Own a piece of Manhattan | Bitcointalksearch.org

kittucrypt

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Quote from: ?? on ??

What shall we do in order to solve the trust issue? Without blockchain those investors might be co-owners of a newly created Stock Company. They could have ownership or lend as a guarantee. Also all the responsibility will be referred to the manager of the Entity. If we monetize the apartment than the IRS will see that person X is the owner and he could`ve sold all of his tokens and still be the single owner.

IRS structure isn't a problem because the profits can be passed through to the owners. I don't have an answer yet to how can we tokenize such assets, but it surely seems to be call of future.

kittucrypt

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Quote from: Yavaj on February 28, 2018, 04:57:59 AM

I think this is a scam, you better be careful about this

A newbie with 2 posts calling this a scam. And why? This is just an idea discussion thread.

lifeinwinter

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Yes indeed actually... thanks for clearing that up
Then it's a good idea

Yavaj

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I think this is a scam, you better be careful about this

kittucrypt

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Quote from: Tipestry on February 27, 2018, 02:53:10 PM

This type of local enterprise crowdsourced from anywhere in the world is one of the most exciting uses for blockchain. The number of cool projects that could be funded this way is going to have a huge impact on a lot of industries and regions. Also it has some pretty interesting implications for portfolio diversification for investors both small and large.

There's a meetup in the Silicon Valley about tokenizing real estate on Sunday:

https://www.meetup.com/EthereumSiliconValley/events/247532643/

Of course the hurdle right now is how do you do this without running afoul of securities laws. Hopefully sooner rather than later the government will provide a framework to do this type of thing that isn't prohibitively expensive because it's going to affect the whole economy in a very positive way once it gets rolling.

That's an interesting meetup. I wish I was able to attend it. I agree that current hurdle is being on the right side of SEC to do something like this, but hopefully sooner than later there would be a way out. Tokenising of assets would be a very interesting space to be in.

kittucrypt

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Quote from: lifeinwinter on February 27, 2018, 12:06:57 PM

Yeah but how is this going to do with blockchain or cryptocurrency?
You can do this without/before bitcoin

I am not sure if it can be. Splitting 1 apartment into 10,000 users who each contributed $100 to fund it will require a butt load of paperwork and legal expenses. Besides, it will be highly centered in a single location.

Tipestry

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Quote from: lifeinwinter on February 27, 2018, 12:06:57 PM

Yeah but how is this going to do with blockchain or cryptocurrency?
You can do this without/before bitcoin

It's one of those things that in theory you could do it without blockchain but it would be 10x more expensive and it wouldn't be international.

Tipestry

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This type of local enterprise crowdsourced from anywhere in the world is one of the most exciting uses for blockchain. The number of cool projects that could be funded this way is going to have a huge impact on a lot of industries and regions. Also it has some pretty interesting implications for portfolio diversification for investors both small and large.

There's a meetup in the Silicon Valley about tokenizing real estate on Sunday:

https://www.meetup.com/EthereumSiliconValley/events/247532643/

Of course the hurdle right now is how do you do this without running afoul of securities laws. Hopefully sooner rather than later the government will provide a framework to do this type of thing that isn't prohibitively expensive because it's going to affect the whole economy in a very positive way once it gets rolling.

lifeinwinter

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Yeah but how is this going to do with blockchain or cryptocurrency?
You can do this without/before bitcoin

kittucrypt

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Quote from: cryptorTUX on February 26, 2018, 04:26:26 PM

Idea like idea is okay if you ask me. Although there are some concerns of course. This appartment has to be in someones possession, someone has to have ownership over it in the legal world and cuz you want everything to be legal. You could however go further and tokenize this apartment or even many more apartments in future and thus every owner of the token has some ownership over the apartments. This is easy to implement but hard in practice as you already know we would have to trust the guy (you or somebody else) who has the right ownership of that apartment. As I am not sure if anything could be done on the legal side to have multiple owners. Because now everything should work right as long as the guy who owns apartment is honest, which is why it could be a bit hard to pull off if you ask me.

The apartment should be owned by a Legal Entity - like a trust and not by an individual. Gathering trust of potential investors is challenging, but so is the case with any legitimate business. It's easy to pull off a scam when you promise multi digit returns monthly.

This will probably need a tie up with a trust worthy entity - I don't know.

cryptorTUX

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Idea like idea is okay if you ask me. Although there are some concerns of course. This appartment has to be in someones possession, someone has to have ownership over it in the legal world and cuz you want everything to be legal. You could however go further and tokenize this apartment or even many more apartments in future and thus every owner of the token has some ownership over the apartments. This is easy to implement but hard in practice as you already know we would have to trust the guy (you or somebody else) who has the right ownership of that apartment. As I am not sure if anything could be done on the legal side to have multiple owners. Because now everything should work right as long as the guy who owns apartment is honest, which is why it could be a bit hard to pull off if you ask me.

kittucrypt

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Hello all,

I was wondering if there would be interest from the community to crowd funding an apartment that can potentially generate rental income?

I live in a neighborhood in New York that hosts several professionals in the age group of 25-40. There are high rise buildings here with plenty of apartments. The apartments barely stay vacant and I myself have sub-let my apartment several times over last few years.

I have a vague idea wherein I can crowdsource an apartment purchase in the neighborhood and then manage it for rentals. Since there would be no mortgage involved, the monthly costs would be minimal(building management fee). Any rent generated can be redistributed, while the ownership still remains with us.

Thoughts?

https://bitcointalksearch.org/topic/own-a-piece-of-manhattan-3025917

Topic: Own a piece of Manhattan (Read 258 times)