The Science of Flipping - US Homes Will Be Bought With Crypto

Episode Date: January 19, 2022

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Celebrity real estate broker Ryan Serhant from Million Dollar Listing New York actually has announced that he believes roughly 50% of all real estate transactions in the near future is going to be involved with cryptocurrency. Now, that might sound crazy to you, but as someone that is involved in both real estate and cryptocurrency, I actually see the path that he's thinking this is going to go down. What's up, guys? Welcome back to the Science of Flipping podcast. I'm your host, Justin Colby. And while that news might sound shocking, and for some of you might just actually just sound unbelievable because you still don't quite grasp the power of cryptocurrency. I tend to agree with Ryan. It may not be in 2022. But I do believe the technology

is catching up to become a lot more useful and practical in day-to-day life, and that includes our space of real estate. Now, there's been mumblings and grumblings that title agencies and title services would be the first to include blockchain technology. So you would actually record title on a blockchain, and you would actually sign with an NFT. Now, for those that don't understand what NFT is, that's a non-fungible token. And in fact, I myself have not yet dove into that investment strategy in terms of investing in NFTs. However, this would be the same as a wet signature in the case of real estate. Now, in 2021, there have been transactions that have transpired and gone through on the actual blockchain. Now, it was not a lot and

probably not worth noting per se, nowhere near 50% of all transactions. But I will say that they are starting to try to figure a way to practically implement this. Why would they do that is the question. And also, how does that affect us? Well, first of all, they would do that for speed. It really reduces the speed of the entire transaction within real estate to be able to do this on the blockchain. The manual going down to the title company and all those things that just take so much time, closings would ultimately happen much, much faster. And that includes

the opportunity to do loans. I mean, there's just a lot there, right? And a lot to unpack. And I don't want to try to unpack and dissect every inch of what this would do. But in general, title will be the most affected probably out of the gates. Now, to be honest and upfront and open, there's plenty of barriers to this. This is not something that overnight does Ryan or even myself believe that this is going to happen again in 2022 in terms of getting up to 50% of transactions. This might take two, three, four, five, 10 years to get there. And yes, there's a lot of reasons to say this may never get there, but I have been watching this and I've been involved with cryptocurrency now since 2017. I know because my accountant just made me look at any buys and sales I've done over the last couple of years to make sure that they

match up. Trust me, that's not exactly fun. But I will say that the lack of understanding is the main barrier for cryptocurrencies. Even myself as an investor with cryptocurrencies, the actual true function of the blockchain, I don't fully understand. I grasp the concept, right? I grasp the concept, but I don't fully understand how that interacts in a case such as title and NFTs. So for example, I mentioned, you know, there are several transactions that happened in 2021 that happened on the blockchain and the home was sold as an NFT, et cetera, right? Now, how that transpires, I'm not clear. And that's part of the biggest barrier on how quickly this becomes adopted is the lack of understanding. Now, as I record this episode, right now, there's a massive, if not the largest Bitcoin conference happening right here in Miami,

in my home city. And so there's a lot of influential people involved in trying to spread the word. One speaker yesterday was Mark Cuban, as a matter of fact. And I think now that more and more people are buying in, obviously Elon Musk, people like Mark Cuban, they're really understanding some of this value. And they're actually, in Mark Cuban's case, talked a lot about how this is very quickly and easily going to transp such an easy way to transact and paying through cryptocurrencies such as Bitcoin as a way of paying for them with tender, right? And so, you know, he talked a lot about how this is going to quickly become implemented in some of those spaces. But I think the challenge ultimately in the larger scope will be just people's real understanding of how that transaction happens. What are the values?

Why is there so much value in something like crypto, or I'm sorry, Bitcoin, that you could actually buy a home? And that will have to take some time. But these big events that are having some, you know, obviously some of the people that behind cryptocurrency and developing it are speaking. But then you have some of the larger names who are saying, you know, hey, listen, people, this is here to stay. This is what's going to happen. This is going to be the future. You need to pay attention. Right. that, you know, to support this, which says basically 86% of the American public say that they've heard of cryptocurrency, but roughly only 16% say they have invested in cryptocurrency. That's such a small percentage, right? And then even further to support that, that the top 10,000 Bitcoin holders possess roughly 5 million Bitcoin. That's 1% of Bitcoin holders controlling 27% of the entire wealth of Bitcoin.

So it goes further to support that people don't understand this yet. But again, kind of just this idea that the transactions are slowly starting to happen, it should be made aware. This is why I'm doing this episode is I want you guys to be aware. This is not just a fun clickbaity title. This is something that really can start to transpire in our worlds as real estate investors, not to mention this whole idea of the metaverse. And Ryan Serhant also went in to talk about that metaverse and how agents are going to have an opportunity and already are having an opportunity to buy and sell land as an

agent, right? And representing buyers and sellers. And this is going to create a platform that is so different than what we've known for real estate over however long, you know, 100 years of buying and selling real estate, 100 plus, obviously. So, you know, this is something that you guys don't need to be massive crypto investors. I would encourage you to be investing in crypto as it's done very well for me. But you need to start to look this stuff up. You need to start to understand this because it is happening. We're no longer going to be able to turn a blind eye and say, oh, it's just some fake stuff out there that's not even real. No,

this is happening. And I do believe it's going to get implemented in the real estate space, the true real estate space, not just the metaverse here shortly. And the metaverse is kind of the first big, big, big sign that is like, if it's transpiring in this fake world, the idea is still the same, right? You're going to be able to do these transactions on blockchain. And as cuban and others are now starting to sell tickets to events using bitcoin or ethereum or other cryptocurrencies you're going to see these transactions happening and the smaller transactions will lead to bigger transactions and over time this idea of being able to do title on a blockchain and sell and sign as an NFT, that's going to become a reality in my opinion. And obviously Ryan is speaking from the mountaintops about this.

I don't see any reason how that doesn't transpire. Some people have talked about kind of legislation and politics and all that kind of stuff. I'm not knowledgeable enough to say that kind of thing, but I think as investors, we need to be in front of this curve. I just did a podcast episode talking about how my longevity has been because I've been able to be diversified and I've been able to be flexible. Well, this is it. This is another moment that I'm not willing to turn a blind eye to, and I don't believe you should either. Like I said, you don't need to run out and go buy a bunch of cryptocurrency. I do, but I'm not telling you to. I just want you to be aware that this stuff is happening real time and it's something that will affect us over time and maybe not in a bad way. Maybe this is a way that is going to help us investors do deals quicker, move deals quicker.

There's going to be a shorter time for flips because all the transactional and closings happen faster. The signings happen faster. I believe it to be positive, but I do believe there needs to be an education regarding it, right? Meaning, you know, the old dogs need to learn these new tricks, so to speak, right? Because otherwise, I think they're going to be left behind is where I'm going there. And I think Ryan talks to that is, you know, this is the new wave and it will encroach on us here over time. So anyways, I hope, you know, you found this interesting. I hope you start to do some of your own research regarding how cryptocurrency actually

works, how the transactions actually work, because this will slowly start to leak in to real estate. It already did in 2021. And I think it's only going to do more and more over time. So hopefully you like this podcast episode. Give me a five star review on iTunes. And if you haven't, get over to YouTube. Go subscribe to my channel, Justin Colby on YouTube. Like the video,

give me a comment below, let me know what you think, and I'll talk to you guys on the next episode. Peace.