DOCSLIB.ORG

LATORRE-THESIS-2016.Pdf (6.904Mb)

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
LATORRE-THESIS-2016.Pdf (6.904Mb) Copyright by José Vicente Latorre 2016 The Thesis Committee for Jose Vicente Latorre Certifies that this is the approved version of the following thesis: A Real Estate Crowdfunding Model for Social Impact: The Alley Flat Initiative in Austin, Texas APPROVED BY SUPERVISING COMMITTEE: Supervisor: Jacob A. Wegmann Co-Supervisor: Kristine M. Stiphany A Real Estate Crowdfunding Model for Social Impact: The Alley Flat Initiative in Austin, Texas by Jose Vicente Latorre, B.S. Thesis Presented to the Faculty of the Graduate School of The University of Texas at Austin in Partial Fulfillment of the Requirements for the Degrees of Master of Science in Community and Regional Planning and Master of Science in Sustainable Design The University of Texas at Austin May 2016 Dedication To my family and friends who have been the source of endurance and inspiration during more than 8 years of education and adventures in the US and abroad. To Yure for enduring over two years of struggles and learning, for listening to my “crazy” ideas and helping me find the path to putting them in writing form. To Venezuela, my true home, so that one day I may be able to contribute to the rebuilding of the country and put my knowledge and experience of these years far from you to action in places where they matter the most. Acknowledgements Many thanks to my professors and advisors at Instituto Cumbres de Caracas, Northeastern University and The University of Texas at Austin, who have transferred knowledge and experiences that I will carry with me for the rest of my life. I hope my actions and achievements live up to the level of instruction that all of you have provided. Special thanks to Jake and Kristine for finding time in their busy schedules to provide me with the invaluable feedback and corrections without which this thesis would not be possible. Special thanks to Nicole Joslin at Austin Community Design & Development Center (ACCDC) for sharing her knowledge on the topic of Alley Flats and being a continuous source of feedback to my work. Special gratitude to Dr. Steven Moore, Dr. Barbara Wilson and Sarah Wu for being crucial guides in my discovery of a broader understanding of sustainability and its relationship to issues of social equity, for my time at the 2014 Public Interest Design Program and Design Futures Student Forum in 2015. v Abstract A Real Estate Crowdfunding Model for Social Impact: The Alley Flat Initiative in Austin, Texas Jose Vicente Latorre, MSCRP/MSSD The University of Texas at Austin, 2016 Supervisors: Jacob A Wegmann, Kristine M Stiphany The signing of the Jumpstart Our Businesses (JOBS) Act on April 5th, 2012 has unleashed the potential of crowdfunding for private ventures in the US. The changes on regulation imposed by the JOBS Act and the development of online platforms for crowdfunding have revealed the potential of crowdfunding as an alternative funding mechanism for projects in diverse industries, including real estate. The real estate crowdfunding sector will continue to grow, especially since the implementation of Title III of the Jobs Act in October 2015, which allows for non-accredited investors to participate in the equity crowdfunding industry. This research project studies the potential of real estate crowdfunding as an alternative financing option for projects related to the equitable and sustainable development of urban communities. Specifically, the study is centered on the financing of “reasonably affordable” rental ADUs on legacy homeowner properties in East Austin – a housing infill model proposed by The Alley Flat Initiative. City of Austin ordinances promoting the development of ADUs, approved in November 2015, and an affordability crisis connected to rapid growth of the city make the study of financing alternatives for affordable ADUs relevant and necessary. vi Findings reveal that the real estate equity and peer-to-peer lending crowdfunding models, at the time of study, do not offer a convincing alternative for legacy homeowners to pursue the development of ADUs in their properties. Major limitations stand in the way of a crowdfunded Alley Flat project. However, the research presents recommendations that could contribute to more attainable models of crowdfunding financing for individual homeowners. Relevant terms: Alley Flat Initiative (AFI), Auxiliary Dwelling Units (ADU), crowdfunding, crowdlending, peer-to-peer lending, real estate, alternative finance, affordable housing, housing finance. vii Table of Contents List of Tables ........................................................................................................ xii List of Figures ...................................................................................................... xiii INTRODUCTION: RESEARCH DESIGN ..................................................................... 1 Research Question ......................................................................................... 1 Secondary Research Questions ...................................................................... 1 Problem Statement and Relevance ................................................................. 2 Methodological Approach ............................................................................. 5 CHAPTER 1: LITERATURE REVIEW ....................................................................... 8 Finance Economics ........................................................................................ 8 Real Estate Investment Industry .................................................................... 