- August 4, 2021
- Posted by: LeadSpace Team
- Category: Business, community, Growth and Development, Innovation, Investment, Real Estate, Startups, Technology
Real estate investing has become quite popular in recent years due to rising property values and low interest rates.
In an interview with the CEO of Myyinvest, a platform that helps people invest money in fractional real estate. Igwe Patrick, communication and partnership associate at Leadspace, Passion Incubator who is focused on supporting Tech startups with the infrastructure and support needed to scale their enterprise in collaboration with Nathanael Bakare a tech writer, stroyteller, and photographer from Lagos had a conversation with Emmanuel Oballa
My name is Emmanuel Oballa, and I’m the CEO and co-founder of Myyinvest.
What does MyyInvest do?
MyyInvest is a company that helps people invest money in fractional real estate.
What’s fractional real estate?
Fractional real estate in simple terms is investing in fractions. You know real estate itself is expensive, rigid, MyyInvest is coming to make sure that people across different streams of income can invest with what’s in their pocket in real estate.
When did you start? What’s the story of MyyInvest?
So we started as Myycrib in 2017. The idea was to give people access to properties, doing everything for people in terms of construction, architectural work so that you don’t have to think of how to get developers, how do I get a structural engineer, an interior decor.
That was the idea initially, but as we evolved, and did more R&D, we came to understand core points of accessibility in the real estate industry. We worked nationwide with real estate firms to clearly understand the market, allowing us to relate to people and notice gaps. A year into this, we thought about how we can help people get properties online, where you can just purchase online, like a property acquisition platform. After Iterations, we developed a solution where you can either invest to own properties or get ROI.
We noticed that people paid less attention to investing to own, instead, people were asking about ROI. People would call asking “how can I have access to this property with my 50k?”
We went deeper into the industry’s workings and realized we could do this; we can give people the privilege of access to otherwise exclusive assets. So Myyinvest came, we take the property, break it into fractions, and give people access to it, either to earn rental income on the side and capital acquisition or investing to get short-term dividends, based on your risk appetite.
We’re building this digital platform for everyone on the street; real estate can be accessible like biscuits and coke. We are here to change the perception and culture, so people won’t think they can’t have real estate. From then till now, we’ve grown, not there yet but we’re moving rapidly.
You say you want real estate to be as accessible as Coaster biscuit, do you think in five years the mallam on the street will have access to real estate?
Yes, they should, as long as they have 10k, 20k. So again, as long as you are tech-savvy, know how to use an Android, log into a website, know how to use e-mail, that is enough for us. Some don’t but have children who can, so yeah, they should, one way or the other.
Where are you currently building from?
Hub One managed by Leadpsace, we’ve been in Hub One since July 2019 and it’s been amazing, amazing, amazing. This is really beyond just an acceleration, or incubation. I’ll call it acceleration and incubation because the atmosphere, the people have been amazing. I’ll continue to say HubOne has played an integral role in the growth of my start-up, and they are still playing that role, the support, the mentorship that everything I have always wanted. It’s been an awesome building here.
What’s your favorite wow memory about Hub One?
I think it’ll be the first time we walked into the hub to resume officially. Before 31st, July 2019, we were still Myycrib, working from a cabin, this small container, in Unilag. We all came from what you couldn’t call a community. Everybody was on their own. The only welcome you’d get was maybe the HR introducing you to your team. We came into Hubone with our branded T-shirts, other people and companies just wanted to know what we did. During the lunch break, you walk into the lunchroom, and people are asking you, and they just want to engage you. I felt so much support from the community members, let alone the top managers of the hub.
Do you think Hub One fosters openness and willingness to help other community members and their startups?
Yes, that’s one of what they foster. Initially, when we joined the hub, we had what we call EPIC hour. The hub got us a speaker from the tech industry, which could be a CEO or someone from the executive. We had interactive sessions, where they shared their experiences and helped us younger start-ups navigate the tech ecosystem. I think that’s one of their major objectives for setting up this hub.
What’s your most memorable program of Hubone
I would have to say Epic Hour, It has been a platform for networking but since Covid, it stopped being physical and moved to virtual. in the last epic hour, I met somebody that heard about it on Eventbrite and came from FESTAC, to attend. We spoke, he talked about launching a healthcare start-up, he wants to develop an AI for certain things, this and that and so it was like, apart from the learning process from the epic hour. It’s also a medium for networking.
Why do you think most founders exit their startups?
Not everyone can keep up been a startup entrepreneur it’s not an easy race that’s why you need the drive to continue the startup race because so many things will kill your vision, team, funds, market, etc this is just my perspective.
What advice would you give yourself five years ago?
Trust me if I could, I’d tell me to stop stressing about reading books. “No dey read book to carry first-class, think of one idea, and start working on it.” Five years in a start-up is not beans. By now I’ll be competing with the likes of Piggyvest, Paystack, and Flutterwave.
This interview was brought to you by the Leadspace Team. HubOne(by FCMB) is home to tech entrepreneurs. We provide a conducive workspace and virtual offices for businesses as well as business support services. Chat here to learn more.