With $100m+ in transactions in its first year, Nestment aims to lower barriers to real estate for people underserved by traditional paths.
SAN FRANCISCO, Sept. 16, 2024 /PRNewswire-PRWeb/ -- Homeownership is increasingly out of reach for Americans, especially for historically underrepresented groups. Nestment, the platform tackling housing affordability for Gen Z and Millennials, among others, today launches NestGen, a free 6-week accelerator program that aims to level the playing field and unlock opportunities for homeownership. The program is available to first-time home buyers who want to make a purchase within the next six months and will teach selected participants how to leverage affordability strategies like house hacking, co-buying and rentvesting. A limited group of participants will also receive up to $25,000 towards their home.
"Nestment was born from the realities of my own childhood being raised by a widowed, immigrant mother who rented rooms in our house to local grad students to pay the mortgage," said Niles Lichtenstein, CEO of Nestment. "That community approach to property ownership as a means to build wealth stuck with me. NestGen transforms all we've learned from our first year in business into a program designed to educate and empower people historically locked out of real estate to take a new approach to homeownership."
Nestment is partnering with some of the most notable national names in the industry to give participants an inside view on everything from affordability strategies, working with brokers and lenders, creating financial projections, and even tax strategies. These partners include CoreLogic, BILT Rewards, Jason Mitchell Group, and ProsperityNow.
Nestment is committed to transforming access to homeownership for the next generation. They've placed special emphasis on helping the groups most underrepresented in real estate including Millennials and Gen Z, as well as BIPOC and first-generation Americans, single women, and others facing higher hurdles to property ownership. Since launching in 2023, Nestment has closed over $100 million in real estate transactions; and of the customers who've closed on new homes, 74 percent were first-time homebuyers and 62 percent identified as BIPOC or immigrants.
How it Works: The "Friend in Real Estate" for New Entrants
Real estate is disproportionately held by a subset of the population: families who've created generational wealth, guide their children through the process and provide down payment assistance; people who 'know a guy' in the industry who can help, and older married couples. NestGen is designed for everyone else, providing a mixture of mentorship and guidance through proven alternatives to the traditional paths, with the ultimate goal of helping participants close on a home. Six weekly sessions will feature industry leaders, as well as recent Nestment home buyers who can shed light on their real world experience. NestGen programming will focus on:
Proven strategies to unlock homeownership including:
- Buying a multi-unit building and using rental payments to subsidize primary residence
- Co-buying with friends and family to share down payment and ongoing costs
- "Rentvesting" by buying a secondary property for combined rental income and owner usage
Access and affordability, including:
- Meeting with a dedicated co-buying planner to assess personalized goals and readiness
- Building a team of lenders and agents
- Evaluating market listings for best fit
- Getting pre-approved for a loan
- Running financial projections on properties
- Utilize house-hacking strategies to maximize home affordability
Participants of greatest need will benefit from Nestment as a co-buyer to increase their likelihood of closing. These individuals will also receive up to $25,000 toward their home purchase – a substantial amount and the potential tipping point towards securing the property of their dreams.
"We never thought living in the Bay Area would be possible, but with Nestment's hands-on support we were able to start our journey towards building real estate wealth," said Oakland homeowners Weldon Hall and John Cross. "We were able to purchase a four-unit building where we each live in one of the units and rent out the others to help cover our mortgage. Nestment gave us the space for meaningful conversations to navigate making decisions and weighing our options. We now have the long-term security we've always wanted in the real estate market."
Taking into consideration the more diverse lifestyles and needs of Millennials and Gen Z buyers, Nestment understands that the path to homeownership isn't one-size-fits-all and presents unique challenges for each individual. NestGen aims to simplify home buying every step of the way by providing participants the tools they need to close, as well as understand the process to facilitate generational wealth through real estate
NestGen will begin accepting applications starting today, September 16th until October 2nd.
About Nestment
Nestment, the real estate platform helping the next generation of Americans achieve homeownership through accessible, creative pathways and wealth-building strategies. Their platform makes it easy for groups to purchase real estate together; and a thoughtful partner ecosystem augmented by extensive educational resources support them along the way. Nestment was founded in 2021 by Niles Lichtenstein and Mark DeMitchell. Nestment is backed by leading venture investors including Protofund, IDEA Fund Partners, and mission-aligned funds such as Vamos Ventures, Concrete Rose, and The MBA Fund. Read more about how Nestment is revolutionizing the future of homeownership at https://www.nestment.com/.
Media Contact
Juliette Wheeler, Nestment, 6302800329, [email protected], https://www.nestment.com/
SOURCE Nestment
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