9 The JOBS Act .............................................................................................. 12 What is next? ................................................................................................ 16 Not-for-profits, Housing And Community Development ............................ 21 Not-For-Profits And Crowdfunding ............................................................ 22 The Alley Flat Initiative ............................................................................... 24 People vote with their clicks: the case for real estate crowdfunding as a driver of community development ..................................................................... 25 CHAPTER 2: REAL ESTATE CROWDFUNDING PLATFORMS: ANALYSIS OF THREE PLATFORMS AND THEIR FEATURED INVESTMENT PRODUCTS .................. 29 General Landscape ....................................................................................... 29 Particular Perspectives ................................................................................. 32 Methodology and Limitations ...................................................................... 32 Findings ........................................................................................................ 35 Fundrise ........................................................................................................ 35 Platform Profile .......................................................................... 35 Investment Opportunities ........................................................... 36 Location: .................................................................................... 36 Building Use: ............................................................................. 37 viii Gross Annual ROI (Return On Investment): ............................. 37 Underlying Security: .................................................................. 37 Crowdfunding Goal: .................................................................. 38 Minimum Investment: ................................................................ 38 Investment Term: ....................................................................... 38 Project Objectives: ..................................................................... 38 Patch of Land ............................................................................................... 40 Platform Profile .......................................................................... 40 Investment Opportunities ........................................................... 41 Location: .................................................................................... 42 Building Use: ............................................................................. 42 Gross Annual ROI (return on investment): ................................ 42 Underlying Security: .................................................................. 42 Crowdfunding Goal: .................................................................. 43 Minimum Investment: ................................................................ 43 Investment Term: ....................................................................... 43 Project Objectives: ..................................................................... 43 Groundfloor .................................................................................................. 45 Platform Profile .......................................................................... 45 Investment Opportunities ........................................................... 46 Location: .................................................................................... 46 Building Use: ............................................................................. 46 Gross Annual ROI (return on investment): ................................ 47 Underlying Security: .................................................................. 47 Crowdfunding Goal: .................................................................
Load more

Recommended publications
  • Eastern Gulf Phase 0 Contents
    Eastern Gulf Phase 0 Contents Introduction 1 ioby’s Mission and Theory of Change 1 What is Phase 0? 1 Research Objectives 1 Methodology & Limitations 2 Local Research Fellow 2 GIS fellow 2 Workshops 2 Interviews 2 Interviewees and Workshop Attendees 2 Survey 4 Limitations 5 The Eastern Gulf Region’s Assets and Challenges 5 Objective #1: Improve ioby’s understanding of each sub-region’s civic landscape. 6 Objective #2: Assess competition and new opportunities for ioby to add value to the region’s civic sector. 13 Objective #3: Measure the region against ioby’s predictors of success. 15 Objective #4: Evaluate potential demand for ioby’s services in the region. 21 Objective #5: Identify the trends that drive communities’ interest in taking on projects like those that ioby typically supports. 24 Objective #6: Characterize civic participation across the region. 30 Objective #7: Recommend strategies to source and serve ioby project leaders across the region. 34 Appendix A — Survey Questions 37 Introduction ioby’s MISSION AND THEORY OF CHANGE ioby directly supports residents rebuilding and strengthening healthy and sustainable neighborhoods, towns, and cities. We blend resource organizing and crowdfunding to help leaders of local projects find the resources they need within their own communities. Our vision is to create a future in which our communities are shaped by the powerful good ideas of our own neighbors. Our mission is to mobilize neighbors who have good ideas to become powerful civic leaders who plan, fund, and make positive change in their own neighborhoods. ioby removes friction from neighborhood action, helping people to make positive change.
