Word Count: 542 words (3 minutes to read) Many things
DubbleUpp is the first platform of its kind. You can live with someone and split the down payment, monthly payment, and equity or you can have an investment partner pay the down payment and closing costs and you live on your own, make the monthly payment and split the equity 50/50.
The platform was developed as part of a measure to combat the challenges of buying a home. The rising home prices and rising interest rates have taken many hopeful homeowners out of the buying market. Qualifying for a home has become the number one challenge for new buyers.
DubbleUpp developed the “buy twice the home for half the money” program which allows potential homeowners to buy a home with friends, family, or someone new from the DubbleUpp app. With this program, someone qualifying for $300k could DubbleUpp with another person qualifying for $300k and together they could buy a home for $600k instead. Each one would only have to pay half the money. The new homeowners would split everything: mortgage payment, maintenance, utilities, and even the Netflix account if they wanted to.
DubbleUpp added the “no money down” program to the platform to help potential home buyers with the down payment and closing costs. The new feature allows renters with good income but not much savings a path to buying a home now instead of waiting for years to save for a down payment. The stress of saving or the stress of spending all your savings is eliminated. You have an investment partner, an everyday investor who will put up all the money, down payment and closing costs, and then you are responsible for the mortgage payment and any other expenses with your new home. At the end of 5 years, you sell the home and split the profits.
Facilitating this platform is an app that allows you to search for your DubbleUpp partner. This can be a friend, family member, or someone new. The app analyses over 30 data points including personal details and home preferences to give you a relative compatibility score with other users. You then get to decide based on all the information who you want to buy with.
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