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Author Topic: Bitcoin desperately needs a real estate company  (Read 4771 times)
Vernon715
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February 19, 2013, 12:38:59 AM
 #21

What you need is a bank that is willing to take bitcoin for mortgage payments...they could put in minimal effort and just bitpay, but some one needs to bring the idea to a bank.

http://www.burnleysavingsandloans.co.uk/

This one would be the easiest to accept bitcoins as payment. I suggest somebody from The Bitcoin Foundation give this guy a call and sent up a meeting. I'm sure that at the end of meeting, he'll be accepting bitcoins as payment.


David Fishwick http://en.wikipedia.org/wiki/Burnley_Savings_and_Loans



I think that someone should talk to them

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velacreations
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February 19, 2013, 10:51:33 PM
 #22

I've sold real estate as owner financed, before.  I'd gladly take BTC as monthly payments.

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February 20, 2013, 09:26:28 AM
 #23

In Portugal there are some Real Estate Funds that work based on Home Lease Buy Back (paying 14% to 24% year - monthly payments).
Minimum investment is 30k Euros (something like 1500 BTC).
If anyone wants to set up a pool of investors we can try to do some investments.

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February 21, 2013, 11:40:08 AM
 #24

The guys who set up Burnley Savings and Loans are fantastic,  I could actually drive to where they are no problem and talk to them about Bitcoin but honestly I think when it comes to businesses like this you have to take into account all the legal problems that would come with accepting Bitcoins the central banks have had an almost absolute monopoly over money for almost a century, I think Bitcoin needs to gain more 'official' support before we introduce it to the more normal people out there.

The guy on the left in the photo is supposed to be there legal person and I can guarantee you what he'll most likely say is "It sounds like a great idea but the government hasn't even said whether it's legal yet so we probably shouldn't accept them for now".
Vernon715
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February 22, 2013, 12:51:21 AM
 #25

The guys who set up Burnley Savings and Loans are fantastic,  I could actually drive to where they are no problem and talk to them about Bitcoin but honestly I think when it comes to businesses like this you have to take into account all the legal problems that would come with accepting Bitcoins the central banks have had an almost absolute monopoly over money for almost a century, I think Bitcoin needs to gain more 'official' support before we introduce it to the more normal people out there.

The guy on the left in the photo is supposed to be there legal person and I can guarantee you what he'll most likely say is "It sounds like a great idea but the government hasn't even said whether it's legal yet so we probably shouldn't accept them for now".

I agree that would likely be their response, but you could point out paymium as an example of how bitcoin is legal in some places.

http://blog.bitinstant.com/blog/2012/12/10/the-controversy-of-bankhood.html

Also, they may become interested in bitcoin, and, if nothing else, the community would gain two new members who have resources and education at their disposal.

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Monster Tent
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February 23, 2013, 07:05:49 AM
 #26

People might also want landlords who accept btc.

Vernon715
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February 23, 2013, 11:56:48 AM
 #27

People might also want landlords who accept btc.

I think that people should see if their landlords are willing to accept btc. If they seem interested but aren't very tech capable, offer to help them set up their payment system.

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Anon136
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February 23, 2013, 12:04:09 PM
 #28

People need to realise that wealth is never destroyed mearly transferred

What if i took a priceless painting and chucked it into the sun?

Rep Thread: https://bitcointalk.org/index.php?topic=381041
If one can not confer upon another a right which he does not himself first possess, by what means does the state derive the right to engage in behaviors from which the public is prohibited?
Vernon715
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February 23, 2013, 04:00:41 PM
 #29

People need to realise that wealth is never destroyed mearly transferred

What if i took a priceless painting and chucked it into the sun?

That is simply destroying something that is assigned value, as an object it has no value

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realbtc
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January 30, 2014, 06:55:27 PM
 #30

You're exactly right about the title company.  I represent a title company and we are days away from publically announcing our ability to accept BTC for payment. 

There have been a few RE Brokers that say they now accept bitcoin as well as sellers, but that's very misleading.  Buyers usually buy real estate in the US through a title company for certain protections against fraud and many other perils involved in buying real property.  Mostly so a buyer truely receives what he/she believes he/she is buying.  It's more complex than a transaction with a portable product or service. 

Real estate brokers and sellers do not receive money from a buyer, they receive money from the title company.  Brokers have no ability to allow a buyer to pay with BTC. 

Vista Abstract is the first title company in the US to accept bitcoin as payment for real estate.  This is truely enabling a BTC transaction.  A buyer can pay us using bitcoin and the seller, broker and all other parties will get paid and we will complete the transaction.  Simple as that. 

www.vistaabstract.com
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January 30, 2014, 11:05:47 PM
 #31

You're exactly right about the title company.  I represent a title company and we are days away from publically announcing our ability to accept BTC for payment. 

There have been a few RE Brokers that say they now accept bitcoin as well as sellers, but that's very misleading.  Buyers usually buy real estate in the US through a title company for certain protections against fraud and many other perils involved in buying real property.  Mostly so a buyer truely receives what he/she believes he/she is buying.  It's more complex than a transaction with a portable product or service. 

Real estate brokers and sellers do not receive money from a buyer, they receive money from the title company.  Brokers have no ability to allow a buyer to pay with BTC. 

Vista Abstract is the first title company in the US to accept bitcoin as payment for real estate.  This is truely enabling a BTC transaction.  A buyer can pay us using bitcoin and the seller, broker and all other parties will get paid and we will complete the transaction.  Simple as that. 

www.vistaabstract.com

Well this greatly interests me.  Can I use your company to buy real estate anywhere in the US, or are there restrictions on location?
GeminiSimba
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January 30, 2014, 11:16:22 PM
 #32

http://www.coindesk.com/lamborghini-mclaren-bitcoin/

You could always invest in supercars Smiley

"You see, you and I, we believe in life. But you want to fight for it, to kill for it, even to die--for life. I only want to live it."  (Ayn Rand)
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January 30, 2014, 11:17:13 PM
 #33

http://www.coindesk.com/lamborghini-mclaren-bitcoin/

You could always invest in supercars Smiley
Not my style.

