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JAY-Z and Will Smith have teamed up on the startup Landis Technologies, which aims to help turn thousands of renters into homeowners.
The two were part of a group of investors that helped Landis raise over $165 million to go towards purchasing about 1,000 homes to rent to low-income families until they qualify for a mortgage.
“Financial inclusion is really important to us,” co-founder Cyril Berdugo said. “An aspect of Landis that we’re very proud to be a part of is wealth creation for low-income Americans. We make money when our client buys the house back. If we leave money on the table, that’s our problem.”
Landis Technologies hopes to turn 80 percent of their renting clients into homeowners after two years and will look to coach clients on how to best save money, improve their credit scores and help them learn to manage their finances.
“We make money when our client buys the house back,” Berdugo continued. “If we leave money on the table, that’s our problem.”