Real Estate is one of the fastest and surest ways to wealth for most people, but also a hard thing for people to get started investing in, and the same goes for becoming a first time homeowner. "I personally have struggled to reach my dream of owning a home, it was only because of a Hard Money Lender I was able to buy real estate. And I want to help others do it easier than it was for me!" Boone Bergsma
What it does
Stiff.Money helps Depositors(anyone) earn 10% APY on the extra money they have. To compare the most common interest rate on savings accounts is .01%, and some credit unions and online bank accounts may offer higher rates around 1.00% Annualized Percentage Yield (APY). Stiff.Money offers Depositors on average 100X better ROI on deposits than a savings account.
Depositors are making a loan by depositing accepted fiat or crypto currencies into Stiff.Money. Deposits are converted into Stable Coin and held on NEXO to collect interest until purchasing a property. Deposits are recorded as a loan from the Depositor to Stiff.Money on the Distributed Ledger and Depositor receives 10% APY for the term they selected when making a the deposit.
Stiff.Money uses those funds to buy properties below market value and re-sells them to First Time Homebuyers through a Lease-to-own Purchase Agreement. (For example Stiff.Money might pay $80,000 for a property that is worth $100,000)
Homebuyers lease-to-own property with no money down at full market value. Homebuyers terms are monthly 1% interest only payments of the balance price of the property. Homebuyers can pay more than the 1% monthly interest payment to pay down the balance. Homebuyers can refinance with another lender at anytime to payoff the balance. Homebuyers that move or default can have back any equity they have from balance pay down.
Stiff.Money helps Homebuyers by providing a Low Documentation and No-Downpayment opportunity to become a Homeowners. Our Lease-to-Own agreements allow people to work towards home ownership with a payment structure based on income and rent history. Providing the Homebuyer opportunities to build equity in properties and work towards refinance with low interest long-term lender. Based on our homebuyers payment history and equity built up our bank and credit union partners can offer homebuyers mortgages.
How I built it
https://stiffmoney.com/ is setup as the homepage for the business, and has two lead captures, one for depositors and one for homebuyers. We will connect these forms to our Fusion APIs. This site will also offer options for people to become affiliates and share the site to earn a commission from referrals.
stiff.money will host the actual app, which will be a tweaked version of FFDC Sample Web App Using FFDC Design System. And integrated with our Fusion APIs.
Challenges I ran into
Errors deploying retail webapp template to Azure. Had a hard time getting the github repo to work. And some problems understanding the different APIs.
Accomplishments that I'm proud of
The idea is helping people earn a better interest rate than with an average savings and comparable rate to the best yield farming defi apps, but the best part is Stiff.Money will be helping people become homeowners that may not have been able to without our no down payment lease to own option.
What I learned
About Finastra and Fusion Cloud
What's next for Stiff Money App
Hopefully winning a prize during the event, and getting the tech support we need to finish building it so it can start having a positive impact on people!