HomeSlice aims to make real estate more accessible through fractional ownership. It provides an end-to-end home buying solution that removes barriers like finding reliable co-owners, structuring agreements, and liability in case of default. After validating customer interest and barriers, HomeSlice focused on facilitating co-owner agreements and mitigating default risk. By acting as a guarantor and working with institutional investors, HomeSlice allows single mortgages while keeping the process simple for lenders and borrowers.
Startup Workshop #2: Business Model CanvasMilan Vukas
What is the Business Model Canvas?
A compact overview of the Business Model Canvas, a tool for visionaries, game changers, and challengers. This tool from the bestselling management book Business Model Generation is applied in leading organizations and start-ups worldwide.
Business Model Canvas template: http://tinyurl.com/33zjwxq
Email: hello@milanvukas.com
Twitter: https://twitter.com/m_vukas
Blog: http://www.milanvukas.com/blog
A design sprint is a five-phase framework that helps answer critical business questions through rapid prototyping and user testing. Sprints let your team reach clearly defined goals and deliverables and gain key learnings, quickly. The process helps spark innovation, encourage user-centered thinking, align your team under a shared vision, and get you to product launch faster.
One of the great irony of successful companies is how easily they can fail. New companies are founded to take advantage of some new technology. They become highly successful and but when the technology shifts, something new comes along, they are unable to adapt and fail. This is the innovator’s dilemma.
Then there are companies that manage to survive. For example, Kodak survived two platform shift, only til fail the third. IBM has survived over 100 years. What do successful companies do differently?
Crossing the Chasm - What's New, What's NotGeoffrey Moore
Managing Director, Geoffrey Moore Consulting
Venture Partner, Mohr Davidow Ventures
Chairman Emeritus, TCG Advisors, The Chasm Institute and The Chasm Group
Member of the Board of Directors, Akamai Technologies and several pre-IPO Companies
Geoffrey Moore is an author, speaker, and advisor who splits his consulting time between start-up companies in the Mohr Davidow portfolio and established high-tech enterprises, most recently including Salesforce, Microsoft, Intel, Box, Aruba, Cognizant, and Rackspace.
Moore’s life’s work has focused on the market dynamics surrounding disruptive innovations. His first book, Crossing the Chasm, focuses on the challenges start-up companies transitioning from early adopting to mainstream customers. It has sold more than a million copies, and its third edition has been revised such that the majority of its examples and case studies reference companies come to prominence from the past decade. Moore’s most recent work, Escape Velocity, addresses the challenge large enterprises face when they seek to add a new line of business to their established portfolio. It has been the basis of much of his recent consulting.
Irish by heritage, Moore has yet to meet a microphone he didn’t like and gives between 50 and 80 speeches a year. One theme that has received a lot of attention recently is the transition in enterprise IT investment focus from Systems of Record to Systems of Engagement. This is driving the deployment of a new cloud infrastructure to complement the legacy client-server stack, creating massive markets for a next generation of tech industry leaders.
Moore has a bachelors in American literature from Stanford University and a PhD in English literature from the University of Washington. After teaching English for four years at Olivet College, he came back to the Bay Area with his wife and family and began a career in high tech as a training specialist. Over time he transitioned first into sales and then into marketing, finally finding his niche in marketing consulting, working first at Regis McKenna Inc, then with the three firms he helped found: The Chasm Group, Chasm Institute, and TCG Advisors. Today he is chairman emeritus of all three.
To find out more about Geoffrey Moore please visit:
More information about Geoffrey Moore:
http://www.geoffreyamoore.com
Geoffrey Moore on LinkedIn:
http://www.linkedin.com/in/geoffreyamoore
Geoffrey Moore on Twitter:
http://www.twitter.com/geoffreyamoore
Geoffrey Moore on Google Plus:
http://gplus.to/geoffreyamoore
Startup Workshop #2: Business Model CanvasMilan Vukas
What is the Business Model Canvas?
A compact overview of the Business Model Canvas, a tool for visionaries, game changers, and challengers. This tool from the bestselling management book Business Model Generation is applied in leading organizations and start-ups worldwide.
Business Model Canvas template: http://tinyurl.com/33zjwxq
Email: hello@milanvukas.com
Twitter: https://twitter.com/m_vukas
Blog: http://www.milanvukas.com/blog
A design sprint is a five-phase framework that helps answer critical business questions through rapid prototyping and user testing. Sprints let your team reach clearly defined goals and deliverables and gain key learnings, quickly. The process helps spark innovation, encourage user-centered thinking, align your team under a shared vision, and get you to product launch faster.
One of the great irony of successful companies is how easily they can fail. New companies are founded to take advantage of some new technology. They become highly successful and but when the technology shifts, something new comes along, they are unable to adapt and fail. This is the innovator’s dilemma.
Then there are companies that manage to survive. For example, Kodak survived two platform shift, only til fail the third. IBM has survived over 100 years. What do successful companies do differently?
