Jay Z and Will Smith Have Invested $165 Million in Start Up That Helps Renters Become Homeowners

• American superstars Jay Z and Will Smith have invested a combined sum of $165 million in a tech company that helps renters pay up monthly for permanent homes
• The money will be used to acquire about 1,000 houses, which will be rented out to low-income families until they can get a mortgage
• The tech start-up, Landis Technologies, wants to see 80% of its renters become homeowners after two years

Famous American celebrities Jay Z and Will Smith have joined forces as investors in the real estate start-up Landis Technologies, which seeks to use a rent-to-own finance strategy to convert tenants into property owners.

The two celebrities raised money through their respective companies, Roc Nation and Dreamers VC, along with other investors who helped Landis raise more than $165 million.

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The tech start-up says that they will try to teach customers the best ways to manage their finances more effectively, boost their credit ratings, and save money.

Landis Technologies has a unique model of operation. The company buys houses for its clients, who can then rent them out while they wait to become eligible for mortgages. Aspiring homeowners engage with a committed coach to enhance their financial knowledge and strengthen their credit.

They contribute a portion of their rent at that period to the down payment on their ideal home. Clients can then buy the home at a fixed price after two years. With the additional funds from Jay Z and Will Smith, Landis plans to acquire around 1,000 properties that cost between $110,000 and $400,000.

Popular Ghanaian-American Comedian Michael Blackson Is Building A School In His Hometown, Nsaba, In Ghana

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In an earlier story, YEN.com.gh wrote about how popular Ghanaian-American comedian Michael Blackson is building a school in his hometown in Ghana. Michael Blackson Academy will be the school's name, and it is the comedian's way of giving back to the community.

He admitted in an interview that he had been homeless as a youngster and had lived in shelters, among other places, due to poverty.

Source: YEN.com.gh