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The online crowdfunding market for real estate is heating up on the Gulf Coast.
One company, San Francisco-based RealtyShares, funded at least 20 purchases in the past year worth more than $8.5 million in an area that includes Tampa, St. Petersburg,
Clearwater and Sarasota. “Florida is a very attractive market for us,” RealtyShares Director of Investments Mark Masterson tells Coffee Talk. “We are bullish on pretty much any market in Florida.”
Through its online network, RealtyShares connects developers seeking capital for a project or purchase with outside investors who pool their money over the RealtyShares platform. In total, RealtyShares, which vets the projects before allocating the pooled capital, has funded 330 deals worth more than $150 million since the company was founded in 2014. An investor on RealtyShares must meet a minimum $5,000 investment requirement.
A large portion of the RealtyShares deals on the Gulf Coast, says Masterson, are for single-family homes, given “the combination of discounted properties and the low interest rate environment.” The plan on most of those properties is to buy and flip, and investors on the site can make a percentage of the profits based on their investment.
Recent purchases, according to a statement, include a home in Tarpon Springs for $64,000; a home in St. Petersburg for $167,000; homes in Clearwater for $210,000 and $103,000; and a home in Sarasota for $108,000.
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