Crossing the Chasm - What's New, What's NotGeoffrey Moore
Managing Director, Geoffrey Moore Consulting
Venture Partner, Mohr Davidow Ventures
Chairman Emeritus, TCG Advisors, The Chasm Institute and The Chasm Group
Member of the Board of Directors, Akamai Technologies and several pre-IPO Companies
Geoffrey Moore is an author, speaker, and advisor who splits his consulting time between start-up companies in the Mohr Davidow portfolio and established high-tech enterprises, most recently including Salesforce, Microsoft, Intel, Box, Aruba, Cognizant, and Rackspace.
Moore’s life’s work has focused on the market dynamics surrounding disruptive innovations. His first book, Crossing the Chasm, focuses on the challenges start-up companies transitioning from early adopting to mainstream customers. It has sold more than a million copies, and its third edition has been revised such that the majority of its examples and case studies reference companies come to prominence from the past decade. Moore’s most recent work, Escape Velocity, addresses the challenge large enterprises face when they seek to add a new line of business to their established portfolio. It has been the basis of much of his recent consulting.
Irish by heritage, Moore has yet to meet a microphone he didn’t like and gives between 50 and 80 speeches a year. One theme that has received a lot of attention recently is the transition in enterprise IT investment focus from Systems of Record to Systems of Engagement. This is driving the deployment of a new cloud infrastructure to complement the legacy client-server stack, creating massive markets for a next generation of tech industry leaders.
Moore has a bachelors in American literature from Stanford University and a PhD in English literature from the University of Washington. After teaching English for four years at Olivet College, he came back to the Bay Area with his wife and family and began a career in high tech as a training specialist. Over time he transitioned first into sales and then into marketing, finally finding his niche in marketing consulting, working first at Regis McKenna Inc, then with the three firms he helped found: The Chasm Group, Chasm Institute, and TCG Advisors. Today he is chairman emeritus of all three.
To find out more about Geoffrey Moore please visit:
More information about Geoffrey Moore:
http://www.geoffreyamoore.com
Geoffrey Moore on LinkedIn:
http://www.linkedin.com/in/geoffreyamoore
Geoffrey Moore on Twitter:
http://www.twitter.com/geoffreyamoore
Geoffrey Moore on Google Plus:
http://gplus.to/geoffreyamoore
mission model, mission model canvas, customer development, Hacking for Defense, lean startup, stanford, startup, steve blank, Pete Newell, Joe Felter, minimum viable product
mission model, mission model canvas, customer development, Hacking for Defense, lean startup, stanford, startup, steve blank, Pete Newell, Joe Felter, minimum viable product
mission model, mission model canvas, customer development, Hacking for Defense, lean startup, stanford, startup, steve blank, Pete Newell, Joe Felter, minimum viable product
mission model, mission model canvas, customer development, Hacking for Defense, lean startup, stanford, startup, steve blank, Pete Newell, Joe Felter, minimum viable product
mission model, mission model canvas, customer development, Hacking for Defense, lean startup, stanford, startup, steve blank, Pete Newell, Joe Felter, minimum viable product
mission model, mission model canvas, customer development, Hacking for Defense, lean startup, stanford, startup, steve blank, Pete Newell, Joe Felter, minimum viable product
Collect More, and Collect It More Easily: Best Practices for Condo/HOA Debt C...Mike Fruchter
Jed Frankel's webinar from Wednesday, March 11, 2015 with HOA Leader. Subject of the webinar is: "Collect More, and Collect It More Easily:
Best Practices for Condo/HOA Debt Collection"
mission model, mission model canvas, customer development, Hacking for Defense, lean startup, stanford, startup, steve blank, Pete Newell, Joe Felter, minimum viable product
mission model, mission model canvas, customer development, Hacking for Defense, lean startup, stanford, startup, steve blank, Pete Newell, Joe Felter, minimum viable product
mission model, mission model canvas, customer development, Hacking for Defense, lean startup, stanford, startup, steve blank, Pete Newell, Joe Felter, minimum viable product
mission model, mission model canvas, customer development, Hacking for Defense, lean startup, stanford, startup, steve blank, Pete Newell, Joe Felter, minimum viable product
mission model, mission model canvas, customer development, Hacking for Defense, lean startup, stanford, startup, steve blank, Pete Newell, Joe Felter, minimum viable product
mission model, mission model canvas, customer development, Hacking for Defense, lean startup, stanford, startup, steve blank, Pete Newell, Joe Felter, minimum viable product
Collect More, and Collect It More Easily: Best Practices for Condo/HOA Debt C...Mike Fruchter
Jed Frankel's webinar from Wednesday, March 11, 2015 with HOA Leader. Subject of the webinar is: "Collect More, and Collect It More Easily:
Best Practices for Condo/HOA Debt Collection"
There is a paradigm shift in the way businesses communicate with prospects and clients. The challenge is adapting to the change and the more rapid the shift the more dire the consequence of not adapting.
