031 – Rent-Buy Solution | Build a Community | Eric Zosso | Provito Rent Equity
Eric has taken his success in the CO-working space and added a twist to develop this concept of a shared responsibility concept to a person’s residence.
Eric Zosso spent five years in the military, so he knows a thing or two about moving. The options are to buy a house or rent an apartment, but neither is perfect. “Both have their flaws,” Zosso explains. “If you look at net worths of owners versus renters, owners tend to be around $145 thousand with their families’ net worth, whereas a renter family is typically around three thousand. A lot of things go into that. That’s not necessarily a causation, but there is a really strong correlation.”
Eric and I take a deep dive into his concept of helping renters gain equity while still having the mobility to move from location to location.
Time-Stamped Show Notes
[00:00] Introduction and background of Eric Zosso of Provito Rental Equity.
[04:50] Community aspect.
[06:09] Cornerstone Equity.
[09:42] Zosso’s model.
[12:05] The end goal.
[13:35] How would it work?
[18:40] Tenants with equity moving out.
[21:12] The first unit.
[21:44] A different style of property development.
[25:43] Commercial and private space.
[26:28] Rehabilitating his first unit.
[27:50] The holding company.
[28:35] Breaking even.
[29:28] Tenant movement and flexibility.
[29:55] Starting the life cycle.
[31:31] Tenant buy-ins.
[32:58] Problem tenants.
[34:55] Self-selecting tenants.
[35:47] Show me the money.
[41:29] Testing on a few units.
[43:55] Coworking and co-living.
[47:07] What you need to know.
[48:03] Contact information.
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