JAY-Z AND WILL SMITH FUND RENT-TO-OWN HOMEBUYER FIRM

[850credit]

Bloomberg - Are you a robot?

A startup that helps renters build credit until they can buy a place is raising $165 million from a group of investors that includes Sequoia Capital, Jay-Z’s Roc Nation and Will Smith’s Dreamers VC.

Landis Technologies, founded by Cyril Berdugo and Tom Petit, caters to would-be homeowners who can’t afford to buy. The company purchases a house and rents it to the client until they can qualify for a mortgage. The client can buy it back at a predetermined price up to two years after the initial acquisition.

 

[jasonblacc]

This amazing

Finally an actionable item by Jay

 

[blackbull1970]

This is what I like to hear.

The Black community does not need more Barber Shops and Chicken n Waffle spots.

Black folks with capital like these cats need to re-invest that money back into the community.

This is what I was talking about in that recent Magic Johnson thread about him renting a boat from the Walton (Walmart) family.

 

[jasonblacc]

This is what I like to hear.

The Black community does not need more Barber Shops and Chicken n Waffle spots.

Black folks with capital like these cats need to re-invest that money back into the community.

This is what I was talking about in that recent Magic Johnson thread about him renting a boat from the Walton (Walmart) family.

More importantly we don’t need more celebrities trying to sale us liquor or weed.

 

[dade305]

More importantly we don’t need more celebrities trying to sale us liquor or weed.

They are definitely going to pitching weed, St. Ides part II

 

[TENT]

Listen. I am all for black home ownership.
Couple of points,
1) real estate is a serious game of sacrifice and discipline.
2) Hope the rates on the loans are NOT rip offs.
3) Hope the houses are good
4) God Bless everyone involved.

 

[OutlawR.O.C.]

This is great to hear and props to those brothers but I'll wait until I hear some specifics before giving them too much credit.

 

[footloose]

This is great to hear and props to those brothers but I'll wait until I hear some specifics before giving them too much credit.

 

[OutlawR.O.C.]

 

[theteacher]

Listen. I am all for black home ownership.
Couple of points,
1) real estate is a serious game of sacrifice and discipline.
2) Hope the rates on the loans are rip offs.
3) Hope the houses are good
4) God Bless everyone involved.

THIS IS FULL OF SHIT!

Love Jay. But he has his mind on money and not on helping black people.

Why not just help people get into homes,
don't dick them around with this "rent-to-own" crap.
None of them would "rent-to-own" regardless the situation.
SMH​

 

[blackpepper]

I applaud the effort, but the RE market is crazy right now. Its better than nothing but $165mil will only have a minimal impact unless they focus it in a specific metro market even then....

 

[34real]

Kudos to them brothers

 

[TENT]

My bad. I meant to type "NOT rip offs".

This aint a charity. So Jay is going to make sure there are some points on the loans going straight to the company.

People gonna sign up just to be like Jay and be involved in his companies.

I cannot foresee this company doing amazing figures.

Communities do not want black people owning homes.

Poor black people with bad credit are usually the type that will get fucked in situations like this.

Sad but true. Some people should not own homes.

THIS IS FULL OF SHIT!

Love Jay. But he has his mind on money and not on helping black people.

Why not just help people get into homes,
don't dick them around with this "rent-to-own" crap.
None of them would "rent-to-own" regardless the situation.
SMH​

 

[killagram]

Why don't they make more black historical movies, or more positive black music.. dam...brah

 

[havelcok]

Rent to own is a scam

read the fine print very carefully

in places where it has been tried before
They can take your house for one minor slip up

 

[The Jamaican]

Not even 2 pages before..

 

[havelcok]

rent to own rips off vulnerable people

my ex is a property lawyer that deals with a lot of this

its not helping the community at all

What’s the Catch with Rent to Own Homes? 7 Reasons to Beware of These Deals

Rent-to-own contracts sound good on paper, but you shouldn’t sign one without carefully considering the potential drawbacks, too.

www.homelight.com

 

[Entrepronegro]

They should do like Warrick Dunn is doing giving away free homes to the less fortunate.

 

[tallblacknyc]

More importantly we don’t need more celebrities trying to sale us liquor or weed.

Black people are not the only people that smoke or drink.. a black person getting into those biz don’t necessarily mean they going after black consumers..they could be going after the billion dollar market each entity is in.. the rock got a tequila do you see every nig in the hood copping it? But guess what cacs are definitely copping it..should the rock fall back from it and not get that cac money?..samething with weed tons of non blacks smoke why wouldn’t someone jump on the most consumed drug on the planet..more people use weed than any other drug..it’s only smart to hop on that money train

 

[footloose]

Rent to own is a scam

read the fine print very carefully

in places where it has been tried before
They can take your house for one minor slip up

Aren’t rent to owns basically for people that would usually just be paying rent they whole life if not for it. KindA like training wheels. Or a push into financial appreciation

 

[jack walsh13]

Glad to hear this.

 

[tallblacknyc]

Jay z sold out Brooklyn never forget.. anything that deals with housing and jay z be extra cautious

 

[305]

Listen. I am all for black home ownership.
Couple of points,
1) real estate is a serious game of sacrifice and discipline.
2) Hope the rates on the loans are NOT rip offs.
3) Hope the houses are good
4) God Bless everyone involved.

Thats fair. I fuck with this response. Really hope the homes are good.

 

[fu2]

Listen. I am all for black home ownership.
Couple of points,
1) real estate is a serious game of sacrifice and discipline.
2) Hope the rates on the loans are NOT rip offs.
3) Hope the houses are good
4) God Bless everyone involved.