This presentation suggests the first and most critical step is adapting how we think and make decisions, changing the culture of an organization.
Peer-to-Peer Lending is Growing in Popularity with InvestorsDean Graziosi
Whenever a concept is catching on, there will be a lot of Internet chatter about it. There are quite a few articles on financial and investing sites these days about peer-to-peer lending. It’s a good thing, as investors are constantly searching for affordable funding sources for their projects, particularly fix & flip deals.
CHOOSING BETWEEN TWO ROADS: The Transactional Loan Officer vs. The Mortgage ...Mortgage Coach
Check out this white paper for 2005...some things of changed but many things are the same
CHOOSING BETWEEN TWO ROADS: The Transactional Loan Officer vs. The Mortgage Planner
As the refi market winds down, loan officers must make a decision: How are they going to generate new business going forward?
Will they stay in the transactional trap of the average originator – or break through to new levels of respect, referrals and residual commissions by becoming mortgage planners?
Reverse for purchase for Realtors ppt 8 8-2019Jack Benke
As we age, the home we lived in for 40 years may no longer work. Transitioning to more suitable housing can be difficult because the value of the home we live in is less then the new home we want to purchase. Here is the solution, if you are 62+.
Team Networks - 2022 Technology, Innovation & Great Power CompetitionStanford University
Technology Innovation and Great Power Competition,TIGPC, Gordian knot Center, DIME-FIL, department of defense, dod, intlpol 340, joe felter, ms&e296, raj shah, stanford, Steve blank, AI, ML, AI/ML, china, networks
Team LiOn Batteries - 2022 Technology, Innovation & Great Power CompetitionStanford University
Technology Innovation and Great Power Competition,TIGPC, Gordian knot Center, DIME-FIL, department of defense, dod, intlpol 340, joe felter, ms&e296, raj shah, stanford, Steve blank, AI, ML, AI/ML, china, LiOn Batteries
Team Quantum - 2022 Technology, Innovation & Great Power CompetitionStanford University
Technology Innovation and Great Power Competition,TIGPC, Gordian knot Center, DIME-FIL, department of defense, dod, intlpol 340, joe felter, ms&e296, raj shah, stanford, Steve blank, AI, ML, AI/ML, china, Quantum
Team Disinformation - 2022 Technology, Innovation & Great Power CompetitionStanford University
Technology Innovation and Great Power Competition,TIGPC, Gordian knot Center, DIME-FIL, department of defense, dod, intlpol 340, joe felter, ms&e296, raj shah, stanford, Steve blank, AI, ML, AI/ML, china, Disinformation
Team Wargames - 2022 Technology, Innovation & Great Power CompetitionStanford University
Technology Innovation and Great Power Competition,TIGPC, Gordian knot Center, DIME-FIL, department of defense, dod, intlpol 340, joe felter, ms&e296, raj shah, stanford, Steve blank, AI, ML, AI/ML, china, Wargames
Team Acquistion - 2022 Technology, Innovation & Great Power Competition Stanford University
Technology Innovation and Great Power Competition,TIGPC, Gordian knot Center, DIME-FIL, department of defense, dod, intlpol 340, joe felter, ms&e296, raj shah, stanford, Steve blank, AI, ML, AI/ML, china, Acquistion
Team Climate Change - 2022 Technology, Innovation & Great Power Competition Stanford University
Technology Innovation and Great Power Competition,TIGPC, Gordian knot Center, DIME-FIL, department of defense, dod, intlpol 340, joe felter, ms&e296, raj shah, stanford, Steve blank, AI, ML, AI/ML, china, climate
Team Army venture capital - 2021 Technology, Innovation & Great Power Competi...Stanford University
Technology, Innovation and Great Power Competition,TIGPC, Gordian knot Center, DIME-FIL, department of defense, dod, intlpol 340, joe felter, ms&e296, raj shah, stanford, Steve blank, AI, ML, AI/ML, china, unmanned, autonomy, Army venture capital
Team Army venture capital - 2021 Technology, Innovation & Great Power Competi...Stanford University
Technology, Innovation and Great Power Competition,TIGPC, Gordian knot Center, DIME-FIL, department of defense, dod, intlpol 340, joe felter, ms&e296, raj shah, stanford, Steve Blank, Army Venture capital
Team Catena - 2021 Technology, Innovation & Great Power CompetitionStanford University
Technology, Innovation and Great Power Competition,TIGPC, Gordian knot Center, DIME-FIL, department of defense, dod, intlpol 340, joe felter, ms&e296, raj shah, stanford, Steve blank, AI, ML, AI/ML, china, unmanned, autonomy, economic coercion,
Team Apollo - 2021 Technology, Innovation & Great Power CompetitionStanford University
Technology, Innovation and Great Power Competition,TIGPC, Gordian knot Center, DIME-FIL, department of defense, dod, intlpol 340, joe felter, ms&e296, raj shah, stanford, Steve blank, AI, ML, AI/ML, china, unmanned, autonomy, space force
Team Drone - 2021 Technology, Innovation & Great Power CompetitionStanford University
Technology, Innovation and Great Power Competition,TIGPC, Gordian knot Center, DIME-FIL, department of defense, dod, intlpol 340, joe felter, ms&e296, raj shah, stanford, Steve blank, AI, ML, AI/ML, china, unmanned, autonomy, c3i, command and control
