ATLANTA — There’s a new way to rent, a way to grow your savings and to actually make money while you’re renting.
Atlanta-based company Roots is providing a new twist to finding a home during a record housing shortage, even helping you earn while you do.
South Fulton resident Trina Reid said she’s leasing from Roots and it’s something she’s never experienced before.
“I’ve never health with a leasing company like them and the work they do in the community,” Reid told Channel 2′s Justin Farmer.
Reid has rented a Roots-owned house for more than four years. The whole time, she’s been making money as an investor in the very company that owners her house.
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“The live in it like you own program has allowed me to save money to be able to purchase a home, [it’s[ just been a great experience,” Reid said.
Roots founder Daniel Dorfman says his company takes their residents’ security deposit and invests it, then deposit an extra $150 in your investment account four times each year, as long as you do three things:
- Pay your rent on time
- Have no police activity at your rental
- Provide a short video of your rental to ensure any small maintenance problems don’t grow large
Dorfman told Channel 2 Action News that the company wanted to give their residents “an opportunity to be partners in the building and along they way, they can earn equity as well.”
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Darrel and Morgan Current, other Roots renters, said the system worked well for them.
“During the year we lived there, [we] made 16% on our investment and nearly doubled our safety deposit and used funds to help us buy our first house,” Darrel Current said.
You also don’t have to rent a Roots home to invest in the concept. In fact, for just $100, anyone can invest in the real estate investment trust.
Financial advisor Ted Jenkin told Channel 2 Action News he likes the idea.
“Even in a recession, what’s defensive, housing we’re seeing a shortage of housing, and that’s exactly what this is,” Jenkin said.
Dorfman said the company’s growth is beyond what they ever expected.
“[It’s the] first real estate fund where investors and residents work together to build wealth together,” he said.
Dorfman said their average rental runs from $1,500 to $2,000 a month, so it’s housing that’s available for a wide group of Atlantans.
To learn more, headline online.
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