💥 Blueprint, HEAs, Greenville SC & Easy Street Offers

Blueprint Draws PropTech’s Resilient and Emerging Innovators

The mood was euphoric at the first Blueprint proptech conference in 2021, according to a reporter from Business Insider, when some $9.7 billion poured into the industry in the first 6 months of the year.

In 2024, when proptech investments fell by more than half to $4.7 billion in the first six months, the mood at Blueprint shifted from euphoria to a tempered yet growing optimism.

“I’d describe the atmosphere as intense, coupled with optimism,” said Kenon Chen, executive vice president of Strategy and Growth at Clear Capital, a real estate valuation technology company offering valuation services, data and analytics tools. “There is a great mix of folks who have come through a tough market and survived.”

Chen, who has attended Blueprint for all four years and been with Clear Capital for 21 years, remarked that many early adopters of proptech didn't realize that the pace at which most startups operate and the speed of financing are two entirely different animals.

“The thing that was most exciting in 2021 was that you had a number of founders who hadn’t been told no yet,” Chen said. “There was a lot of optimism and belief in transformation.”

Many founders did not fully grasp the challenges of navigating policy and regulatory environments, along with other market complexities, required to finance the housing market.

“The leaders who are still around are more resilient,” he added.

The key to success is for companies to get better data earlier in the process, according to Chen.

“We want founders to focus on the business model without worrying about how to get high-quality data. We connect the dots for people,” he said. “We connect proptech to fintech.”

Meeting of Great Minds ($4.7 Billion Isn’t Chump Change)

Blueprint, which wrapped its most recent 3-day conference in Las Vegas on Sept. 18, is still drawing some of the leading players in the proptech world. (A complete list of speakers is here.)

“The glue that holds the conference together is that maybe there can be an ‘aha moment’ during the conference experience,” said Martin Kelly, the president of Blueprint. “The focus of our event is the future of the built world — we bring together a new wave of ideas from across the built world.”

Unlike conferences devoted to multifamily, or the construction industry, or real estate brokers, or property management, Blueprint pulls attendees from across various industries. This makes for a unique gathering that attracts players in venture capital, climate tech, construction companies, hotel multinationals, proptech startups and others. 

The conference numbers, and lineup of speakers, are pretty impressive:

• 3,000+ attendees 

• More than 900 built world executives

• More than 850 startups and investors

• More than 50 countries are represented

“Regardless of what profile you are,” said Kelly, who took over Blueprint two years ago. “This is where the great minds of the built world gather.”

The diversity in both business models and problems is unlike any other conference throughout the year, making networking more of a focal point than the industry specific variety where deals are paramount. 

Lior Abramovich, CEO of Blanket, shared a refreshing perspective on his experience this year. “I attended with zero set meetings and one objective—to spend time with industry friends and enjoy some organic networking. Unlike at NARPM, the industry leader in property management-specific conferences where every attendee is a potential Blanket customer, I was able to take my foot off the gas for a brief moment.

“Blueprint can be an amazing place to connect with venture capital if you’re raising funds, but that’s not where we are or why I’m here. I’m always happy to connect with new people, but the ones I partner with long-term must be the right relationships built over time.”

It’s a Long Way From the Days of Euphoria. ROI, Anyone?

The 2021 conference generated some breathless coverage from a Business Insider reporter: “The sense of euphoria over proptech's meteoric rise was palpable,” Alex Nicoll wrote in October of that year.

Kelly said the tone of the conference has shifted since then.

“The industry aspect, one of the differences is that there is a lot of focus on getting new technologies to work,” Kelly said. “People need to see ROI.”

Investments in proptech reflect those shifts in the industry, one buffeted by macroeconomic uncertainty, rising interest rates, and a tightening residential real estate market. The slowdown has spurred a cascade of RIFs at a number of once high-flying startups, bankruptcies and mergers:

• Venture capital investment in proptech fell 42% in 2023 to $11.38 billion, down from $19.75 billion in 2022, according to Multifamily Dive.

• The first quarter of 2023 saw the lowest funding quarter since Q3 2020, with $1.2 billion in investment. 

• In the first half of 2024, venture capital investments in proptech fell 14.3% to $4.47 billion, down from $5.1 billion in the same period in 2023, Commercial Observer reported.