Team Short Circuit - 2021 Technology, Innovation & Great Power CompetitionStanford University
Technology, Innovation and Great Power Competition,TIGPC, Gordian knot Center, DIME-FIL, department of defense, dod, intlpol 340, joe felter, ms&e296, raj shah, stanford, Steve blank, AI, ML, AI/ML, china, unmanned, autonomy, semiconductors
Team Aurora - 2021 Technology, Innovation & Great Power CompetitionStanford University
Technology, Innovation and Great Power Competition,TIGPC, Gordian knot Center, DIME-FIL, department of defense, dod, intlpol 340, joe felter, ms&e296, raj shah, stanford, Steve blank, AI, ML, AI/ML, china, unmanned, autonomy, Army venture capital
Team Conflicted Capital Team - 2021 Technology, Innovation & Great Power Comp...Stanford University
Technology, Innovation and Great Power Competition,TIGPC, Gordian knot Center, DIME-FIL, department of defense, dod, intlpol 340, joe felter, ms&e296, raj shah, stanford, Steve blank, AI, ML, AI/ML, china, unmanned, autonomy, venture capital
Lecture 8 - Technology, Innovation and Great Power Competition - CyberStanford University
Technology, Innovation and Great Power Competition,TIGPC, Gordian knot Center, DIME-FIL, department of defense, dod, hacking for defense, intlpol 340, joe felter, ms&e296, raj shah, stanford, Steve blank, AI, ML, AI/ML, china, unmanned, autonomy, Michael Sulmeyer, cybercom,USCYBERCOM
The Roman Empire A Historical Colossus.pdfkaushalkr1407
The Roman Empire, a vast and enduring power, stands as one of history's most remarkable civilizations, leaving an indelible imprint on the world. It emerged from the Roman Republic, transitioning into an imperial powerhouse under the leadership of Augustus Caesar in 27 BCE. This transformation marked the beginning of an era defined by unprecedented territorial expansion, architectural marvels, and profound cultural influence.
The empire's roots lie in the city of Rome, founded, according to legend, by Romulus in 753 BCE. Over centuries, Rome evolved from a small settlement to a formidable republic, characterized by a complex political system with elected officials and checks on power. However, internal strife, class conflicts, and military ambitions paved the way for the end of the Republic. Julius Caesar’s dictatorship and subsequent assassination in 44 BCE created a power vacuum, leading to a civil war. Octavian, later Augustus, emerged victorious, heralding the Roman Empire’s birth.
Under Augustus, the empire experienced the Pax Romana, a 200-year period of relative peace and stability. Augustus reformed the military, established efficient administrative systems, and initiated grand construction projects. The empire's borders expanded, encompassing territories from Britain to Egypt and from Spain to the Euphrates. Roman legions, renowned for their discipline and engineering prowess, secured and maintained these vast territories, building roads, fortifications, and cities that facilitated control and integration.
The Roman Empire’s society was hierarchical, with a rigid class system. At the top were the patricians, wealthy elites who held significant political power. Below them were the plebeians, free citizens with limited political influence, and the vast numbers of slaves who formed the backbone of the economy. The family unit was central, governed by the paterfamilias, the male head who held absolute authority.
Culturally, the Romans were eclectic, absorbing and adapting elements from the civilizations they encountered, particularly the Greeks. Roman art, literature, and philosophy reflected this synthesis, creating a rich cultural tapestry. Latin, the Roman language, became the lingua franca of the Western world, influencing numerous modern languages.
Roman architecture and engineering achievements were monumental. They perfected the arch, vault, and dome, constructing enduring structures like the Colosseum, Pantheon, and aqueducts. These engineering marvels not only showcased Roman ingenuity but also served practical purposes, from public entertainment to water supply.
Synthetic Fiber Construction in lab .pptxPavel ( NSTU)
Synthetic fiber production is a fascinating and complex field that blends chemistry, engineering, and environmental science. By understanding these aspects, students can gain a comprehensive view of synthetic fiber production, its impact on society and the environment, and the potential for future innovations. Synthetic fibers play a crucial role in modern society, impacting various aspects of daily life, industry, and the environment. ynthetic fibers are integral to modern life, offering a range of benefits from cost-effectiveness and versatility to innovative applications and performance characteristics. While they pose environmental challenges, ongoing research and development aim to create more sustainable and eco-friendly alternatives. Understanding the importance of synthetic fibers helps in appreciating their role in the economy, industry, and daily life, while also emphasizing the need for sustainable practices and innovation.
