Rent the Backyard (YC S19) wants to build a studio apartment in your yard

Re:Rent the Backyard (YC S19) wants to build a studio apartm... by stcredzero on Thursday July 18, 2019 @08:23PM (#20475235)

If you do this with "Rent the Backyard", or by yourself, it means your house can't be sold until you pay the loan.

You probably thought of this already, but I have to ask: What if "Rent the Backyard" is the lender? Couldn't they have a provision in the loan contract allowing the homeowner to move out? What if Rent the Backyard forms an entity with the homeowner, and sells the lot to the entity?

[ Parent | on HN ]

Re:Rent the Backyard (YC S19) wants to build a studio apartm... by sburl on Thursday July 18, 2019 @09:52PM (#20475604)

Hi there - my name is Spencer and I'm one of the co-founders of Rent the Backyard.

It's tricky (years and $$$) to become a mortgage lender but we have flexibility in our agreement for a homeowner to pass the agreement to a new owner (we'll even move our lien back to the second position so the new homeowner can get a mortgage)

[ Parent | on HN ]

Re:Rent the Backyard (YC S19) wants to build a studio apartm... by simonebrunozzi on Thursday July 18, 2019 @09:53PM (#20475610)

Being a proper lender requires a lot of paperwork, compliance, and investments. I doubt they will do it from the start. Perhaps if they become wildly successful.

[ Parent | on HN ]

Re:Rent the Backyard (YC S19) wants to build a studio apartm... by sjg007 on Thursday July 18, 2019 @09:31PM (#20475525)

I doubt the lot is subdivided. I’m guessing construction lien.

[ Parent | on HN ]