Back in 2021, the rapper Ludacris sang at one of the after parties, a sweaty event attended by the same breathless Business Insider reporter. In 2022, Nelly was the after-party talent; in 2023, it was Ceelo Green.

Kelly said this year’s after party was held at Flight Club, a space where traditional dart games get a high-tech makeover. Endpoint, a digital title and escrow company that aims to make the closing process easier, also sponsored a puppy lounge during the three-day event.

VTS (View the Space) was identified as an early unicorn at the 2021 conference. Last month, it laid off 20% of its staff. 

New Ways to Tap Home Equity Proliferate

With homeowners holding some $35 trillion in equity, a lot of Americans are feeling plenty property rich these days. The problem is accessing that cash to renovate a kitchen or bathroom, redecorate a bedroom, buy new furniture or put some of that money to work by buying an investment property.

There is the tried and true HELOC route (Home Equity Line of Credit) but even with rates easing in recent weeks homeowners will pay north of 8% for one of these loans — and take on monthly payments. 

Enter home equity agreements (HEAs), which allow homeowners to tap into their equity while avoiding monthly payments by agreeing to pay the HEA company a percentage of the home’s future value when it is sold. 

HEAs are betting that the home will appreciate in value and they will make money on the sale. They are also known as home equity sharing or home equity investments (HEIs). Given the $35 trillion in equity Americans are now holding, these products are primed to become significant players in the real estate industry. (A Transunion report from March puts the amount of tappable equity at $22.1 trillion when all homeowners — including those with scores below 620 — are included.)

Institutions, and Investors, See an Opportunity

There are a number of companies in the space, and some large investment firms have thrown their weight behind them.

One of them, Unlock Technologies, announced on Sept. 3 that D2 Asset Management (D2) made a $30 million Series B equity investment and committed another $250 million in capital to support its growth. 

In just a year, Unlock has almost doubled its business. It now operates in 14 markets but is eyeing a national footprint.

The global investment firm Carlyle announced on Sept. 17 that it purchased up to $300 million of equity sharing home loans from Unison. Carlyle also made an investment into Unison to help it launch its Equity Sharing Home Loan product to allow homeowners to access home equity.

Point, another fintech company that helps homeowners access home equity, secured $115 million in funding to accelerate company growth in May of 2022. That Series C round was led by WestCap, and its existing investors include some of Silicon Valley’s leading venture capitalists: Andreessen Horowitz, Ribbit Capital, Redwood Trust, Atalaya Capital Management, and DAG Ventures. 

So it seems the smart money is betting that these loan products will continue to grow — as it seems unlikely that mortgage rates are ever going back to their historical lows of around 3%.

The Upsides, and Downsides, of HEAs

For many homeowners, the fact that an HEA does not require monthly payments is particularly attractive. Qualifications for an HEA are less stringent since those payments are excluded, so debt-to-income ratios and credit scores are viewed differently. This helps those who have freelance or irregular streams of income, but still have at least a 30% equity stake in their homes.

For a HELOC, the home is used as collateral, and while that is not the case with an HEA, a percentage of the equity on the home will be paid out when it is sold.

Those considering an HEA should take these cons into account:

• Can cost more than home equity loans: If a home’s value increases significantly over time, the payout will be higher than interest on equity loans.

• Options limited when selling: HEAs may include restrictions when it comes time to put a home on the market

• Limits on repairs or modification: The HEA might restrict home repairs, home improvements or other modifications to the property 

In the end, according to an analysis from Marketwatch, an HEA can end up costing the homeowner more than a HELOC. Origination fees can range from 3-5% and 5%, and administrative costs can add a few thousand dollars, along with the home appraisal and other legal fees.

• A homeowner with $200,000 in equity on a $300,000 property, can qualify for $50,000. A 4% origination would put upfront costs at $2,000, plus appraisal and legal costs. 

• A percentage of the appreciation is paid upon sale. A home that increases $300,000 in value, with 40% owed to the HEA, would mean $120,000 goes to the investor.

• A traditional loan, such as a home equity product, with a 7% APR on a $50,000 loan with a 30-year term, could cost an additional $70,000 in interest and fees.