Ethnobotany and Ethnopharmacology:
Ethnobotany in herbal drug evaluation,
Impact of Ethnobotany in traditional medicine,
New development in herbals,
Bio-prospecting tools for drug discovery,
Role of Ethnopharmacology in drug evaluation,
Reverse Pharmacology.
2024.06.01 Introducing a competency framework for languag learning materials ...Sandy Millin
http://sandymillin.wordpress.com/iateflwebinar2024
Published classroom materials form the basis of syllabuses, drive teacher professional development, and have a potentially huge influence on learners, teachers and education systems. All teachers also create their own materials, whether a few sentences on a blackboard, a highly-structured fully-realised online course, or anything in between. Despite this, the knowledge and skills needed to create effective language learning materials are rarely part of teacher training, and are mostly learnt by trial and error.
Knowledge and skills frameworks, generally called competency frameworks, for ELT teachers, trainers and managers have existed for a few years now. However, until I created one for my MA dissertation, there wasn’t one drawing together what we need to know and do to be able to effectively produce language learning materials.
This webinar will introduce you to my framework, highlighting the key competencies I identified from my research. It will also show how anybody involved in language teaching (any language, not just English!), teacher training, managing schools or developing language learning materials can benefit from using the framework.
Welcome to TechSoup New Member Orientation and Q&A (May 2024).pdfTechSoup
In this webinar you will learn how your organization can access TechSoup's wide variety of product discount and donation programs. From hardware to software, we'll give you a tour of the tools available to help your nonprofit with productivity, collaboration, financial management, donor tracking, security, and more.
Students, digital devices and success - Andreas Schleicher - 27 May 2024..pptxEduSkills OECD
Andreas Schleicher presents at the OECD webinar ‘Digital devices in schools: detrimental distraction or secret to success?’ on 27 May 2024. The presentation was based on findings from PISA 2022 results and the webinar helped launch the PISA in Focus ‘Managing screen time: How to protect and equip students against distraction’ https://www.oecd-ilibrary.org/education/managing-screen-time_7c225af4-en and the OECD Education Policy Perspective ‘Students, digital devices and success’ can be found here - https://oe.cd/il/5yV
Read| The latest issue of The Challenger is here! We are thrilled to announce that our school paper has qualified for the NATIONAL SCHOOLS PRESS CONFERENCE (NSPC) 2024. Thank you for your unwavering support and trust. Dive into the stories that made us stand out!
The Indian economy is classified into different sectors to simplify the analysis and understanding of economic activities. For Class 10, it's essential to grasp the sectors of the Indian economy, understand their characteristics, and recognize their importance. This guide will provide detailed notes on the Sectors of the Indian Economy Class 10, using specific long-tail keywords to enhance comprehension.
For more information, visit-www.vavaclasses.com
How to Make a Field invisible in Odoo 17Celine George
It is possible to hide or invisible some fields in odoo. Commonly using “invisible” attribute in the field definition to invisible the fields. This slide will show how to make a field invisible in odoo 17.
2. HomeSlice
• Primary homes
• Peer-to-peer financing
• Mortgage brokering service
We talked to 101 people!
Making real estate more
accessible through
fractional ownership
• Investment properties
• Lender financing
• End-to-end home-buying solution
Making real estate more
accessible through
fractional ownership
A $518B market
4. You saw how we pivoted to focusing on investment
properties…
…but there was a lot more to our journey than
that.
5. Week 1: To be in real estate, you need to know
something about real estate?
• What the home-buying process looked like
• How mortgage underwriting worked
• Who the key players were
• Where the money was made in the real estate
industry
• What do we even really mean by a fractional
mortgage
6. This market is highly regulated and has more than 2
sides.. And they’re each motivated in different ways!
Mortgage Title of House
Loan
Servicer
Lender
Institutional
Investor
Real Estate
Agents Sellers
+ Mortgage brokers
+ Title companies
+ Lawyers
+ Appraisers
+…
9. Customers are interested…
Not interested: 8%
Definitely Interested:
22%
Potentially interested:
70%
We asked over 100 customers.. how interested are
you in using HomeSlice?
10. …So why don’t they do this today?
Our first MVP was a card sort to get potential
buyers to show us what their biggest barriers
are today to shared home ownership
4.2 3.9 3.8 3.2 2.8
Liability in case of co-
owner default
Finding a reliable co-
owner
I won't be able to exit
when I want
Structuring co-owner
agreement is a
hassle/awkward
Difficult to find a
property everyone
likes
Where we focused
much of our energy
Upcoming MVP:
Co-owner
Matchmaking
Upcoming MVP:
Secondary
Marketplace
Q. Rank the following concerns about co-
ownership in order of importance to you, 6
being most important
11. Additionally, concerns about co-owner agreements
dominated customer feedback
“I've always talked about co-owning a property with friends
from high school and college. This is a great idea! … The only
downside, from my perspective, is that people have different
personalities and preferences and sometimes they have
struggled when deciding what to do in terms of
remodeling or improving certain things on the house.”
