The average price of an appartement in NYC is $1MM, first-time homeowners are on average 33 years old and it can take up to 6 months to close on a real estate purchase. These barriers mean that most people are not investing in real estate until later in life and the process is incredibly inefficient. We believe there is an opportunity to simplify and democratize the ownership of real estate as an investment.
What it does
The platform works on a three-party model, in an eco-system where developers, underwriters and investors live. Developers can submit their developments to the platform, where licensed underwriters will review the proposal. If approved, the development is then uploaded for investors to crowdfund a real estate deal. Crowdfunding means anyone can purchase a portion of the building in $1 increments.
How we built it
We used React.js and Node.js for the majority of the project and for the UI framework we used DesignRevision's Free shard library. For the backend, we used mongoDB and node.
Challenges we ran into
Importing data from the backend. Familiarizing ourselves with React. Connecting all the different working parts.
Accomplishments that we're proud of
We are proud of the end product and how it all connected together. We are proud that we dedicated the time and energy to hack to our fullest potential.
What we learned
We learned a variety of things including the basics of React.js, Git, mongoDB, and the Real Estate Sector.
What's next for Empire-The Real Estate Investment Platform
There are two next steps for Empire: The first is to use this MVP to share with potential customers, which are developers, underwriters and investors in order to get their feedback. Based on the platform will be iterated to implement all features that customers would find valuable. The second is to integrate Stellar into the platform, as the foundation offers many functionalities that are critical to the exchange of money on the platform, including initial funding of development, secondary market and conversion from cash to property ownership.