• A 30-year home equity line of credit (HELOC) with a 10-year draw period, a 20-year repayment period and a 10% APR, could cost less than $5,000, if a small amount is spent and the loan is repaid quickly. 

Here is a sample deal provided by Point that indicates a 20% return a year over 5 years for them:

Our Take and Where do We Go From Here

HEAs appear to be a good option for a homeowner who has a reasonable amount of equity and needs cash in the short term. Companies are betting homes will appreciate, and given the pattern in the last 5 years or so and the ongoing shortage of housing, this feels like a pretty safe bet.

But for homeowners with good credit scores, steady income and a low debt ratio, options such as a HELOC, cash-out refinance or a personal loan might be better.

A couple of other factors to keep in mind. Many of these HEA companies are only operating in some states, and certain types of housing (think condos and cooperatives) may not qualify.

With all the untapped equity in the housing market — $22.1 trillion and counting — these companies are making a pitch that it’s better to access that money now rather than sitting on it. Homeowners, especially those who see their properties appreciate at a high rate, will be surrendering a lot of equity when they sell if they decide to go with an HEA.

Given that home equity is one of the best ways to build generational wealth, we recommend anybody considering an HEA carefully crunch the numbers, consider all their options, and think about the ramifications of sharing a chunk of their wealth with a third party.

Greenville, South Carolina

Greenville's economy is driven by a diverse range of industries, including automotive, advanced manufacturing, health care, and logistics. BMW, Michelin, GE, and Fluor Corporation have significant operations in the city, ensuring a steady employment base. Greenville’s strategic location along the I-85 corridor between Atlanta and Charlotte makes it a natural logistics and distribution hub​.

The largest employment sector in Greenville is health services, anchored by Prisma Health which employs over 15,000 people. Greenville has seen substantial capital investment in recent years, with over $6.6 billion in new investment since 2001​, according to the Greenville Business Magazine. 

Another major employer is Michelin North America, which operates its research, development, and manufacturing hub here, employing over 7,100 workers​. Several other major employers are either expanding or relocating to Greenville, including Erchonia Corporation, a leader in laser technology that recently announced it was investing $6.7 million to move its headquarters from Florida to Greenville, bringing 51 jobs. Additionally, Tesla and EnerSys have made substantial investments in the area, bolstering the industrial and energy sectors.

The Greenville rental market remains strong because of the influx of young professionals and families attracted to jobs and the area’s quality of life. 

The average rent in Greenville, South Carolina is $1,262 per month as of September 2024, 19% lower than the national average of $1,564 per month, according to Apartments.com. The average rents are:

• Studio: $1,277 per month

• One-bedroom: $1,262 per month

• Two-bedroom: $1,488 per month

• Three-bedroom: $1,747 or more per month 

• Homes rent for an average $1,750 per month, with a range of $422–$6,500.

The city is investing in infrastructure improvements such as the Swamp Rabbit Trail extension, a 28-mile walking and bicycling greenway that traverses the Reedy River and connects Travelers Rest with the city. New green spaces like the West End’s City Park, and traffic decongestion projects like the Woodruff Road bypass are in the works.

Downtown Greenville has undergone significant revitalization, with development of mixed-use properties, retail, and residential spaces. Neighborhoods like Overbrook, West End, and Laurens Road Corridor are growing rapidly.

Greenville offers a more affordable alternative to larger cities in the region, with a median home price of $306,938. While values have been increasing, the market remains more accessible to investors than Atlanta ($400k) or Charlotte ($400k).

Demographics

Key Neighborhoods

• West End/Village of West Greenville: This area has seen substantial revitalization in recent years, with many new restaurants, galleries, and mixed-use developments. It is emerging as a cultural and creative hub, attracting younger residents and artists. 

• Laurens Road Corridor: Significant development is planned along Laurens Road, including new mixed-use projects, theaters, and retail spaces. The area is benefiting from the extension of the Swamp Rabbit Trail, making it more desirable for residents and businesses alike.​ 

• Overbrook: Located just outside downtown, Overbrook is another up-and-coming area. It has a mix of historic homes and new businesses, and its proximity to the Swamp Rabbit Trail and local parks makes it an attractive location for families and professionals.​

• Fountain Inn, Simpsonville, and Greer: These cities, located in the greater Greenville area, are among the fastest-growing areas in the Upstate region. They offer more suburban living while still being in proximity to the amenities of Greenville. These cities have ranked high in growth in recent years, outpacing Greenville proper​.

