Real estate crowdfunding startup GROUNDFLOOR has launched in Atlanta giving investors real estate opportunities by backing independent developers.
Pat Gilroy, founder of RPG Holdings, is looking for investors to renovate a two-story quadruplex on Charles Allen Drive in Midtown.Plans for the property include adjusting the layout of the units to create four units. The interiors of the units will be stripped to the studs and completely renovated. The exterior will undergo a much needed face-lift. Rental rates are expected to range from $750 to $1,400 per unit per month based on area comparables.
Gilroy has 88 pledged investors with nearly $70,000 raised toward a $300,000 goal. Throughout the life of the loans, investors will be privy to confidential reports from the borrower on milestone achievements including construction progress and leasing performance.
For more information on GROUNDFLOOR and how to invest in the pilot project, visit groundfloor.us.