Buy a piece of a luxury Gold Coast property from $220

A GOLD Coast father-of-four who lost his job during the Covid pandemic has come up with a quirky way to get onto the property ladder.
Frank Teunissen, a Qantas A380 pilot who was stood down when borders were shut, decided to dust off his computer science degree and draw on his tech smarts to develop a crypto platform backed by property.

Frank Teunissen has come up with a quirky way to get onto the property ladder.
Construction has started on the first property, a four-level townhouse, to be listed on Mr Teunissen’s investment platform, proprt.
“The platform converts a property into 5000 equal ownership portions,” he said.
“The idea is that, instead of putting your money in the bank, you can put it into property one small bit at a time.
“You own a specific piece of that property and receive rental income.”

The first property to be listed on Mr Teunissen’s investment platform, proprt is a four-level townhouse at Minnie St, Southport.

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Mr Teunissen, who created a Non-Fungible Token (NFT) on the blockchain, said NFTs had been associated with digital art, but his project uses NFTs to solve a real-world problem — housing affordability.
He will be among 5000 attendees at the Australian Crypto Convention at the Gold Coast Convention Centre this weekend.
He said he was excited about making property ownership a reality for everyone and teaching people to understand the benefits of the new technology.

Gold Coast’s Frank Teunissen has created a NFT on the blockchain.
“Even if you own only one of the 5,000 proprt NFTs, you can apply to become the tenant-owner, which basically puts you at the front of the queue to rent the property,” he said.
“It redefines the concept of rent-to-own.
“Not only does it help secure your tenancy you can also build up your ownership stake over time.
“This is an innovative approach that is using technology to help solve the very real problem of housing affordability.”

Gold Coast’s Frank Teunissen says his platform redefines the concept of rent-to-own.
Mr Teunissen said the idea for his platform came after he often saw properties sell, yet the tenants and managing agents stayed the same.
“It struck me that every time the property sold, money was being wasted in agents’ fees and stamp duty, yet nothing changed for the property or the tenants,” he said.
“It made me think there had to be a better way.”

Frank Teunissen has created investment platform, proprt.
REIQ Gold Coast chairman Andrew Henderson advised potential buyers to do their research when it came to purchasing property on an investment platform.
“Make sure you undertake your due diligence and seek independent legal advice before looking at any form of investment,” Mr Henderson said.
“Make sure you’re going in fully informed and educated from a legal side of the transaction, not just the property side of the transaction.”

The post Buy a piece of a luxury Gold Coast property from $220 appeared first on realestate.com.au.

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