Frank Rhode founded Ownify to solve a growing crisis: first-time home buyers are now 40 on average, priced out by high down payments and mortgage rates. Ownify lets buyers own fractional shares of starter homes with just 2% down and 20% lower monthly costs by pairing them with private investor capital.
Chapters
Hi, my name is Frank Rhode. I'm founder and CEO of Ownify. Buying a home is the cornerstone of the American dream. Yet today it is harder for first-time homebuyers than it has been at any point in the last 50 years. Between home prices, down payment requirements, mortgage rates, student debt, and generally affordability, first-time homebuyers are squeezed out. The average age of the first-time buyer is now 40, as opposed to 32 not too long ago. We are changing that. Ownify has created an affordable on-ramp for first-time home buyers by fractionalizing starter homes into ownable shares, bona fide ownership interests. With this structure, we can reduce the down payment to 2%. We can reduce the monthly payment to ownership by about 20% by partnering investors' private capital with qualified first-time home buyers. Why are we going to be successful? We've assembled the deepest team with expertise in this space. My background is mortgage finance and analytics. My last company, Noma Solutions, was the pricing engine for most of the large mortgage lenders in the US. Ben, over his career, has bought and sold over 5,000 homes, is an expert in property management and real estate. Allie has built impact products and fund management products. Sam brings to the table finance and accounting background with a number of real estate funds. So together we have a unique combination of skills, experience, and most importantly, the passion to solve this generational problem. Thank you.