    [Show full text]
  • Jun Zhang (10742239) Msc
    To Which Extend Do Material Incentives Matter? A Study on Backers’ Motivation behind Crowdfunding Behaviour Master Thesis Student: Jun Zhang (10742239) MSc. in Business Administration - Entrepreneurship and Innovation Faculty of Business and Economics of UvA Supervisor: First Supervisor: Dr. G.T. Vinig Second Supervisor: Dr. W. van der Aa Date: 26 Jun 2015 (Final Version) Statement of Originality This document is written by Student Jun Zhang, who declares to take full responsibility for the contents of this document. I declare that the text and the work presented in this document is original and that no sources other than those mentioned in the text and its references have been used in creating it. The Faculty of Economics and Business is responsible solely for the supervision of completion of the work, not for the contents. Page 2 of 91 Contents Acknowledgement ..................................................................................................................... 5 Abstract ...................................................................................................................................... 6 1. Introduction ........................................................................................................................ 7 1.1 Academic Relevance ................................................................................................. 10 1.2 Managerial Relevance ............................................................................................... 11 1.3 Thesis Outline ..........................................................................................................
    [Show full text]
  • Crowdfunding and Crowdsourcing
    Crowdfunding and Crowdsourcing Drew Tulchin July 13, 2016 Training Objec-ves • Understand possibili-es, limitaons of crowdfunding & crowdsourcing • Explore different types of crowdfunding models; when each appropriate • Gain familiarity with some online plaorms • Learn best prac-ces • Check out case studies Have fun! Please ask ques/ons at any /me About UpSpring www.upspringassociates.com Network of seasoned consultants for impact investment and development to help businesses, organizations, foundations and governments "Do well by doing good" • Certified HubZone Small Business • ‘B Corporation’ since 2010, the first in New Mexico • Honors: 2015, ‘14 & ‘11 “One of the Best for the World” One of 119 companies from 20 countries 2012 Honoree NM Sustainable Business of the Year Drew Tulchin, MBA, Managing Partner 16 years experience building start-ups and growing organizaons. Specializing in the 'triple boOom line,’ focus is market driven business success that generates social, community, and environmental value Consul-ng experience with numerous Nave American Tribes and in 40+ countries from A (Afghanistan) to Z (Zambia) Recent capital raises: Ohkay Owingeh Housing Authority in NM, US MFI from the U.S. Dept. of Treasury, Koolkids in Vietnam, Solar and Energy Loan Fund (SELF) in Florida, and Sea2Table in NY 100+ publicaons and presentaons on these topics 100+ strategic and business plans Efforts >$100 mil in socially mo-vated capital Biz plan winner, Global Social Venture Comp; Prisma Microfinance raised venture $1.2 mil Helped raise $2.7 mil
    [Show full text]
  • Online Crowdfunding an Alternative for Nonprofits N by Annie M
    YOUNG LAWYERS DIVISION Online Crowdfunding an Alternative for Nonprofits n By Annie M. Kelley else with minimal financial value; and OurCrowd (technology). lack of traditional funding. The Internet “equity-based” crowdfunding, where a Migliaccio explained that crowdfund- and use of social media allow a group to Five years ago, crowdfunding was company raises money in exchange for ing allows nonprofits to close the gap find both general and niche audiences, virtually unknown. Today, chances are stock or a debt instrument. between the money they need and the and nonprofits with a particular cause in that someone you know is running a Donation-based crowdfunding has traditional sources of money, such as a local community can now reach a global Kickstarter campaign. always been legal, and while Internet plat- grants and donations from members. audience commonly motivated by any Panelists Michael Adler, managing forms are a new trend within the last four The Internet and social media allow cause. partner of the Law Office of Michael E. years, crowdfunding in America dates a nonprofit to find both general and From the perspective of a board mem- Adler; Al Migliaccio, CEO and founder back to 1884. When the American Com- niche audiences, and nonprofits with a ber or nonprofit organization, Provost of JAMIS Sales Success; and Kevin Pro- mittee for the Statue of Liberty ran out particular cause in a local community can noted three important steps to gain new vost, founder/CEO of CrowdCampuses of funds for the statue’s pedestal in 1884, now reach a global audience commonly donors, which are attract, engage and and coPhilly, discussed crowdfunding, the New York World newspaper urged the motivated by any cause.
