Have been mulling over an idea for a few months that I’d like some feedback on.
Here goes: I would like Adaptive to help one deserving family which currently rents become owners of a small apartment complex.
Here’s how it would work:
- We identify a family to help
- We help the family find and offer on a sensible building
- We cover all of the costs associated with inspections, appraisal, etc.
- We help the family arrange an FHA loan
- We rebate our buy-side commission (typically 2.5%) to cover most of the down-payment, with the family contributing the rest (likely to be around $3-5k)
The effect of this project would be to give a deserving family a chance to go from being permanent renters to being small-time landlords with a stake in the city. That’s how my immigrant family and countless others got into the middle class.
Here’s my problem: I have no idea how to identify a deserving family. I think I have the following criteria:
- A family born and raised in LA
- Need to come from a working-class background without access to family capital (rich people don’t need more help!)
- Need at least one member to be working at an above-board job for at least two years and to have filed tax returns
- Need the working family member to have reasonable credit
- Need the family to be of good character – I’m not helping criminals, gangsters, etc.
- Need the family to be willing to have the whole process documented on this blog
If you know a family that fits the above criteria, get in touch.