117 Current Dr

This newly constructed home in Greenville, South Carolina offers 3 spacious bedrooms, 2.5 bathrooms, and approximately 1,900 square feet of living space on a 0.33-acre lot. Each bedroom features walk-in closets with custom built-ins, and the open floor plan creates a welcoming environment for entertaining. The moment you arrive, you'll notice the custom details, from the landscaped yard to the thoughtfully designed interiors. Built to last with durable, low-maintenance materials like Hardy plank siding and luxury vinyl plank flooring throughout, this home is as functional as it is beautiful. Tile flooring in the bathrooms and laundry adds a touch of elegance, while the kitchen is a chef's dream—boasting quartz countertops, stainless steel appliances, and an oversized island that seamlessly connects to the dining area and great room. The modern fireplace in the great room adds warmth and charm, making this home perfect for gatherings and everyday living.

The Investment Thesis

→ New construction built 2024
→ Rent estimate of $2,454 / month
→ 15 min drive to downtown Greenville

 Property Details

 Financial Projections

Interested in Learning More?

*Appreciation based on 4.5% growth rate. 

The Always Present Buyer Next Door

Mason Bridges says real estate was part of his childhood in Thomaston, Georgia, about 65 miles south of Atlanta. His father was an attorney who handled title issues, estate planning and worked in the probate court.

“I grew up in the county clerk’s office pulling deed books and plat maps,” Bridges said. “I always had an inkling that I would go into real estate.”

Aside from a short stint in marketing and public relations after he graduated from the University of West Georgia in Carrollton, Bridges has worked in real estate. At first, he was recruiting  agents for a brokerage and then went on to the acquisitions sales group at Opendoor in 2018, the online portal for buying and selling residential real estate founded in 2014.

“I got the gig at Opendoor and started learning the business more and then got more into the SFR (single-family residential) space,” he said. He also spent 2.5 years at Mynd, the SFR proptech that recently merged with Roofstock.

He owns four homes that he rents out long term in the Thomaston area, and one property in north Phoenix that he bought in 2021, started out renting it through Airbnb and then shifted to a midterm rental. 

These days, he’s got his own business, The Buyer Next Door, and mostly uses direct mail to find clients. He buys and sells SFR properties, flips houses and subdivides land.

This interview has been edited for length and clarity.

What is your special real estate power?

Networking. In real estate, a lot of it is repeatable and it’s system based. Most people can build that out. But not everybody can network, go out to lunch and get on the phone. You need to know the person in the permit office. Then, if a deal comes along, you might have somebody in your network that wants to buy it or somebody else that wants to sell. Not everybody wants to network a lot because it’s time consuming.

What was the hardest lesson you learned early on in your real estate journey, and how did you overcome that and persevere?

We are in the age of consumption and access and the biggest lesson I learned early on is that there is no replacement for taking action. I spent two years reading books and listening to podcasts without really doing anything. Then I decided to take action. Surround yourself with people who are taking action. I would be in a better palace if I had started sooner.

What advice would you offer to somebody looking to get into real estate or grow a portfolio?

Learn how to find deals. You might not have the money but if you can figure out a way to make deals then you can get into a room with people who have the money. If you can buy mobile homes, if you can buy houses, if you can buy land, then you can make things happen.

Among the strategies a property owner could pursue — long-term rental, mid-term rental or short term, (Airbnb), co-living — what works best for you, and why?

I prefer to wholesale. I find the deal and I find the spread. It works if you know how to leverage your network and find the right people — there are a lot of bad players so you have to know what you are doing. We preach massive income, not passive income. When I hold on to a property, I prefer the midterm rentals since you get a high-quality tenant. If you get into a year lease and it goes bad in month 2, you have a problem.

(Editor’s note: A wholesaler acts as a middleman, buying a property under contract then selling it to another buyer for a higher price.)

What do you think is the biggest issue investors face in 2024 and beyond?

I think the cost of owning real estate is going to continue to be an issue, not just the financing, but taxes and insurance. The cost of actually owning property is getting higher and higher and it makes it extremely difficult to find a deal. If you don’t find a deal, you might not make it.