    [Show full text]
  • Crowd-Funding Conservation
    Crowd-funding conservation (and other public goods)∗ Erik Ansink,a Mark Koetse,b Jetske Bouma,c Dominic Hauck,b Daan van Soestd August 17, 2017 Abstract We assess the impact of crowd-funding design on the success of crowd-funded public goods using a lab-in-the-field experiment. Our design treatments aim to in- crease the efficiency of crowd-funding campaigns by decreasing possible coordination problems that may occur when potential donors are faced with a multitude of projects to contribute to. Amongst others, we explore the potential of seed contributions and the impact of the attraction effect. We implement our crowd-funding experiment using a web-based user interface with multiple threshold public goods over the course of four days, similar in style to conventional crowd-funding websites. Our results show that such alternative crowd-funding designs do not affect the total amount of contributions, but they do affect coordination. These restuls are confirmed in a follow-up experiment with actual nature conservation projects. JEL Classification: C91, C92, H41, L31 Keywords: Crowd-funding, field experiment, threshold public goods, charitable giving, nature conservation ∗We thank Jos van Ommeren, seminar participants at Vrije Universiteit Amsterdam, EAERE 2017, and the 2017 Workshop on Experimental Economics for the Environment in Bremen for comments, suggestions, and discussion. We thank Natuurmonumenten and Kantar TNS for excellent support and advice. We are grateful to the Netherlands Environmental Assessment Agency for financial support. Ansink, Bouma, and Hauck gratefully acknowledge financial support from the Netherlands Organisation for Scientific Research (NWO) Grant No. 841.12.002. Van Soest gratefully acknowledges receiving funding from the European Commission’s Seventh Framework Program (FP7/2007-2013) Grant No.
    [Show full text]
  • Crowdfunding Public Goods: an Experiment
    A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Ansink, Erik; Koetse, Mark; Bouma, Jetske; Hauck, Dominic; van Soest, Daan Working Paper Crowdfunding public goods: An experiment Tinbergen Institute Discussion Paper, No. 17-119/VIII Provided in Cooperation with: Tinbergen Institute, Amsterdam and Rotterdam Suggested Citation: Ansink, Erik; Koetse, Mark; Bouma, Jetske; Hauck, Dominic; van Soest, Daan (2017) : Crowdfunding public goods: An experiment, Tinbergen Institute Discussion Paper, No. 17-119/VIII, Tinbergen Institute, Amsterdam and Rotterdam This Version is available at: http://hdl.handle.net/10419/177687 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen
    [Show full text]
  • Crowdfunding: Exposing the Link Between Projects and Reward Mechanisms
    Crowdfunding: Exposing the link between projects and reward mechanisms CROWDFUNDING “Exploring the link between projects and reward mechanisms” Candidate: Sofia Alexandra Cardoso André dos Santos Advisor: Professor Juan Andrei Villarroel Fernandez, PhD [email protected] Dissertation submitted in partial fulfillment of requirements for the degree of MSc in Business Administration, at the Universidade Católica Portuguesa, June 2013 Crowdfunding: Exposing the link between projects and reward mechanisms ABSTRACT CROWDFUNDING: EXPLORING THE LINK BETWEEN PROJECTS AND REWARD MECHANISMS Sofia Alexandra Cardoso André dos Santos Crowdfunding is a recent organizational phenomenon for which there is little academic research. More than just offering a categorization of the crowdfunding reality, the aim of this study is to unveil the ways in which projects and rewards are linked across the global crowdfunding scenario. For the purpose of this study, several crowdfunding platforms were reviewed, with the focus of analyzing project characteristics such as owners, type and intent and finding a connection between the referred variables and the reward schemes which were commonly associated with them. The findings pointed out significant differences and clear reward preferences among the different project owners’ profiles and even among the different types of projects categories present in the crowdfunding platforms. Ultimately, the reader will be able to understand the links between project features and reward mechanisms and how they play out in the crowdfunding scenario. Moreover, they will be able to identify what type of rewards they may expect from a specific project type. This can be of great relevance for seekers and backers, since it clarifies what rewards a platform will offer taking into account the projects it promotes.
