A veteran entrepreneur, Stefan Schimenes has deep experience turning over failing industries with new, fresh tech. Most recently, Schimenes has launched InvestReal, a data-enabled real estate marketplace that connects developers looking for funding for projects with investors, more specifically, Opportunity Zone projects.
The Opportunity Zone Program, created as part of the Tax Cuts and Job Act of 2017, drives long-term capital investments into historical communities that don't have as much fiscal backing as others, but are just as important. The program covers over 8,7000 eligible census tracks in the United States and is meant to bring economic growth and job creation in these deserving areas. Investors interested in the deal can roll capital gains into a Qualified Opportunity Zone fund to defer tax obligations until 2026, reduce their tax liability from 110% to 15%, and if the investment is held for at least 10 years, it will grow tax free.
Schimenes saw a dip in the market with the emergence of the Opportunity Zone legislation that lead to a flood of new people looking to invest to take advantage of the tax incentive. Many of these investors have never done dealings with real estate or have any relations to developers. But, developers are looking for newly available capital, so the two need a bridge to connect them. That's where InvestReal comes in. The platform has a deeply integrated data analytics feature which utilizes machine learning to help its users research and make better informed decisions when it comes to investing in these developers.
Schimenes is a former Airbnb executive who was part of the success the company saw as it built up in Latin America.
"Technology is a powerful tool that we can leverage to make real estate more efficient. Whether that is done through bringing people together, or harnessing machine learning to compile and analyze critical data sets, the possibilities are limitless," says Schimenes.
SOURCE InvestReal
Edited by V. Haviland
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