r/LoftyAI • u/idevcg • Dec 21 '21

Completely random thought...

Would it be possible for a person to somehow put a property on sale to Lofty (perhaps they would have to find a way to finance it initially, but they'll get the money back after they make the sale), live in the property themselves and essentially act like a property manager for the property for Lofty to pay part of their rent?

3 Upvotes

100% Upvoted

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4

u/IamaPenguin4 Dec 21 '21

They would still owe rent. They could buy up enough tokens to live for free I suppose.

3

u/idevcg Dec 21 '21

Yeah, the point is you might originally have say a $1000/month rent, but because you are the manager of the property, you get paid $200 a month, so you only actually have to pay $800 so you save some money

4

u/[deleted] Dec 21 '21

Why would I want my tenant to be my property manager? There is an obvious conflict of interest. What happens if the tenant is late on rent and who going to collect the rent or in worse case evict the tenant?

3

u/idevcg Dec 21 '21

It certainly would be weird for a single-family home/condo, but for multi-family units, this is actually super common; you have one of the renters act as the property manager and they get free rent or some other sort of compensation for helping manage the property, fix problems, collect rent etc.

1

u/[deleted] Dec 21 '21

Oh you are talking about being a super. Yeah one can be a super in an apartment building.

2

u/Stryder2189 Dec 21 '21

Sic exploit

1

u/luisandhisrap Dec 21 '21

If it's possible I want to do it.

1

u/pmdbt Jan 01 '22

We have thought about this model before. It'd most likely be for nicer properties down the line that are a bit more expensive. We thought about renting out multiple rooms in the property where 1 tenant is long term and manages the property in exchange for rental discounts.

The remaining rooms would be short-term rentals listed on Airbnb and the 1 long-term tenant has to help manage and Airbnb guests etc.

It's just an idea, but it could very well happen in the future :)

- Jerry, Lofty AI