Millennials get a bad rap for being in debt and living paycheck to paycheck. Despite financial woes, many millennials actively are looking to build generational wealth. Recently, there has been a surge of tools making it easier for young people to invest in the stock market and cryptocurrency. Now, there is a platform that wants to make real estate investing easier. Our featured entrepreneur Dean Sterrett is the co-founder and COO of LEX. Sterrett joined Bold to discuss LEX and the inspiration behind it.
Why real estate?
The LEX Market features commercial and residential properties from all across the United States. When you sign up for the platform, you are able to browse the different properties LEX is offering. The platform is currently in its beginning stages so you won’t be able to invest immediately. There are thousands of people on the waitlist waiting to do so.
So far, the listed properties range from a mixed-use building in New York City to a parking garage in Portland, Maine. LEX provides estimated distributions for these properties, giving investors an idea of the potential income they can earn. Sterrett says as the rent money comes in from these properties, it will be distributed to shareholders similarly to how dividends are.
The inspiration behind LEX Market
Real estate is a costly investment. Many of these huge investment deals are tied to hedge funds or private equity firms. Sterrett worked at a hedge fund and his brother worked for a private equity firm. They both realized that only specific people are able to get in on these great investments. This inspired them to create a platform where everyday people can become investors and have a share in properties.
For more on investing, read this article!