How You Can Be a Real Estate Mogul for $100

REPLAY VIDEO
Your next video will start in
Pause

Recommended Videos

  • Info

  • Comments

  • VIDEO TEXT

June 6 (Bloomberg) -- Ben Miller, co-founder of Fundrise, discusses real estate crowdfunding with Pimm Fox on Bloomberg Television's "Taking Stock." (Source: Bloomberg)

I am pimm fox.

Fundrise is a crowd funding platform for local real estate investment.

It recently raised $31 million in a series a funding row.

We are joined by the cofounder, ben miller.

How did you started and where are you today?

The big idea was we wanted to let people invest directly in the real estate around them.

After 2008, i was feeling frustrated that i can only invest through the wall street system.

What you can do now is go online and buy a share of a building down the street or an iconic property in l.a. for $100. how did you put this together?

The inventory, the legal requirements necessary in order to be able to invest such a small amount of money in projects that typically are million-dollar adventures?

Three years ago, my brother and i thought when we were building a property in a local neighborhood, local people should be able to invest in it.

Local people are driving the growth in local neighborhoods across the country.

No one had ever done it.

We were the first to crowd fund a real estate deal.

We had to go to the sec and get them to qualify the offering.

The first one took us a year about three years ago.

Now we are doing something like three a week.

We have a long history in real estate.

I have been in real estate for almost 17 years.

We are 25 people at this point.

You go find the best real estate people in the world and you get them to offer part of the real estate online to people who live nearby or around the country because before, you could not invest in the best real estate unless you went through wall street.

Tell us about some of the backers for your project.

After three years of convincing them, we got the owners and developers of the world trade center to come on to fundrise and back us.

People build a gas company tower in l.a. or stables outside of denver.

These are some of the most well respected people in real estate and i think they embrace the idea because to democratize access to the investment, the developers that we work with, and i was a developer, you want to build for the people who care for and use the property and never before could they invest in it.

That is the big idea and that is why we raised $31 million, which is a large amount for the it -- the space.

You want to see more properties come onto the platform?

The focus is to be in more cities, to be in chicago, miami, san diego.

Everybody should be able to look

This text has been automatically generated. It may not be 100% accurate.

Advertisement

BTV Channel Finder

Channel_finder_loader

ZIP is required for U.S. locations

Bloomberg Television in   change