Buying a House on the blockchain with SBD!!! The craziest Steem investment I've made to date is NatEstate.

3 months ago
69 in nateestate


Well put down your drinks because this story should have a couple spit takes. I'm the second investor to help @picokernel buy a house. He's an 18 year old steemit employee living down in VA and he's going to buy a house. I heard about this plan on Discord's Steemspeak channel.

Here's the rough plan. @picokernel is going to crowd source some cash to buy to house. He's going to own a home where he can commute to Steemit. He'll buy some shares himself as part of the down payment, but he'll buy the tokens back over time!

He called the bank this morning and shared the call with the banker on the other end of the line. Fuckin' hilarious. Some highlights.

Bankster: So, where do you work?
@picokernel: Steemit
Bankster: Do you have a W2?
@picokernel: Not right now. I'm still in school, I have a bunch of bitcoin. Have you heard of Bitcoin?
Bankster: yes, I've heard of it... It's been on the news. Where do you go to school?
@picokernel: I'm still in high school.
Bankster- shit hits pants... Pause...
@picokernel: I'm raising the money, we'll be able to pay. Do you think we can make this work?
Bankster: pause... Yes I think so!!!

There is a full recording. I'll post the link in this post- https://drive.google.com/open?id=0B57iVnbv2heONHh3c19SSHdyQ0k

So, I like @picokernel. I wanted to be part of this. @fyrstikken beat me to being the first investor. But I'm the second. If you'd like to get in on this part of history contact @picokernel and chill out with us in Discord.

Here's @fyrstikken 's post- https://steemit.com/steemit-house/@fyrstikken/i-bought-the-first-shares-in-the-natestate-nest-the-first-house-on-the-blockchain-a-home-for-picokernel-in-va-co-owned-by-all-of

Here's Nate's explanation:

"So basically, I am buying a house with my own funds and some of these pre ico funds
and when I buy put a down payment on the house and officially own it, I will release the ICO and give everyone who already paid there tokens
so with these tokens, you own a share of the house
and when I sell the house, you will be entitled to a portion of whatever I sell it for
so if I buy the house at $175,000
I will issue 175,000 nest tokens
and if I sell the house at $180,000, I will buy back all the tokens for that new price
and also being a shareholder has perks because you can vote on certain things
like if we want to install a pool because we think that'll improve the value"

Here's a diagram that may help clarify the plan.

You can find more on that here: https://steemit.com/steemit-house/@mckenziegary/if-you-re-wondering-how-natestate-nest-may-work-here-s-how It was written by @mckenziegary.

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Sort Order:  trending
58
  ·  3 months ago

Congratulations Nate! it was awesome being in the discord hearing you recording the entire process it was so exciting all the way up to @frystikken purchasing the first shares!

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69
  ·  3 months ago

It's hilarious right! "I'm in high school!" Nate, 2017!

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55
  ·  3 months ago

this is amazing! love it!

54
  ·  3 months ago

This is a war story!
Crytpo vs The Banks
The battle of @picokernel
From the front lines!
Crypto for the win!!!! :)

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69
  ·  3 months ago

Yeah, if an 18 yo can pull this off then we all can!

59
  ·  3 months ago

Nice house! :D Maybe someday I'll buy a house with SBD

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42
  ·  3 months ago

Keep it up... Who knows whats out there for us...

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59
  ·  3 months ago

true that!

62
  ·  3 months ago

A look from behind the scenes. Nice!

53
  ·  3 months ago

A teenagers dream, stable and independent.

66
  ·  3 months ago

This is quite interesting and I'd consider getting in, but there are some questions.

I'm assume Nate will be paying the annual taxes on the property? How about maintenance over the years, replacing a roof let's say.

Will those costs devalue someone's coins or are they separate from them. I noticed he will crowdshare decisions on upgrades, but those are luxuries as opposed to maintenance which is necessary.

Etc. etc., inquiring minds want to know....though this stuff may be in the recording, gonna listen to it now.

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69
  ·  3 months ago

Great questions! More details to be worked out for sure.

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66
  ·  3 months ago

Cool, look forward to it. I've been investing and studying up on real estate for several years so am more than happy to pitch in on any items/questions that need to be ironed out as well.

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69
  ·  3 months ago
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63
  ·  3 months ago

these were my exact first thoughts too! lol

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66
  ·  3 months ago

Not sure if it was in any of the posts but @picokernel answered those questions. He would be paying the taxes and any maintenance out of pocket.

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63
  ·  3 months ago

yeah, but that wouldn't make for a very good business model...

if I buy the house at $175,000
I will issue 175,000 nest tokens
and if I sell the house at $180,000

while he eats the $15,000+ in taxes, repairs, maintenance, closing fees, broker fees... not to say this model can't work with a bit of modification. ie. find a house with ROI potential minimum 10%+ that you can rent out, pay excess as dividends after a predesignated expense buffer is accumulated, upon sale, distribute proceeds via a buyback. Perhaps we can call this "new structure" a crypto REIT. lol

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66
  ·  3 months ago

Well yes, that is loosely what it looks like.

