to work on a project on the Cardano platform. I also have an educational background in Business Admin and International Business. I love Cardano for many reasons; but one in particular is it’s focus on financially underserved areas of the world that are given to high levels of corruption. I have some ideas in a specific area: real estate transactions, leasing transactions/contracts, and trustless escrow facilitation.
Secure and reliable housing markets are essential to economic development. You can’t make much progress if you’re worried you and your family won’t have a place to live soon because of illegal or shady actions from a landlord, or if you’re a landlord/real estate investor, why would you take the risk to develop/lease out a property if tenants can get away with just about anything? Both sides are needed for housing development and stable housing markets.
I’m looking for a group to work with to flesh out these ideas, and work towards creating customizable smart contracts that can be tweaked depending on your local laws. There are a lot of similarities throughout the world in these areas, but definitely areas of significant differences depending on culture, national and local laws. There are a lot of interesting problems to solve here and it’s an area of development that could potentially change the landscape of RE markets in some areas of the world. It would be a major disruption to be able to lease a property and not need to trust your landlord - knowing that you’ll get your deposit back if there aren’t damages - and if you as a landlord can prove that there were damages, lack of payment, etc. that proves the deposit shouldn’t be returned - and the disbursement of the deposit happens automatically.
This gives you the picture of what I’m thinking about. All I have is this idea. I’m working towards being able to have more time to learn to code and assist on the technical side - but I don’t want to wait to start this conversation.
I’m also a lawyer. Although I designed software when I was younger (helped design tax software that was purchased by the IRS), I’m very rusty and not up on the most modern programming languages. Have real estate experience. I’m very interested in smart contracts for real estate and am also interested in selling fractional shares of companies that own real estate (such as a series LLC) via NFTs. There is one group I know of that’s doing this on Ethereum, called RealT (I believe the name of their business entity is Real Token Inc). They are not using smart contracts.
Are you talking about Real.market ( was their last website) i ve been with them since ICO they since relocated to Thailand. their practices are shady at best, they made the money and stopped communicating with the community who funded them, deleted telegram chats and would only send periodic news letters which are vague and contribute nothing, the last few ones were about covid19 and how to stay safe??? thanks we didn’t know that. id definitely do more research on them before engaging them
Thank you for the warning, Iahcen! I was only using them as an example of what I want to do – not the shady part, the legitimate part. I was not aware they were shady. I got the idea, then looked around to see if anyone had tried it, and found them.
Just checked, Iahcen, and it looks like Real.market is different people from RealT. RealT are still operating out of Florida, and they appear to be legit.
Thank you Barbara, i wanted people to be aware of them. They are based in Spain but relocated since. I will definitely look into RealT thanks for your due diligence
I think there is interesting possibilities here. But, real estate is a heavily regulated industry here in the United States. Also, the RealT example might be exposed to SEC regulation due to the Howie Test.
I haven’t looked up the incorporation and governing documents for the parent company. But, on its face there are several potential legal issues that would have to be addressed.
That’s just to start. I’m not saying this is impossible. What I am saying is that there is a lot of up front legal and regulatory work that will have to be done to make it happen.
Although RealT is an illustrative example of how this could work. It has some fundamental flaws that under scrutiny would likely fall apart.
