Raleigh, North Carolina — A startup is seeking to raise $10 million to help first-time buyers become homeowners in the Triangle.
Raleigh-based Ownify is seeking local investors who want to help more families purchase their first home.
Since launching in April 2023, Ownify has closed on six homes.
- Apply and get pre-qualified.
- Sign the legal agreement and pay the $500 application fee.
- Homeowners find a home and prepare to make a 2% down payment.
- Ownify evaluates homes and makes cash offers on behalf of buyers. The company will also handle earnest money, due diligence fees and the closing process.
- Homebuyers own 2% equity from the first day they move in.
- Homebuyers enjoy their new home and receive fixed payments for five years. Ownify handles repairs, property taxes, and homeowners insurance. Homeowners can customize, renovate and renovate their homes.
- Build equity in your home: Homeowners typically build equity by 5-10% per year. The homeowner can buy out the remaining equity at any time. After five years, homeowners can renew or terminate the program.
Those who invested in Ownify earn money through monthly payments from buyers, the company said.
“At first, I was like, I don’t know, I was a little hesitant because it was so fresh and new,” homeowner George House said.
George and Lydia said their home had a one-bedroom apartment.
“We wanted to start a family, and I think having a garden and a bedroom would make it easier to start a family,” Lydia House said.
We were a young couple, and we both worked on commission, but it wasn’t easy.
“I think it would have been very difficult to buy a home right now in this market with a traditional mortgage,” Lydia House said.
The couple began looking for a home in late August 2023. The real estate agent told the couple about her Ownify.
“Consumer demand has increased significantly [and] There is more demand from homebuyers than there is investor capital,” said Frank Rohde, CEO of OwnFi.
Rohde said it has not defaulted on mortgage payments.
“This product is designed to help you jump over the down payment hurdle,” Rohde says.
Rohde said the company has received more than 1,500 applications from potential buyers. Rohde said it would cost about $20 million to bring everyone on the company’s waiting list home.
“It would be great to talk to local investors, people who want to make a difference, who want to support their local communities and earn market rate returns,” Rohde said.
The House family said it’s great to have a place to call their own. Their dog Jackson likes to run around the yard.
“Our neighbor has grandchildren and they love to come and play with us,” George House said of his dog, Jackson.
Daniel Pomp explained what it’s like to be an Ownify investor.
“This is a unique and exciting opportunity to blend investment and philanthropy while maintaining our long-term goal of supporting homeownership for our neighbors in the Chapel Hill-Carrboro resettled refugee community.” Pump wrote in a statement to WRAL News.
