Industry News

HomeSplit takes team approach with real estate purchases

New Silicon Valley company targets multi-unit market

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

A Realtor and tech guru is battling housing affordability in California's Silicon Valley area with a new service that seeks to form home-buyer groups for the collective purchase of small apartment buildings. Bill Ricardi, founder and CEO of and a Realtor for Windermere Silicon Valley Properties in Mountain View, Calif., said the new service "is somewhere in between a house-hunter dating service and one of the most technically advanced ways to do tenants in common." Tenants in common is a legal agreement through which buyers form a group to purchase property. In this type of arrangement the group owns the entire property and individual members may have different ownership shares. Tenants-in-common arrangements are sometimes used by domestic partners who share a single unit or by real estate investors who want to own a portion of residential or commercial property. HomeSplit focuses on groups of buyers who will reside at the multi-unit properties they are purchasing. For ...