    [Show full text]
  • South Utah County Active Transportation Plan
    SOUTH UTAH COUNTY ACTIVE TRANSPORTATION PLAN Mountainland Association of Governments December 2016 Elk Ridge Santaquin Mapleton Spanish Fork Payson Springville Salem Woodland Hills This page intentionally left blank. ii South Utah County Active Transportation Plan ACKNOWLEDGMENTS PROJECT MANAGEMENT TEAM Jim Price, Project Manager, Mountainland Association of Governments Richard Nielsen, Utah County Fred Aegerter, Community Development Director, Springville Dave Anderson, Community and Economic Development Director, Spanish Fork Dale Bigler, City Councilor, Elk Ridge Sean Conroy, Community Development Director, Mapleton Dennis Marker, Assistant City Manager, Santaquin Matt Marziale, Recreation Director, Salem Jeremy Searle, Planning Commissioner, Woodland Hills Jill Spencer, City Planner, Payson Brian Tucker, Planner, Mapleton TOOLE DESIGN GROUP Jessica Juriga, Project Manager Michael Hintze, Deputy Project Manager Geneva Hooten, Transportation Planner Adam Wood, Senior Planner Galen Omerso, GIS Analyst Jessica Zdeb, Transportation Planner RSG Kordel Braley, Senior Transportation Engineer Austin Feula, Transportation Engineer Roxanne Meuse, Analyst Justin Culp, Analyst the science of insight South Utah County Active Transportation Plan iii CONTENTS Chapter 1 Introduction and Background........ 3 Chapter 4 Regional Network ...................... 39 Regional Context ............................................................ 4 Existing Facilities ........................................................40 Study Area .....................................................................
    [Show full text]
  • Start a Community Food Garden
    Start a Community Food Garden Without Community, It’s Just a Garden 1 2 Gathering Your Community Start A Community Food Garden The Essential Handbook LaManda Joy TIMBER PRESS Portland + London Without Community, It’s Just a Garden 3 , I’m a big believer in community gardens, both because of their beauty and for “ their access to providing fresh fruits and vegetables to so many communities across this nation and the world. —First Lady Michelle Obama Remarks to U.S. Department of Agriculture, February” 19, 2009 4 Gathering Your Community contents Preface Lot Lust, Rosie the Riveter, and Corporate Burnout—or Why I Became a Community Gardener 6 Introduction So You Want to Start a Community Garden? 10 Gathering Your part one Community 1. Without Community, It’s Just a Garden: Getting Organized 17 # Six Successful Community Gardens: Case Studies 21 2. Get the Party Started: Meetings with a Mission 35 Support part two Structures 3. Bringing the Garden to Life: Planning and Design 59 4. Taking Care of Garden Business: A Structure for Sustainability 85 Managing the Community part three and the Garden 5. Mobilizing: Developing a Team of Gardeners and Volunteers 103 6. The Year-Round Community: Keeping It Fun 117 7. Groundwork for Success: Teaching New Gardeners 129 8. Twenty-One Vegetables to Sow, Harvest, Store, and Serve 169 Resources and Books 186 Metric Conversions 191 Acknowledgments 192 Index 194 Without Community, It’s Just a Garden 5 preface Lot Lust, Rosie the Riveter, and Corporate Burnout—or Why I Became a Community Gardener Community activism, in the form of community gardening or any activity, wasn’t something I had planned for my life.
    [Show full text]
  • Financial Assistance Resources for the Eastern Shore of Virginia
    Updated May 2019 Financial Assistance Resources for the Eastern Shore of Virginia Table of Contents Federal Resources ............................................................................................. 1 F-1. USDA Rural Development ........................................................................ 1 F-2. US Small Business Administration .......................................................... 2 F-3. US Economic Development Administration ............................................. 3 State Resources ................................................................................................ 5 S-1. VA Department of Housing & Community Development ......................... 5 S-2. VA Economic Development Partnership .................................................. 6 S-3. VA Small Business Financing Authority ................................................ 10 S-4. VA Tourism Corporation ........................................................................ 11 S-5. VA Housing Development Authority ...................................................... 12 Local Resources .............................................................................................. 13 L-1. Accomack County .................................................................................. 13 L-2. Northampton County .............................................................................. 15 L-3. Accomack-Northampton Planning District Commission ....................... 17 L-4. Town of Cape Charles ...........................................................................
