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patio11's profile
Patrick McKenzie
Patrick McKenzie
Patrick McKenzie
@patio11

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Patrick McKenzie

@patio11

I work for the Internet, at @stripe, mostly on accelerating startups. Opinions here are my own.

東京都 Tokyo
kalzumeus.com
Joined February 2009

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    1. Patrick McKenzie‏ @patio11 Jan 14
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      I ran into ZeroDown ( https://zerodown.com/  ) on the YC podcast. What an interesting company. The problem they're attempting to solve is "Professionals who are good credit risks are priced out of homeownership by down payment requirements in SFBA/etc due to $$$ houses."

      26 replies 27 retweets 327 likes
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    2. Patrick McKenzie‏ @patio11 Jan 14
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      The mechanism they use to solve that is very approximately "You pick a house. We buy it. You rent it from us at slightly more than market rent. You then vest 15% equity in house over 5 years with a 2 year cliff. We basically expect you to buy us out in 5 years."

      8 replies 3 retweets 65 likes
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    3. Patrick McKenzie‏ @patio11 Jan 14
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      This is super, super clever, because it's a tech company and a real estate fund. The real estate fund, which has cost-of-capital and return requirements which are *very different* from the tech company, is where most of the action very probably is.

      3 replies 0 retweets 45 likes
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    4. Rushi D Trivedi‏ @RushiDTrivedi Jan 14
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      Replying to @patio11

      Maybe I am missing the point here...but how is this a tech company at all? Is there any new tech? Where is the tech being leveraged? Sounds more like a call option on a house that you get to live in. You get to lock-in a price and may benefit from it unless there is a crash

      1 reply 0 retweets 0 likes
    5. Patrick McKenzie‏ @patio11 Jan 14
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      Replying to @RushiDTrivedi

      On the question of "Which startups are tech companies?" I venture no opinion because that is a boring question to me. I was pointing out that there are two different entities here: TechCo (~no hard assets, VC-funded capital stack) and PropCo (owns a lot of real estate, ~no VCs).

      1 reply 0 retweets 1 like
      Patrick McKenzie‏ @patio11 Jan 14
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      Replying to @patio11 @RushiDTrivedi

      (That is going to be a model the world sees a lot more of in the next few years.)

      9:35 PM - 14 Jan 2020
      1 reply 0 retweets 0 likes
        1. Rushi D Trivedi‏ @RushiDTrivedi Jan 15
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          Replying to @patio11

          If this corporate structure is their “innovation” then I am not impressed. Their business model seems to be - pay premium for having an option to buy the house that you live in. Renter/future buyers have an option of backing out if real estate falls.

          0 replies 0 retweets 0 likes
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