I'm sure there will be expansion of the idea. From what it looks like - as it sits now basically the tokens are a the equivalent to a loan that pays for the remaining balance on the home, they have no interest but can make appreciation.

Very basic. I'm sure it will be evolved if they push this project forward.

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63
  ·  3 months ago

also recently commented this on another post, but especially in the United States, here are a few other potential "issues" to be aware of...

the real key to "legality" (in the United States, at least) is to determine if ICOs pass the "Howey Test"...

The "Howey Test" is a test created by the Supreme Court for determining whether certain transactions qualify as "investment contracts." If so, then under the Securities Act of 1933 and the Securities Exchange Act of 1934, those transactions are considered securities and therefore subject to certain disclosure and registration requirements.

Link: What Is the Howey Test?

You may also find these helpful as well:
Link: Appcoin Law: ICOs the Right Way

and for a really in-depth PDF overview...
Link: A Securities Law Framework for Blockchain Tokens (27 page PDF)

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55
  ·  3 months ago

You can't do it in the US as stated, The ICO is irrelevant to what the scheme constitutes, which is a real estate invest fund.

As such real estate investment law applies and the investment scheme needs to be wrapped in a proper legal infrastructure of partnerships. Additionally it is almost guaranteed that you must supply needed disclosure documents, KYC, and a qualified investor questionnaire. You should contact a qualified attorney to determine how this structure needs to be setup, otherwise your going to have problems, and not just with the government. A US citizen can take you to court and sue you personally if you don't take the proper steps to insulate yourself in the means that the law provides. There are certain people who will sue if they know they can win a suit, they can claim you swindled them. They will show the court all the steps you should have taken and didn't. Just things to think about...

65
  ·  3 months ago

Well I'm speechless.... for about 16 different reasons.

Most jerks will claim "oh yeah, that's been done many times before"....

Really? NO IT HASN'T. :)

A first. Very creative to even think of something like this.... wow. Just so very cool... Imagine that...

65
  ·  3 months ago

haha,
@picokernel: I'm raising the money, we'll be able to pay. Do you think we can make this work?

Banksters thinks: "Bitcoin has to be safer than all those derivatives we own"

Bankster: Yes I think so!!!

58
  ·  3 months ago

Someone promoted your post. Promotions help every steemians.
Your reward is an upvote and 0.426 SBD extra promotion.
Good job, see you next time in Promoted! ;)

60
  ·  3 months ago

@aggroed
I like your post and I hope you can achieve your dreams through SBD. I hope and pray I can do the same! :)

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69
  ·  3 months ago

Thanks so much! Best of luck!

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60
  ·  3 months ago

@you're welcome and thank you, too! :)

75
  ·  3 months ago

Very cool. It looks like steemit will be helping me build my own house, but buying one is way cool too!

58
  ·  3 months ago

Wow Sounds really cool! Wish I thought of that. I need a home right now. Been on the street for a month so far. Very good idea! Love it!

71
  ·  3 months ago

ha ha, nice :-)

51
  ·  3 months ago

This is crazy but makes a lot of sense in a way... Stay awesome guys!

46
  ·  3 months ago

lovely house and location... :)

75
  ·  3 months ago

exciting!

56
  ·  3 months ago

Congratulations, i really like your conversation with bankster, it is so hilarious.

56
  ·  3 months ago

I want in!

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60
  ·  3 months ago

GET IN BRO!

59
  ·  3 months ago

Nice house @aggroed
very good, hopefully I can also buy a home by joining steemit, thanks for sharing this post.

31
  ·  3 months ago

This just might be epic! The future is happening. #cryptorevolution

53
  ·  3 months ago

Great idea, love to see this kind of spirit in a teenager! Looking promising for the future!

60
  ·  3 months ago

LOL, we are going to raise tiny horses on it , a mini-vineyard built on it and live cam girls ! I invested ( 3rd investor next to you!) we made history!

43
  ·  3 months ago

"I'm finishing High School in 2 weeks..." was cool to hear the application with Susan on the phone. Congrad's man!!!

53
  ·  3 months ago

Very creative! :)

54
  ·  3 months ago

This is such an inspiring and awesome post! Followed.

Cheers,
@clayford08

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69
  ·  3 months ago

So glad to have you here and thanks!

57
  ·  3 months ago

Amazing idea. This might just become another way of buying a home.

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69
  ·  3 months ago

i think thats what @fyrstikken is hoping for

56
  ·  3 months ago

Very cool to see a community come together and help someone out!