    [Show full text]
  • Freeing Investor Capital for Small Business
    CONTENTS Introduction 1 Crowdfunding 3 JOBS Act of 2012 4 Crowdfunding at the state level 5 Opening 401(k)s to intrastate crowdfunding 7 Conclusion 8 About the author 8 research or product development or seek out new customers. Enabling small businesses to access the capital they need is an urgent priority of public policy. Yet small businesses are R STREET POLICY STUDY NO. 36 having a harder time getting capital through the traditional June 2015 financial system. Banks are less willing to lend to small businesses than ever before, both because of deteriorating creditworthiness after the recent economic downturn and because small-business FREEING INVESTOR CAPITAL lending is simply no longer as profitable. More stringent banking regulations impose additional costs and the wave FOR SMALL BUSINESS of bank mergers (particularly, the decline of community banks)3 has diminished the local knowledge of community Oren Litwin businesses that used to be banks’ competitive advantage.4 Additionally, lacking a strong secondary market for small- INTRODUCTION business loans, in contrast to the market for conforming mortgage loans,5 banks are unwilling to carry small-business Something has gone wrong with small business in America. lending risks on their books. The business of banking instead For the first time since statistics were kept, the rate of busi- has turned disproportionately to providing consumer and ness failure now exceeds the rate of business creation.1 It housing loans.6 isn’t that businesses are failing more often than usual; rather, new business creation has slowed markedly and the rate con- 3. Institute for Local Self-Reliance, “Access to Capital for Local Businesses,” April 15, tinues to slow further.
    [Show full text]
  • Download (2MB)
    Dipartimento di Impresa e Management Cattedra di Management of Innovation “Crowdfunding in Real Estate: do Real Estate Crowdfunding Platforms really know what moves the crowd?” RELATORE Prof.ssa Leone Maria Isabella CANDIDATO Mucedola Matteo Pio MATRICOLA 709551 CORRELATORE Prof. Peruffo Enzo ANNO ACCADEMICO 2019/2020 TABLE OF CONTENTS INTRODUCTION 1 1) OPEN INNOVATION 4 1.1) WHAT IS OPEN INNOVATION 4 1.1.1) From “Innovation” to “Open Innovation” 4 1.1.2) Open Innovation: characteristics, drawbacks and benefits 5 1.1.3) From “Search” to “Broadcast Search”: applicative models 8 1.2) CROWDFUNDING: CHARACTERISTICS 10 1.2.1) Definition 10 1.2.2) A journey on the crowdfunding history: from offline to online 12 1.2.3) Crowdfunding models: classification 14 1.2.4) A crowd analysis: motivation for participation 17 1.3) ADVANTAGES AND DISADVANTAGES OF CROWDFUNDING 20 1.4) CROWDFUNDING APPLICATIONS: EVIDENCE FROM THE MARKET 24 1.4.1) Crowdfunding market analysis 24 1.4.2) Main players 27 2) CROWDFUNDING IN THE REAL ESTATE MARKET 28 2.1) WHAT IS THE REAL ESTATE MARKET? 28 2.1.1) Definition and main classification 28 2.1.2) Real Estate Cash Flows and Relevant Factors 29 2.2) NEW TECHHNOLOGIES IMPLEMENTATION IN REAL ESTATE 32 2.2.1) From “Innovation Identification” to “Innovation Implementation” 32 2.2.2) Digitization 33 2.2.3) Data Management 34 2.2.4) Artificial Intelligence 35 2.2.5) Digital Reality 36 2.2.6) Cybersecurity and Privacy 37 2.3) CROWDFUNDING IN REAL ESTATE MARKET 38 2.3.1) From “Real Estate” to “Real Estate Crowdfunding”: Historical Steps 38 2.3.2) Real Estate Crowdfunding Classification 40 2.3.3) Crowdfunding Real Estate Platforms Common Elements 42 2.4) RESEARCH QUESTIONS 44 3) REAL ESTATE INDUSTRY OVERVIEW 46 3.1) HISTORY OF THE REAL ESTATE INDUSTRY 46 3.1.1) History of the U.S.
    [Show full text]