-C. Toscana-Rodriguez, Haas MBA 2017
12. So we made a second MVP….
We Learned:
Helping users understand and decide on all of the
necessary details of co-ownership provides significant
value when pursuing real estate investments via LLC.
“It was incredibly difficult for us to draft our
co-ownership agreement until we brought
in expert advice. We also didn’t initially
have the right connections to lenders – a
platform like this would have been a big
help.”
-Victoria Volkar, Haas EWMBA 2018
13. Customer Archetype
Millennials:
People aged 25-34 who
haven’t owned real estate
before...
Investment
Properties:
…seeking hands-on
real estate
investments…
$
Coastal / Expensive
Cities:
…in popular cities with
high rent to income
ratios
14. Moving on to the second side of our market, we
considered several possible types of lenders
Peer-to-Peer Institutional Investors Traditional Lenders
15. Working with traditional lenders made it difficult to maintain our
customer value proposition
1. No lender will deal with a
fractional default
1. Separate mortgages for each co-
owner
2. Individuals are each guarantors for
themselves
3. New mortgage product
3. Banks like things they
recognize
2. They want guarantors on
the mortgage
1. One mortgage for the home, under an
LLC
2. HomeSlice as guarantor, backed by
Private Equity firm or Institutional Investor
3. Mortgage under LLCs have existed for a
long time
Our initial MVP: what we thought.
What we learned.
How we pivoted: our new MVP.
16. With our new MVP, institutional investors want in!
Investors are excited about the opportunity to
invest in real estate in new ways and see
multiple ways to partner
• Acting as the guarantor to HomeSlice
mortgages so that individual buyers don’t
have to
• Buying out slices when owners choose to
sell them off (or default)
19. HomeSlice removes barriers for borrowers…
Effortless process to
align with co-owners on
purchase and
management terms
1.
Legal structure to allow
sales of home slices
2.
Roadmap to manage
potential default of
co-owners
3.
21. HomeSlice makes money during origination and upon monthly
mortgage repayment
Buyers
Lender
2.5% fee to borrowers over 6 years
$3.5K total
Downpayment & Monthly Repayments
Loan
0.5% origination fee to both lender &
borrowers = $4K total
$7,500 LTV for borrowers over 6 years
(>50% realized immediately)
Potential for many other value-added services to generate extra revenue
$1000 CAC
22. The potential is huge…
* Based on median home price by city and 80% loan-to-value ratio
Top 10 US metro areas
25-34 yrs old
53-77% below income
threshold to afford to
own
50% would want
to own if they
could
3M People
$518B
Lending Opportunity
People Who Want
To Buy But Can’t*
23. …but we need to act fast
$8M Series A investment by
a16z in Sept 2016!
New player coming in (Seattle):
24. Immediate Next Steps
• Continue to build out a front-end website
• Model out return profile for institutional investors /
initial financing partners
• Complete our first beta transactions for a batch of
customers
25. HomeSlice is democratizing home ownership.
We invite you to join us!
Thanks to: Mentors, Classmates, Teaching Team
27. Our third MVP was centered around the details of default
mitigation, a sticking point for VCs, PEs, and lenders
28. Big Idea #2 – Co-Owners Need Babysitting
Our second MVP was centered around
the user interface with our platform to
understand how we can best deliver
value to them
We Learned:
Aligning with co-buyers on purchase and maintenance terms is a HUGE pain point currently standing in the way
of shared ownership.
If borrowers can’t figure this piece out, they won’t want to co-purchase homes (even with no cross-party liability)
We Did:
Made this a key value-add of our platform and brought it to the forefront of the interface
29. Big Idea #4 – It Needs To Be Personal
We learned that lenders always
require a personal guarantor on a
residential mortgage who can
demonstrate that he/she is capable of
paying it back (even for LLCs)
BUT…talked to PE lenders and figured out a
way to make HomeSlice the guarantor
PE firms are looking for new investment
opportunities in real estate and may be
interested in providing bridge financing for
HS backed mortgages or contributing
capital for HomeSlice buy-outs of defaulting
slices
30. Big Idea #5
Investment property use case is easier for people to swallow – even
Millennials (69% of people surveyed were interested vs. 34% for primary
residence)
31. Customer Segments
• Millennials aged 25-34 who haven’t
owned a home before and are
looking to build their assets
• Family members of first-time home
buyers
• Couples who aren’t married but
want to live together and build
their assets
• CMO investors looking for new
opportunities
• Low-income individuals who
qualify for an FHA loan
• House-rich, cash-poor baby
boomers
KEY LEARNINGS
• Many Millennials have family members who could
help with the purchase, but the lack of system to
make it a “real investment” stops them from
asking
• Low-income segments bring a flurry of additional
challenges and are a hard place to focus initially
• There are already lots of solutions available for
people who want to cash out home equity
32. Value Proposition
• Catalyzing first-time home purchases
• Increasing access to income-generating
investment properties
• Taking the counter-party risk out of
shared ownership
• Facilitating the drafting of legal
documents for shared ownership (co-
