LandLord Security/Pet Deposit interest-bearing app
What problem does the project solve? Why is this problem important?
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.
How does the project align with MakerDAOs principles?
We believe so we are allowing a new community to come into the technology and use powerful tools.
What is the long term vision?
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.
How would you define/measure the success of your project?
Landlords or all ages being able to use this solution much like a venmo or zelle app.
What are some of the obstacles you see in this project and how do you plan to overcome them?
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.
What is your progress so far?
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.
Have you accepted any external capital in any form?
Not currently. I am using my own capital
Are you seeking a raise? If not, do you plan to raise in the future?
I feel we could complete this with a 50k grant and if needed to raise more in the future we have a few options.
Will the project be monetized? If so, how?
We will use the interest % profit to monetize it.
Will the code be open sourced? If so, where?
Not at first but we would consider this later on. GitHub.
