History:Few years ago, I've worked with an individual from US who had, at that time, an idea new and interesting to me. This idea was to buy some property, divide it into shares, and sell shares to anyone willing to invest.
The premise was, that property value was equal to sum of all shares. So each share had a value directly proportional to the value of the property.
Meaning, if property X was valued at $100k at time of purchase, and we decided to split it in 100 shares, each share would be valued at $1k.
If the property market was good, and value of the property was now assessed at $120k, this means each share would now be valued at $1.2k.
In addition to that, the property, would be rented out. The rent would be collected by the company, management fee's subtracted, and what's left would be divided into Y parts, where Y was the number of shares for this property. Then, depending how many shares of the property you own, you would get as big of a slice of the rent money.
Present time:Few days ago, I came across an article that mentioned the idea above, but tokenized and on blockchain. Which means, shares could be purchased with crypto, as well as fiat.
This article was talking about
https://realt.co/I've spent days looking at the website, trying to figure out if it's a scam or legit.
So far, all of the facts point that it's legit.
Few days have passed, and i decided to give it try. I purchased several shares of this estate:
https://realt.co/product/20200-lesure-st-detroit-mi-48235/Payment was done via coinbase widget, i chose payment in ETH. I bought total od 3 shares for i think $208, aka 1.09 ETH at that time.
The website is promising $7.11 per token per year. So tehnically this will be 0.058 cents per day. Lets see...
The idea of this thread will be to give you guys review of the process, and if in fact the whole idea is legit or not. I'll try to give as much info as possible, and try as many options as possible.
If everything checks out, this could prove to be a really nice long term passive income stream, so I'm giving it a go and hopefully will be able to provide insight. Worst case, i lose some money.
I'll be posting updates every so often, but my main goal here is to see:
- if i really do get the tokens
- if i really do get daily interest
- if i can in fact sell the shares i bought, and hopefully make some profit on it
This is a live feed how much DAI & USDC i have made from the property:
Update#1:After completing my purchase, the website requested i do KYC. No problem, KYC info submitted, waiting for further details...
Update#2:Their support claims that they have an issue with KYC, and should be resolved by the end of the day. Lets see... (
screenshot)
Update#3:KYC system still broken, KYC still not done. Hopefully today is the day
Update#4:KYC has been approved, and legal document has been issued for digital signature between me and the realt.co. My side is signed, waiting for them to sign.
Update#5:Documents have been signed by both sides, and tokens have been sent to my ERC-20 wallet. (
screenshots)
Update#6:My daily DAI interest has arrived to my ETH wallet. (
screenshot)
Update#7:DAI is coming every day. Granted, it's only been 3 days, but still, shows promise (
screenshot)
Update#8:Payout was switched to USDC while DAI peg to USD is unstable
Why so much superfluous unnecessary volkita? I think that each country has its own laws on real estate ownership and it is better to solve such issues with a notary public) And so you will need to open a joint-stock company and it costs certain funds and it takes time and the profits will need to be legalized somehow ... well, a lot noise and little profit