owner agreement, LLC docs)
• Understanding the financial benefits of
renting vs. buying
• Increasing liquidity of RE investments
• Cashing out of real estate investments
without refinancing
• Enabling the shared purchase of vacation
homes
• Using peer to peer lending to facilitate
home ownership
KEY LEARNINGS
• HomeSlice can make home ownership seem cool again to
Millennials (“won’t have to move to Orinda to buy”)
• Investment property use case is easier for people to
swallow – even Millennials (69% of people surveyed were
interested vs. 34% for primary residence)
• HomeSlice can deliver maximum value if it reduces
counter-party risk for borrowers while keeping things
status quo for lenders (single property = single mortgage)
• Agreeing on terms of property ownership and
management is a HUGE pain point for co-owners
33. Status Quo Process for the Lenders
One home
Lender underwrites loan
Institutional investor holds the
paper
One single
mortgage for the
entire property
BENEFITS:
• Access to a new market of buyers
• No additional complexity of tracking and managing payments
34. Less Complexity and Risk for the Borrowers
BENEFITS:
• Reduced financial hurdle of a first home purchase to start building assets
• Reduced counter-party default risk
• Reduced legal and tax complexity of shared ownership (e.g. co-owner agreement)
Legal structure to allow
sales of home slices:
Measures to manage counter-
party default risk:
• Mortgage insurance provides a 6-month
window to avoid foreclosure
1. Other slice owners have first rights
to buying the default slice
2. New owner buys default slice
3. Entire property is sold
35. Channels
• Direct to Customer
• Real Estate Agents
• Banks (mortgage lenders)
• Large companies via financial
wellness programs
• Mortgage Brokers
KEY LEARNINGS
• Real estate agents really function as gate keepers
to the industry (via their relationships with
sellers), it will be important to work with them
from the beginning
• Banks can’t be incentivized to use HomeSlice, and
they’re very traditional – selling through them isn’t
really feasible, but they may provide a way to
target individuals who didn’t qualify for a full
mortgage
• Similarly mortgage brokers can’t be incentivized,
and we’re in a slightly competitive position to
them
36. Customer Relationships
• Educator – when & how to buy
• Simple, easy to understand, one
stop shop for fractional mortgages
• Social impact – enabling home
ownership
• Real estate broker replacement
• Underwriter
• Legal advisor
• Fully vertically integrated bank
KEY LEARNINGS
• There’s a lot of discrepancy in what individuals
know about the financial trade-offs of buying
homes and a lot of opportunity to help them
through the process
• Whether we focus on investment properties or
primary homes, our basic motivation is to enable
home ownership (& this resonates with investors
too!)
• Underwriting and legal advising imply significant
costs & difficulties, with ambiguous benefits – we
need to explore these more
37. Key Partners
• Lenders (mortgage providers)
• Private Equity / Institutional
Investors
• Real estate brokers
• Loan servicers
• Property developers
• Insurance companies
• Mortgage brokers
KEY LEARNINGS
• Need debt financing to do this at any sort of scale,
which means playing within the existing
ecosystem
• TICs have been top-performing loans for lenders
(~0% default rates, even during housing crisis)
• PE firms are looking for new investment
opportunities in real estate and may be
interested in providing bridge financing for HS
backed mortgages or contributing capital for
HomeSlice buy-outs of defaulting slices
38. Petal Diagram
We Are Not Alone But We Have a New Angle
In addition to the diagram,
HomeSlice also competes with
other investment alternatives,
ranging from REITs to Wealth
Management companies
39. Key Activities & Resources
• Customer service
• Legal & tax support
• Mortgage brokerage
• Payment collection & processing
• Software dev
• Marketing & growth
• Biz dev
• Realtor
KEY LEARNINGS
• We projected that launching the ‘whole enchilada’
would cost us about $1M a year in expenses in
our first year of full operation..
• However, we think that hacking the process really
requires very little besides up-front capital to
qualify HomeSlice for guarantor-ship and
strategic partnerships with a willing law firm & a
bank
40. Monthly
Mortgage payment
+ 2.5% processing
+1.0% insurance premium
Previous Owner Real Estate
Agents (buyer &
seller side)
Or other institutional
investors, accessed
through a loan servicer
Or other lender
Cash Flow Diagram:
Up-Front:
20% of down payment
+ 6% Realtor Fees
+1.5% Closing Fee for bank
+ .5% Closing Fee for HS
Up-Front:
.5% origination fee for HS
Up-Front
100% of home
+6% Closing Fee
Monthly
Mortgage payment
Up-Front
1.5% Closing Fee
41. Revenue Structure
• Upfront borrower fees
• Upfront origination fee (paid by
banks)
• Ongoing mortgage payment fees
• Refinancing origination fee
• Mortgage insurance premiums
• Value added service sales
• Real estate brokerage commission
KEY LEARNINGS
• Large fees are assessed upon closing of a property – there
is opportunity to add fees at this point in the transaction
• HomeSlice can function as a mortgage broker and collect
fees in the same fashion
• There are many regulations surrounding loan servicers. It
is still TBD if HomeSlice would serve this role or partner
with an established loan servicing provider.
