Landis, backed by Jay-Z and Will Smith, buys homes for approved buyers who will get customized financial plans to help them qualify for a loan in two years.

ORLANDO, Fla. – Landis, a rent-to-own real estate startup backed by Jay-Z and Will Smith, will offer its services in five Florida markets – Miami, Fort Lauderdale, Orlando, Tampa and Jacksonville.

The expansion will grow Landis’ footprint to 51 cities in 12 states. Landis now operates in Alabama, Florida, Georgia, Indiana, Kentucky, North Carolina, Maryland, Ohio, South Carolina, Pennsylvania, Tennessee and West Virginia.

“With housing costing more than 30% of a household’s income, over 70% of the state’s low-income renter households are burdened by high expenses,” says Cyril Berdugo, co-CEO and co-founder of Landis. “We’re thrilled to have the opportunity to help Florida residents achieve financial stability and purchase their dream homes, as we take another step toward increasing the national homeownership rate across the country.”

Landis works with prospective homebuyers who can’t qualify for a mortgage due to low credit, a lack of savings or debt. After vetting them, Landis backs buyers who have the potential to qualify for a mortgage in a year to two years. It then purchases the home for the prospective buyer with cash and rents it to them until they are able to qualify for a mortgage and buy it.

The company uses technology and data science to create customized financial plans to coach homebuyer clients to achieve mortgage eligibility by building capital and improving their credit score.

Landis partnered with the National Association of Realtors® in August to connect with local agents to help homebuyers who don’t qualify for a home. If Landis takes the client on, it says the agent will get a full commission if Landis buys the house.

Source: Inman (01/25/22) Brambila, Andrea V.

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