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Cryptocurrency Chips Away At Real Estate Investing Entry Barriers
Although there are many ways to enter into the world of real estate investing, blockchain technology is offering even more options to get started in this wealth-building industry.
Quoting Navid Ladani of Benzinga, “For centuries, real estate has been one of the most consistently used and popular forms of investment, and for good reason. Real estate is a way of creating passive income, is based on a form of utility that never goes out of style, and can be passed down from generation to generation.
At the same time, real estate as an industry is not the easiest investment route to enter as there are often very high barriers to entry which are made even more complicated if the investment is taking place across countries and continents. From the high cost of outrightly buying a property to the various fees associated with investing in real estate, many people become discouraged from the industry and choose not to participate.
However, a new company has popped up with the intention of creating more access to the global real estate sector and intends to do so through the power of cryptocurrency.
Buying real estate involves a certain amount of financial commitment on its own, but this is further complicated by the many middlemen involved in the process. Agent fees and various other fees are often incurred when trying to buy a piece of real estate and this is even more expensive if the property in question is being bought in a different country. Then, conversion rates, international taxes, and so on are brought into the mix.
Crypto has successfully democratized many processes such as the buying of art, digital assets, and so on but now, Contra Global is working towards applying this concept to real estate as well through their innovative platform. Using their features, users can access the global real estate market with much more ease.
At the center of the Contra Global universe is the native Contracoin token (CTCN) which is a means by which property transactions are streamlined across borders. If a user in America wishes to buy a property in the United Kingdom, they will have to navigate the conversion of dollars to pounds and the fees associated with conversions but with the (CTCN) token is the same value everywhere which means buying property across borders is streamlined.
Contra Global offers a wide range of properties on its websites from across the world and all payments are denominated in the native token which users can use to make purchases and conduct various transactions.
The properties listed on the Contra Global website are of different types from condos to multi-story properties. Users can choose to view the prices in their native currency or in the CTCN token and can make payments through the website. Properties are listed from all over the world and depending on where a customer wishes to purchase a property from, they can search according to their needs. The ultimate goal of a platform like this is to make real estate purchases across the globe more streamlined and more accessible for everyone.
“Raising capital by utilizing blockchain technology to issue tokens democratizes the whole process of buying and selling real estate,” said Barry Lipscombe, CEO of Contracoin. “Removing traditionally high barriers to entry as well as intermediary fees for real estate, tokenization is an extremely attractive concept.”
Blockchain is also used by the platform to make sure that transactions are carried out with more efficiency and more speed and that there is a permanent irrefutable ledger of transactions which cuts down on the possibility of human error. The market has certainly responded positively to this as since its launch in 2018, Contra Global has been able to secure thousands of users as well as their global merchants that are attached to its parent company Contracard.
The team behind the company also consists of many professionals from real estate to blockchain to finance meaning that only the best expertise is being used to develop the platform moving forward. More announcements from the company are expected to come soon.”
California Housing Crisis Bill Ignites Scrutiny
With the California housing crisis still looming, new bills introduced by governor Gavin Newsom as a solution are attracting much criticism from real estate investors.
Report courtesy of California’s Fox 2 KTVU
For in-depth details of this report, see more information in the news notes.
Khoshbin Buys Trinity Broadcasting Campus
In a move to create a private members-only club, a museum, and creative hub, well known real estate investor and YouTuber purchases the former Christian television programming headquarters site.
Quoting Samantha Gowen of The Orange County Register, “The former Trinity Broadcasting Network campus in Costa Mesa has changed hands again, this time selling to Khoshbin Co. for $22 million, according to CBRE.
Khoshbin Co. is owned by real estate developer and supercar collector Manuchehr “Manny” Khoshbin (pronounced kaash-bin).
Plans for the campus remain somewhat fluid, Khosbhin told the Register on Friday via email. An early vision to add a car museum, restaurant and creative office spaces could shift if a tech company shows interest in the space.
Khoshbin has 2.3 million followers on Instagram where he can often be seen posting photos and videos about supercars. Car enthusiast websites estimate his personal car collection is worth at least $50 million.
In a video posted to YouTube, Khoshbin shares details of a custom Hermes Bugatti Chiron, one supercar in a $17 million collection he ordered a year ago. Other supercars included a McLaren Speedtail, Koenigsegg Jesko and a Mercedes AMG Project ONE.
The real estate developer and investor is buying a property that had long been known for its Christmas light decorations that brightened the 405 freeway near South Coast Plaza.
The Christian-based television network bought the 6-acre facility in 1996 for $6 million and sold it in 2017 for an undisclosed sum to Greenlaw Partners. The property at 3150 Bear St. has since changed owners, and property records show the seller was Alliance South Coast Properties LLC.
According to city and state documents, the LLC is owned by EFEKTA Orange Inc., an education provider based in Delaware. The company in 2019 requested an infrastructure change with the city to create a 627-student international language school with three dormitories at the property.
TBN Founder Paul Crouch – who said he heard God tell him to start a Christian TV network nearly 45 years ago – died in 2013. His wife and co-founder, Jan Crouch, died in May 2016.
The network continues to broadcast from a studio in Tustin.
Anthony DeLorenzo, Gary Stache, Doug Mack, Bryan Johnson and Justin Hill of CBRE represented the seller. Khoshbin Co. was self-represented.
Representatives from Khoshbin Co. could not be reached by telephone Thursday afternoon.”
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Supercar Collector Manny Khoshbin Buys Former Trinity Broadcasting Campus For $22 Million