Problem: it’s incredibly a bad experience buying a house

[scassidy77]

The process of paperwork, tracking things, threads of emails, especially if you’re doing a 1031 exchange and selling and buying a property at the same time.

Does anyone else experience the same pains?

Could an idea be born of this

 

[imark]

@scassidy77 I think you need to be more specific about what part of the process you are trying to change. Many entities have tried and at best, not been overly successful in the past. Zillow and Opendoor are two great examples. They both have tried purchasing homes based on a formula and have lost hundreds of millions due to the inherit cost of making it worth it to them that a typical seller doesn't have. So they end up pricing their homes over market value to make up the difference and they sit for months at a time.

With the recent lawsuits nationally regarding how realtors are compensated, I think there is an opening but exactly what that looks like I'm not certain aside from creating a centralized platform of resources for buying and selling homes. The real issue is that buying and selling homes can get complicated real quick and a platform can't be as nimble as a real person giving advice to a client.

 

[tarheelpride91]

@imark One major hurdle I see is that real estate is subject to different laws depending on the state, county, and city.

So either the solution would need to be tailored for each market, or the solution would have to avoid these issues.

I've never done a 1031 exchange before but I've bought with cash, owner finance, regular mortgage, FHA, and investor loans. By far the most painful part of the process is the lenders. Finding a lender, comparing rates, and jumping through the underwriting hoops.

 

[scassidy77]

@imark I’m not talking about buying homes like Zillow did. I’m talking about a companion app for buyers

 

[niqhtcore]

@scassidy77 So Realtor.com, Trulia, Zillow, etc.... Got it.

 

[scassidy77]

@niqhtcore Nah Man. This wouldn’t compete with them. This app would come in after a house goes in contract. In the future it may have listings like those but value prop is all downstream

 

[scassidy77]

@niqhtcore Do any of those make the process easier. They are just lead generators for realtors

 

[niqhtcore]

@scassidy77 So how would you improve upon the wealth of information those already provide?

 

[scassidy77]

@niqhtcore It’s not information. Have you bought a house? If so, Wasn’t there a lot of paperwork and coordination and deadlines? This is to help the process not provide listings

 

[jesusrules15]

@scassidy77 People don’t care because they are excited to be buying a house. You also only do it like 1-3 times in your life. So again, it’s not really a big problem for people.

People will put up with some frustration if they know it’s only going to happen one time. In fact, people will spend 30 minutes scrubbing the floor with a tooth brush. Over walking upstairs and getting a tool that can get it done in 2 minutes.

I think I responded to your other post. I would make a tool for HOA’s dealing with house sales. No one that works at an HOA wants to do that shit. Especially smaller sized HOA’s. They don’t get paid to work there…

You can also charge the HOA and have the cost split between owners. So you can essentially sign 10-20 people up for every single HOA you sign up. From there, you charge per unit. ‘It’s only $10 per unit.’ However, that turns up to be $200 a month, or $2,400 a year. Then you just need to find another 50-100 HOA’s!

On top of that, most HOA’s of that size won’t even have a sale every year. So you sign these people up and they may not even use your service for 5+ years…

 

[fatalfantasy]

@jesusrules15 Ah yes!! What is it that an HOA is encumbered with that's frustrating? I live in a townhouse community, and my HOA was rarely involved. Are you talking about onboarding new homeowners into the platform? What exactly is the difficult part for an HOA when a homeowner sells or buys into the community?

What's the exact problems

 

[scassidy77]

@jesusrules15 Ah yes!! What is it that an HOA is encumbered with that's frustrating? I live in a townhouse community, and my HOA was rarely involved. Are you talking about onboarding new homeowners into the platform? What exactly is the difficult part for an HOA when a homeowner sells or buys into the community?

What's the exact problems