Easy Street Offers

In the dynamic world of real estate, Easy Street Offers emerges as a premier online marketplace that bridges the gap between real estate agents and property investors for cash transactions. By offering a seamless, user-friendly platform, Easy Street Offers transforms traditional real estate dealings, delivering quality offers, vetted investors, and an exceptional experience from start to finish.

From Founder’s Vision to Market Innovation

Dan Noma Jr., the founder and CEO of Easy Street Offers, is a seasoned veteran in iBuying  and the collective proptech industry. With a career dating back to 2004, Noma played a pivotal role in some of the first institutional real estate transactions as a broker representing Invitation Homes when they entered SFR in 2011. His extensive experience led to the creation of Venture REI portfolio companies specializing in property management, brokerage, and technology—earning spots on the Inc. 5000 list multiple times since 2018.

Easy Street Offers represents the culmination of Noma's entrepreneurial journey, aiming to close the gap between institutional and retail buyers with a keen focus on enhancing the consumer journey. "The idea of certainty was introduced with consumer iBuyers like Opendoor, Offerpad, and Zillow," says Noma. "Being able to transact without dealing with the pain points of inspections, appraisals, or financing falling through is a welcome change for sellers."

Building on this concept, Noma developed iRealEstatePro, a platform enabling agents to aggregate iBuyer offers as a value-add to their listing process. "By closing the gap on pricing asymmetry, you remove the last hurdle to building credibility as an agent," Noma explains.

Easy Street Offers is the next logical evolution, addressing the pain points of institutional investors, retail investors, and agents seeking cash offer solutions—all bundled into one comprehensive marketplace.

How it Works

Easy Street Offers functions as a dynamic, two-sided marketplace catering to both investors and real estate agents, providing tailored tools and resources to meet their unique needs.

For Investors:

• Exclusive Off-Market Listings: Access a curated selection of properties not available elsewhere.

• Advanced Investment Intelligence: Utilize custom modeling tools for data-driven decisions.

• Complimentary Property Valuations: Receive accurate valuations to assess investment potential.

• Dedicated Support Team: Benefit from an Investment Success Team committed to your goals.

• Customized Offers: Make offers based on institutional-grade financial models tailored to your criteria.

• Detailed Property Filters: Refine searches with advanced filters for precise matches.

• API Integration: Leverage programmatic access for streamlined operations and scalability.

For Agents:

• AgentEmpower and Private Label Prospecting: Enhance marketing efforts with customized tools and branding.

• Customized Marketing Assets: Access a library of materials and playbooks to attract more clients.

• Boost Credibility with Multiple Options: Present cash offers alongside traditional listings.

• Fast Cash Offers: Receive multiple cash offers within 48 hours for your clients.

• Targeted Marketing Data: Utilize farming data for effective campaigns.

• Proven Messaging Strategies: Implement tested cash offer messaging to engage potential sellers.

Expanding Market Coverage:

Currently operating in over 40 markets, Easy Street Offers plans to extend its reach to 25 states by the end of 2024. This expansion reflects the company's commitment to providing widespread access to its innovative platform, connecting more agents and investors nationwide.

Getting Started With Easy Street Offers

For Investors:

1. Register for a Free Account: Sign up on the Easy Street Offers platform.

2. Set Your Investment Criteria: Input your preferences to receive tailored property listings.

3. Access Exclusive Listings: Explore off-market properties using advanced tools.

4. Submit Offers and Manage Transactions: Make offers and oversee deals directly through the platform.

For Agents:

1. Sign Up for a Free Agent Account: Join the platform to unlock powerful business tools.

2. Leverage Marketing Tools: Utilize AgentEmpower and Private Label Prospecting to enhance outreach.

3. Submit Property Details: Provide property information to receive multiple cash offers within 48 hours.

4. Present Options to Clients: Offer cash deals alongside traditional listings for more choices.

By leveraging Easy Street Offers, both investors and agents can streamline processes, access exclusive opportunities, and close deals faster in a competitive real estate market. 

With over 900 active investors, 4,000+ agents, and a cumulative $2.5 billion in deal flow, Easy Street Offers is dedicated to connecting investors with exclusive opportunities while empowering agents to elevate their service offerings. 

Join today and experience the future of cash real estate transactions.

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