5) Hope people don't end up in 360 Deals.

 

[slam]

been saying this for yrs all these black multi millionaires ...smh

get together n do something like all these other races do to uplift their race ...

u cant take it with u n ur family is good ...so why not ...shit wack man ...

 

[havelcok]

Aren’t rent to owns basically for people that would usually just be paying rent they whole life if not for it. KindA like training wheels. Or a push into financial appreciation

they are a way to take advantage of people who are desperate to own homes

they will often end up paying more in rent than they would for a mortgage
and there is no guarantee that they would end up with the hosue in the end

you can miss a single payment and end up losing the house
with no legal recourse

so you could be paying money for years and years and have no equity

 

[850credit]

There are some things in life that we all must learn to do as adults. One of them is...pay on time for the roof over your head if nothing else. This is a way for people to start practicing financial discipline as well as a BUSINESS opportunity for ownership.

It is not a charity (Jay and Will participate in those as well).
It is focused on an economic demographic not necessarily a racial one.

The responses in this thread are a great lesson which these two Black men have been teaching for years: You will always have critics, so make your moves in life and let them criticize from the sidelines.

 

[tallblacknyc]

There are some things in life that we all must learn to do as adults. One of them is...pay on time for the roof over your head if nothing else. This is a way for people to start practicing financial discipline as well as a BUSINESS opportunity for ownership.

It is not a charity (Jay and Will participate in those as well).
It is focused on an economic demographic not necessarily a racial one.

The responses in this thread are a great lesson which these two Black men have been teaching for years: You will always have critics, so make your moves in life and let them criticize from the sidelines.

Everybody fuck with will it’s the jay z part that makes them skeptical..Brooklyn never 4get

 

[850credit]

People are assuming the business will be predatory. None of us have seen the contract or terms of service. I've written contracts where the rent is say 1000 but if you are late once it jumps to 1500. This protects me and gives them an incentive to be responsible and pay on time. Is that predatory?

They can rent somewhere else. Nobody's forcing people to do business but if they enter into the agreement don't cry foul later.

Pay your rent on time and there won't be any problems.

 

[footloose]

they are a way to take advantage of people who are desperate to own homes

they will often end up paying more in rent than they would for a mortgage
and there is no guarantee that they would end up with the hosue in the end

you can miss a single payment and end up losing the house
with no legal recourse

so you could be paying money for years and years and have no equity

Well thats why I said it’s for people who would usually just be renting not people that want to buy.
risk Vs reward for renter
Paying the same to own your own. With possible loss. Vs renting which is guaranteed loss.
it’s more of a push to buy. If your desperate that means you want to buy. If you want to buy you should take the steps to get the best possible deal.

 

[havelcok]

People are assuming the business will be predatory. None of us have seen the contract or terms of service. I've written contracts where the rent is say 1000 but if you are late once it jumps to 1500. This protects me and gives them an incentive to be responsible and pay on time. Is that predatory?

They can rent somewhere else. Nobody's forcing people to do business but if they enter into the agreement don't cry foul later.

Pay your rent on time and there won't be any problems.

rent to own is predatory
This is not a new business model
But like all things bad, they put a black face on it to push it into our xoomunities

it’s like the rush card
Again it’s nothing new

People are defending it because it’s will and jay

but it’s a quick search away

https://www.google.com/amp/s/amp.theatlantic.com/amp/article/557588/

NYDFS investigating whether rent-to-own is actually predatory lending

The New York Department of Financial Services revealed Monday that it is currently investigating whether alternative home purchase agreements, such as rent-to-own, lease-to-own or land installment contracts, currently being offered in New York are actually “unlicensed, predatory mortgage lending.”

www.housingwire.com

In 2006, the United States Department of Defense labeled rent-to-own a predatory lending practice, defining it as an, “unfair or abusive loan or credit sale transaction or collection practice,” along with payday loans, title loans, refund anticipation loans and other similar practices.

Rent-to-own - Wikipedia

en.m.wikipedia.org

 

[havelcok]

Well thats why I said it’s for people who would usually just be renting not people that want to buy.
risk Vs reward for renter
Paying the same to own your own. With possible loss. Vs renting which is guaranteed loss.
it’s more of a push to buy. If your desperate that means you want to buy. If you want to buy you should take the steps to get the best possible deal.

it’s not paying the same it’s paying more
And you have no protection against the landlord

read this article

https://www.google.com/amp/s/amp.theatlantic.com/amp/article/557588/

 

[ZuluSam]

Say what you want, but it is some people's only chance to own a home. Period. And they are giving them that chance. People rent an apartment for years and pay the same amount they would pay for a mortgage, but they can't get one....so this is a chance....

 

[Politic Negro]

Here's the site:

Reviews - Landis

www.landis.com

About Us

www.landis.com

 

[850credit]

rent to own is predatory
This is not a new business model
But like all things bad, they put a black face on it to push it into our xoomunities

it’s like the rush card
Again it’s nothing new

People are defending it because it’s will and jay

but it’s a quick search away

https://www.google.com/amp/s/amp.theatlantic.com/amp/article/557588/

NYDFS investigating whether rent-to-own is actually predatory lending

The New York Department of Financial Services revealed Monday that it is currently investigating whether alternative home purchase agreements, such as rent-to-own, lease-to-own or land installment contracts, currently being offered in New York are actually “unlicensed, predatory mortgage lending.”

www.housingwire.com

Rent-to-own - Wikipedia

en.m.wikipedia.org

They can continue to rent, then, havelcok. No one is forcing them to do business.