Millennials Are Crowdfunding Their Houses

Millennials Are Crowdfunding Their Houses

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Fundrise, a new housing investment program based in Washington, DC., has developed the eFund, aimed at alleviating housing costs on young people.

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eFund is basically crowdfunding for homes: People who want to buy homes, purchase shares (a minimum investment of 100 shares at $10 each), which fund housing renovations and new developments in their city.  The investors are then eligible to purchase homes selling at a 10% lower price than if they were using a realtor.

The goal is to make new housing developments in in-demand cities.  Los Angeles was the first city to receive a $50 million eFund.  Within the first week of launching, nearly 6,000 people have invested at least $1,000 each in the LA eFund.

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The next project is Washington DC.  Keep your ears open!

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H/T: Business InsiderFundriseCNBC

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