For more than a century Los Angeles has been home to many of the world's biggest stars. From music to movies and even sports, LA's perfect weather and sandy beaches draws them in and never lets them leave. So it's only fitting that the toast of the town invest in their own city.
Flipping houses has become a surging trend and celebs are becoming a big part of it. Bold Entertainment co-founder Nate Blonde is helping make the connection. In addition to bridging the gap between stars and startups, Bold has a real estate side that helps the company's investors make money by flipping houses in the LA area.
"We have an investment side of Bold where we take our equity investors and we put them into Real Estate projects," said Nate.
He continued: "Basically investor buys the properties, investor holds the title on the properties and the real estate partnered company will go in and rehab whole home, spend the cost of reconstruction and they'll sell it and split the profits 50/50. They do about 20% profit annually and flip these homes every 6 months. We're up to almost 300 homes in just two-and-a-half years and that number is increasing."
According to Nate, part of that increase comes from those same people that you're hearing on your radio and seeing on your television.
"We have some musicians and A-list actors and that number keeps getting bigger. More and more stars have become drawn to the idea because we haven't lost money on a single home," noted Nate.
Though he was not allowed to mention specific names on the record, Nate pointed out that the spectrum of celebrity investors has become more and more diverse, and the homes are mostly going to people that are integral parts of their communities.
"The buyers of these homes are people like teachers and police officers and people that are in that community," Said Nate. "We give them the American dream at a good price and everybody's happy."