Currently, in Florida, Landlords do not have a great solution for interest-bearing accounts for their security deposits. They could use a bond or bank account getting less than 1% but the law requires them to give 75% of the interest back to the tenant. We see the defi options and would like to open these amazing services to landlords in a simplistic way.
We believe so we are allowing a new community to come into the technology and use powerful tools.
We would like to take this MVP and apply it to another project we are working in the HOA space. The landlord project will also be amazing but the HOA deposits are in the 6-7 figures.
Landlords or all ages being able to use this solution much like a venmo or zelle app.
We see the liquidation of the assets as the main issue but we will have a copy of the lease so we will know when the liquidation will be needed as well as have other deposits on a monthly basis and can use those to overcome the liquidation risk.
We have all of the mockups as well as some of the MVP completed. We have also run this by Greg at Maker for some feed back not he banking side of things. We should be able to complete this by the end of the year.
Not currently. I am using my own capital
I feel we could complete this with a 50k grant and if needed to raise more in the future we have a few options.
We will use the interest % profit to monetize it.
Not at first but we would consider this later on. GitHub.