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69
  ·  3 months ago

I'm stoked to be a part of this!

52
  ·  3 months ago

Beautiful house...with beautiful place ...Upvoted and followed

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69
  ·  3 months ago

Glad to have you on board! Fun right!

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52
  ·  3 months ago

Thank you...

41
  ·  3 months ago

Real cool and I am taking your idea as motivtion to start doing something similar in atlanta.

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69
  ·  3 months ago

Thats awesome. I bet you can get some help in the discord channel!

48
  ·  3 months ago

How incredible, seeing steem's real-world use increase by the day. Congratulations on the investment :)

52
  ·  3 months ago

It's not so nice to call her a bankster, listening now to the call, the thing is most people are just parrots not really understanding that they are participating in fraud.

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69
  ·  3 months ago

She's not a terrible person. She's just in a terrible profession right now.

40
  ·  3 months ago

awesome!

53
  ·  3 months ago

Who knows maybe I'll need to borrow a room one day, with that said
This is just Great, I've got to get in on this...

  • Walking over to the pre-ico line*
55
  ·  3 months ago

"I'm in Highschool" ! I'm so impressed and I am so darn old! Good for you! What a great story!

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69
  ·  3 months ago

It's hard to tell in the recording but that pause she makes when he says that's is palpable!

55
  ·  3 months ago

LOL, you need guts to tell the banker that you study in high school and want to buy house. And the only asset you have is your Bitcoins!!!

59
  ·  3 months ago

coooool

35
  ·  3 months ago

I think this is awesome. You got a good head on your shoulder and will have no problem making this work. Please keep us updated, I might be interested in investing.

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69
  ·  3 months ago

Come on in. It's makin' history. Even if the money doesn't work out perfectly you're gonna make some great contacts.

49
  ·  3 months ago

love it :)

26
  ·  3 months ago

Great idea and best of luck to you! All you need is an attorney to write it up and the title and deed. Might want to think about an AirBnB or room rent opportunity for securing a faster ROI. Cheers!

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69
  ·  3 months ago

Those are on the radar!

51
  ·  3 months ago

great...rs and upvote for u....

48
  ·  3 months ago

This is amazing, count me in!

52
  ·  3 months ago

I like you guys and I like the concept. This is a nice action and you are brave. I think the same concept and way to work can be used for other projects.

36
  ·  3 months ago

I don't get the complete picture, but none the less really cool!

54
  ·  3 months ago

Fantastic @aggroed
Stories like this make me glad to be part of the Wonderful Steemit community!

46
  ·  3 months ago

Bangsters don't know how to work outside of the bubble they live in. Very funny conversation.

54
  ·  3 months ago

Nice diagrams!

65
  ·  3 months ago

hahahaha this is awesome. Can we start a prediction market on whether his mortgage underwriter will approve this? Let's just say that I'd be less than optimistic of his chances.

50
  ·  3 months ago

Maybe someday I will have my dream house. I hope so. 😂🏡🤞🏻Upvoted

43
  ·  3 months ago

Hi, I've seen some of your publications I'm going to follow, follow me and let's collaborate together =)

39
  ·  3 months ago

That is awesome. People are waiting for the future but the future is right now.

42
  ·  3 months ago

congratulation Nat. it's really an amazing venture.

44
  ·  3 months ago

Do you want to trade some shitcoins? lol

40
  ·  3 months ago

great concept.

39
  ·  3 months ago

I think is awesome, and I will be definately buying into this. Things like this keep me interested in steemit.

3
  ·  3 months ago

Verg good!

52
  ·  3 months ago

Congratulation !

39
  ·  3 months ago

I really hope we continue things similar to this, if we do we will see further growth for this coin as it develops into its own economy rather then speculation.

I wish had the same creativity as you to try this, this will go for any coins as it develops more and more of its own eco system you will see the value of the coin grow.

45
  ·  3 months ago

Very interesting idea! Will be interesting to see what happens as details are worked through & techniques sharpened.
Although state to state real estate laws vary, hopefully can be expanded upon.
I'd love to send out an advertising headlines "Buy Your House w/ Crypto"
Definitely, will follow.

47
  ·  3 months ago

hahahah I guess you bord already with knowledge

53
  ·  3 months ago

This absolutely made my day! Haha. But I wish you the best of luck on this unique plan!

54
  ·  3 months ago

Haha wow, this is a such a great idea.
Cangratulations Nate!!

58
  ·  3 months ago

What a great idea. You got at least my upvote and resteem!

WIll read more into this,even with a small steemit wallet, from being here just two month.

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69
  ·  3 months ago

Thanks! Consider upvoting my witness too please!

58
  ·  3 months ago

Just a awesome plan!

46
  ·  3 months ago

Nice! Please upvote resteemit comment on my post and follow me @mlmtraffic