• While it may be necessary for HomeSlice to play the role
of real estate agent, we will limit our ability to scale if we
play that role indefinitely. Playing this role will also limit
our ability to partner with agents locally.
42. Cost Structure
• Customer Service
• Mortgage Brokerage
• Software Development
• Marketing & Growth / Biz Dez
• Payment Collection & Processing
• Legal and Tax Support
• Real Estate Brokerage
KEY LEARNINGS
• Once we have developed a LLC and co-owner
template, we likely do not need to have many legal
resources on staff, as any disagreements on the
legal documents are resolved between co-owners,
not owners and HomeSlice
• We likely do not need to build real estate brokerage
resources, as much of that will be outsourced to
realtor partners
• Many of these costs can be “hacked” in Years 0 and
1 as we manually close real estate deals
43. Buyer Economics
Buying with HomeSlice is 15% CHEAPER than Renting
• Shorter duration
• Higher
mortgage rate
• Higher closing
costs
44. TAM - Latent Demand
People Who Want To Buy But Can’t Top 10 US metro areas
25-34 yrs old
53-77% below
income threshold to
afford to own
50% would want to
own if they could
3M people
$518B
lending
opportunity
* Based on median home price by city and 80% loan-to-value ratio
46. Final Canvas
Millennials aged
25-34 who haven’t
owned a home
before and are
looking to build
their assets
Catalyzing first-time
home purchases
Increasing access to
income-generating
investment properties
Removing counter-party
risk from shared
ownership
Facilitating the drafting
of legal documents for
shared ownership (co-
owner agreement, LLC
docs)
Educator – when & how
to buy
Simple, easy to
understand, one stop
shop for fractional
mortgages
Direct to
Customer
Real Estate
Agents
Customer service
Legal & tax support
Mortgage brokerage
Payment collection &
processing
Software dev
Marketing & growth
Business development
Lenders (mortgage
providers)
Private Equity /
Institutional
Investors
Real estate brokers
Loan servicers
Platform
PE funding to allow
HomeSlice to “back” the
mortgages
Marketing (direct & PR) & growth
Customer service
Software development
SG&A
Closing cost fee (buyer)
Origination fee (lender)
47. Immediate Next Steps
• Model out return profile for institutional investors /
initial financing partners
• Understand legal implications of HomeSlice being on
mortgage and LLC being on title
• Continue to pitch to lenders, need a lender partner
• Build a functioning front-end website
Rick Lazansky – President of Sandhill Angels
Lev Mass – Venture Partner at Xseed Capital
Mike Olson – Founder and now Chief Strategist at Cloudera
Confirmed our hypothesis that counter-party liability was a huge issue – so we started working on ideas for how to mitigate that through our product
But we also heard something else that was interesting – even though we were focusing on investment properties, co-owner agreement was still huge.
Learned that if we don’t tackle this first, nothing else matters
So now, moving on to the lenders, we needed to figure out where the money for these mortgages was going to come from. When we initially launched the idea, we envisioned using peer-to-peer networks to get around industry regulations – but we quickly found that 1) this model isn’t immune from regulations, 2) using this model implied proving not just 1 side of the market but 2 and 3) this industry has been facing a lot of headwinds
-Next we looked at private equity, and here our research and interviews showed that their high rate expecatations made them unappealing as debt lenders and further more, if you start thinking about $1M homes, even $100M of private equity only represents 100 homes – it would be hard to use PE at scale
-So we finally settled on traditional lenders, and more specifically local banks, that have an established system for providing mortgages at scale, if you can play within their guidelines.
These conversations with lenders ended up being some of the toughest on our journey
Finally, there has been an increasing push for institutional investors want to access residential real estate as an asset class, and we think our new model provides two key opportunities for them. First, we see potential for Private Equtiy to act as the guarantor for HomeSlice mortgages by providing bridge funding for these mortgages, so that individual retail buyers don’t have to.
Second, we think they could buy out slices at a discounted rate, especially in the case of default, in order to become equity stake holders in residential homes.
So, in summary, we’ve come a long way from week1 – as we continued to learn incrementally more about customers, lenders, and institutional investors, we continually iterated and adjusted the left side of our canvas accordingly.
Allowing them to use their standard operating procedure for assessing and securitizing these loans.
Our revenue model mirrors other financial lending platforms – we take a percentage of the closing fee from both the buyers and the banks, implying a 7.5K LTV, of which over 50% is immediately recuperated. We anticipate a very engaged user base that would generate a high potential for additional revenue through value added servcies..
Just
a key piece of that was creating an MVP to help them to understand our approach to default mitigation, which was to create an insurance product to give non-defaulting co-owners and opportunity to bring on additional investors, with the loan ultimately backed by the full sale of an asset.