Words by Lorel Scott, Co-Founder of StartupStarter
Philip Michael is a minority entrepreneur and founder of NYCE, a real estate investment platform that aims to create 100,000 millionaires from underserved communities by 2030. As part of his mission, Philip has built a $211M+ real estate portfolio and a 1.2M+ community of wealth-hackers.
In 2020, the pandemic created a downturn that wiped out $6 trillion in wealth in just days, highlighting the scary wealth gap between those who have and those who don’t. NYCE opened up access to its self-funded real estate portfolio, hoping to be a beacon of hope and contribute to the reduction of the wealth gap in its own way. The overall mission was—and is—to create 100,000 millionaires of color by 2030, with a 36-month target to reach $100M in assets under management (AUM).
Since its launch, NYCE has helped create 6000+ first-time investors from marginalized communities, with as little as $79. In addition, it has become the fastest real estate startup to sell $1M via Reg. CF, built a $211M+ asset portfolio, and created a 1.2M+ strong community of wealth-hackers.
NYCE investors can invest in the NYCE portfolio or in eligible individual properties for as little as $100. With its dedicated NYCE trading portal, investors can buy and trade digital shares in eligible NYCE offerings with as little as $1. Upon listing NYCE on the platform, SAFEs convert to stock, and investors own a piece of the entire entity that owns the NYCE portfolio—including its $250M (as of 2022) active portfolio and $450M+ pipeline of properties.
NYCE's impact on the community of real estate and the fractional ownership space/industry cannot be overstated. The platform has brought together and created thousands of first-time BIPOC investors during a pandemic. Its technology has broken down barriers to ownership and opened up access to people of color who have been excluded from opportunity along the way.
In America, there’s a wealth gap between those who have and those who don’t. As of today, median Black wealth is projected to drop to $0 by 2053 (and Hispanics aren’t far behind). The number one driver of this is the absence of real estate ownership in underserved communities. Just holding real estate alone has created more millionaires than any other asset class. That’s why NYCE wants to make real estate ownership accessible to ALL, not just the “accredited investors.”
NYCE's achievements have not gone unnoticed. It has been highlighted in Business Insider, Forbes, Entrepreneur, Yahoo Finance, CNBC, and others. Its investment app has been dubbed the “Robinhood of real estate” by Yahoo Finance.
NYCE's 2021 bootstrapped results are impressive, with $250M+ AUM and $5.22M EBITDA. And to retain control, the platform hasn’t taken a single venture capital dollar. Yet, in just 12 months, it has surpassed (and outpaced) heavily-VC backed fintechs across several growth metrics MOM and YOY, including user growth and active AUM.
Philip Michael's mission to create 100,000 millionaires by 2030 is bold, but it's not impossible. With NYCE's traction and growth, and the increasing interest in fractional ownership and real estate investment, NYCE is poised to make a significant impact on the wealth gap and change the way people think about real estate ownership. With only five days left to invest in NYCE's equity crowdfunding campaign on the WeFunder portal, investors have a unique opportunity to be part of this impactful and exciting journey.
The company has a strong financial performance with increasing revenue and profits. It operates in a growing market with high demand and has a diversified product portfolio. Additionally, the company has a strong management team with experience and a clear vision for the future.
To learn more about Philip Michael and his continued contribution to the real estate industry, follow him on Instagram, Twitter, LinkedIn and visit NYCE Companies visit, www.nyce.co & LinkedIn, Instagram, Twitter.