How would you like to own a share of a new development for as little as $500 down? You soon can thanks to crowdsourcing.
CrowdVested's Grady Thrasher is out scouting development deals inside the Perimeter that his firm can use as a debut for his crowdsourcing model. We met with Grady over eggs at The Flying Biscuit this week in Buckhead for the skinny on his plans. How is this possible? Invest Georgia exemption—which allows people to raise money from non-accredited investors (or people who have less than $1M net worth or can't regularly invest $10k). He's using this green light to convince developers in Atlanta to raise money from the community: "We believe that reaching out to a community is a real powerful way to affect what's going on in your world."Grady is in talks with various organizations and developers but declined to name a specific project. A source familiar with CrowdVested says the firm is in talks with Paces Properties to help it raise money for its apartment redevelopment of the former John B Gordon grammar school in East Atlanta Village. Grady says people have a "fundamental understanding" of real estate, plus the sector is "data rich," which means information is very transparent compared to other investments. "This is not going to overthrow the way real estate financing is done," he says. Instead, it does create an important new source of capital for all kinds of commercial real estate projects.
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