People everywhere are coming together to help back community initiatives, like cultural projects, non-profit initiatives, and political movements. The crowd is powerful. And what if we could turn that power to developing a city?
Rodrigo Niño recognized that even in a difficult economy, people are an incredible creative force that can get behind new real estate projects. Rodrigo’s first experience with crowdfunding occurred over 23 years ago, when he bought a 4-story building that he became become enamored with in a historical neighborhood. He collected money from family and friends to purchase the property, renovated it and sold it 6 months later for almost double the purchasing price.
Rodrigo led a very successful career in real estate, culminating in founding Prodigy Network, a crowdfunding real-estate company. We don’t often hear about it, but crowdfunding in real-estate is incredibly exciting for so many reasons. Crowdfunding brings a radical transparency to development that has often been a murky world, difficult to access information about the allocation of funds. Crowdfunding also allows people to invest in projects that will benefit their communities by breaking up the investments into much smaller chunks ($ 20,000 in Colombia, and $ 100,000 in New York).
How it Works:
- Prodigy works with developers to find projects worth investing in.
- Prodigy raises money from the crowd through a third-party fiduciary, bringing increasing transparency for investors
- The Crowd Investors collect their share of rental income from their investment
It’s an interesting direction — one we’re excited to watch. And we want you to join us as it unfolds. You will definitely want to be at Prodigy Network’s event at SMW NYC. Learn how crowdfunding can help you invest in your community and join us.