Jay-Z and Will Smith both financially backed the rent-to-own real estate company, Landis, that promises to make homeownership real for struggling buyers. Many people are saying it worked for them.
Will Smith’s investment group Dreamers VC and Jay-Z’s Roc Nation have joined forces to invest in Landis, a real estate company with the mission to help renters who couldn’t afford to buy become homeowners. The company purchases a house and rents it to the client until they can qualify for a mortgage. The client can buy it back at a predetermined price up to two years after the initial acquisition.
Jay-Z and Will Smith did not publicly disclose how much they invested in the company, but Landis just raised $165 million from a group of investors that includes Sequoia Capital as well.
Landis appears to be working according to reviews from happy new homeowners who have gone through the process which starts with an application to Landis. Buyers are then notified within 24 hours if they prequalify for their program and are required to submit income verification documents. Then, a Landis realtor helps the buyer find their dream home. Landis will buy the home with an all-cash offer and the new prospect moves in and rents the place for a year, building their credit and saving a down payment along the way. Finally, when the buyer is mortgage-ready, they buy the house at a pre-set price.
So far renters are very satisfied with Landis. Reviews online are all pretty positive. One customer stated that “Landis was a life saver” another satisfied renter stated that “My experience with Landis was amazing. Julio and the rest of my team helped me find a home and the process was so easy. Thank you!”
Will Smith invested in Landis, and the real estate company is exceeding all expectations. Simultaneously, Will is dealing with the backlash of him slapping Chris Rock at the 94th annual Oscars award show on Sunday night.
Will has apologized but is still subject to harsh criticisms now that the dust has settled and more facts have been revealed. Chris Rock has yet to respond to Will’s apology.
Jay-Z is winning on many fronts from sports, music, and fashion to real estate philanthropy and branding. The mogul’s large investment in Landis is a major reason why the real estate company is experiencing great success.
In February, Jay-Z won once again – this time in the courtroom – when he was awarded $4.5 million in a perfume lawsuit.