Know anyone we can help?

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.