On another note, how did you get out of newbie jail with only 1 post?
BitcoinREO
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February 14, 2014, 03:09:12 AM
 #34

There IS a Real Estate BUYING company..
We buy, rehab, flip w/ bitcoins..
Others are coming..
Www.BitREO.com

Ie: example...
http://pensacola.craigslist.org/reo/4323251740.html
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February 15, 2014, 01:26:37 AM
 #35

I think in most countries, buying a property with BTC would be illegal. The price of the transaction is used for tax purposes, and it must be in the country's official currency. An American can buy a house in Europe or Japan, but the transaction will have to be in euros or yens, not $.

If you're looking for a trading/lending place,
better avoid Poloniex, as it socializes losses.
Learn more about it on this topic.
Branny
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February 23, 2014, 11:54:07 PM
 #36

There needs to be a way to use some of the wealth that bitcoins represent. If someone could purchase real estate with bitcoins... it would be huge. A good thing for everyone. But how can it work? Most people can't afford to buy a house outright so they take loans to pay it over time.

I can think of a couple of ways... but I don't know a lot about real estate so please jump in..........

1.  The bitcoin real estate company or bank.... acts as a long term escrow holder of the deed to the house. The seller........ gives the deed to the company. The company monitors and tracks the payments of the buyer to the seller. If anything goes wrong with the buyer.... then the company works it out in slight favor of the seller (to not encourage foreclosure for instance) . This means that the seller of a house doesn't get the full value of their house at once... but slowly over time. as if they were the bank.

2. second way....... the bitcoin company actually buys the deed with bitcoins... and accepts bitcoins as payment. I'll finish this and edit it later I have to go at the moment.
Actually what bitcoin needs (in the USA) is a title company that takes or facilitates transactions involving bitcoin.  That bad news is that there are less title companies then real estate agents but once you had a title company that could do this you could buy from any real estate agent.  If the seller did not want bitcoin the title company would take care of it.  If both parties wanted to use bitcoin then the title company would (as they normally do) act as an escrow agent and change the title after the bitcoins had changed hands properly. 

There are many taxes and rules with real estate and many title companies only act within one single state. 

We (Rentalstarter) could facilitate this pretty easily.

We've either bought or are under contract for a total of 5 free-standing properties so far all purchased with bitcoin. It's quite easy to do, so I'm shocked that more people aren't doing it.
Branny
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February 23, 2014, 11:55:49 PM
Last edit: February 24, 2014, 12:06:13 AM by Branny
 #37

I'd rather the American real estate industry be reformed first, before bothering with payments in Bitcoin.  My mortgage keeps going up and I'm gonna punch someone in the face, because they know I'll eventually be unable to afford it.  Then I'll foreclose, they'll sell it to another sucker, and the money keeps on flowing.

With that aside, a title company seems the best way to go.  At least until Bitcoin is as widely known as the dollar.

Sounds like you need to talk to a professional about your mortgage. The price should never be going up unless you have some weird ARM, and even then, everyone I know with a ARM is seeing their payments go lower and lower.

In the long term I think there is a tiny chance that this will happen. Currently I think it's hard though. Why would I lend money to someone buying a home? BTC is increasing hundreds of percent per year, there's no way the person can earn enough to service the debt...

I think equity is a better way to deal with real estate. It's been 50-75 years since people had any equity. If it wasn't for all this Fiat currency, we'd have equity, not debt, attached to real estate.

There is certainly a equity issue in the US but it has almost nothing to do with fiat and EVERYTHING to do with the prevalence of the 30 year mortgage.

The average homeowner in the US sells their property every 7 years. By this point utilizing a 30yr mortgage (At 5%) the homeowner has paid down a total of 14% of the original balance of the property. If the home has appreciated by 5%/yr (Which is median for the US as a whole) the homeowner then has about 49% equity in the property. Just 30 years ago, the 20 year mortgage was what everyone had. In the same scenario the homeowner by year 7 has paid down nearly double of the principal as a 30yr mortgage. So, with annualized 5% appreciation, the homeowner now has 65% equity in his home.

When/if the market tanks, the difference between a 30yr and a 20yr is even more striking - The guy with a 30yr mortgage has no option but short sale/foreclosure. The guy with the 20yr mortgage can sell his property at the depreciated rate in nearly every case and still put a few thousand in his pocket. This is EXACTLY what we've seen in the US from 2004 onward with the lead up, and post-crash society. If 20yr mortgages or 15yr mortgages were the norm there would have never been a foreclosure-led crash from homeowners underwater, prices can expand/contract with much less harm to people.

What you need is a bank that is willing to take bitcoin for mortgage payments...they could put in minimal effort and just bitpay, but some one needs to bring the idea to a bank.

You could do it with coinbase already, you just need to link your traditional bank up with your CB account and set it up on a monthly liquidation/autosell. You're still exposed to fiat risk but you get the opportunity to pay with BTC should you so desire.

We (Rentalstarter) are going to be offering private money mortgages to homeowners via bitcoin/fiat on all our properties. It's a long play but it will be worth it.

People might also want landlords who accept btc.

I think that people should see if their landlords are willing to accept btc. If they seem interested but aren't very tech capable, offer to help them set up their payment system.

The big hurdle with landlords in many cases is that the median age in the US is getting higher and higher. In my area the median landlord age is 60+ which means very low acceptance of new technology. Granted it represents a phenomenal opportunity for young and tech-oriented people. 
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