As we are in the process of launching, we are working directly with members from our waitlist to get them set up in their new Joint. In many cases, we are talking with the member about their needs in advance and purchasing property specifically for them, with their input. When we have available units to list we will be posting them on our site and our social media pages.
If you're looking for a place, the best thing to do is to shoot us a message and we'll work with you directly to talk through your options and, hopefully, line up a great place for you.
We are currently in a "soft-launch" phase. We are up and running and encourage you to reach out to see if we have a home for you, but we are working like crazy in the background building the tech platform for our members to use. So while we're still building the tech and the apps that you'll be using, give us a call and we can get you set up.
If you're willing, we are looking for future and prospective members to try out the app and the platform as it's in development to offer feedback and ensure we're building something you'll love. Let us know if you're willing to participate!
At the end of the day, we aim to be everywhere the military is across the US, and even in some overseas locations down the road. Currently, we are focused on Texas, North Carolina, and Georgia. By the end of 2021, we will be up and running in California, Washington, Virginia, and Florida as well. And in 2022 we plan to set up shop in at least 13 other states. That's the plan, but it doesn't mean we can't work with you if you're stationed (or will be stationed) somewhere we don't have places already. Like always, we want you to send us a note, and with enough of a heads up we'll see if there's any way we can get up to speed to meet you where you are.
The cost of billeting (a.k.a. rent) depends entirely on the unit. As a rule, we are working to price each place as close as possible to what you'd be paying in rent if it was owned by someone other than Joint. Sometimes we're a little higher, sometimes lower. Before acquiring a property for our member community we consider who is most likely to be looking for a place like this. We also use the BAH limits at each duty station and a lot of our own data modeling to determine where we can deliver the most value for our members, particularly in terms of how much equity we can credit them with as tenants.
The last, and maybe the most important thing we evaluate when figuring out price is how it impacts our members compared to the next best alternatives. Compared to buying a similar house yourself or renting one from a different landlord, we aim to deliver the greatest financial value over the length of a typical three year assignment, and will lay all that out for you to help you make your decision.
We are currently "testing the waters" to gauge demand and are not offering any investments today (see disclaimer at bottom of this page). We intend to qualify and offer a Regulation A+ security, which is how we will enable our members to build real estate equity. If and when we do launch that offering, we would permit any Member who has signed up to make investments regardless of whether they are occupying a property. All of that will be clearly explained if and when we set that up, so keep checking back with us to find out more.
Like any tenant, your monthly payment is established in your lease agreement and gives you the right to occupy the property under the terms and duration outlined in the agreement. And like a typical landlord, Joint manages the property and takes care of the maintenance. One of the main differences will come if and when our Regulation A+ offering is in place. Because you are awesome tenants, take great care of the property, and may choose to stay in a Joint at your next assignment too, we expect to keep our costs down and pass that on to you as equity in our properties, which allows you to build wealth like a homeowner as a tenant.
Our primary source of revenue is the monthly rent payments from tenant-members. We use that to pay our mortgages on the properties, to pay for repairs and materials to maintain and improve our properties, and pay for our overhead expenses. By creating a model that delivers value back to members with that equity we are "testing the waters" on now, we are giving some of our profits back to our members. This is why we formed as a Public Benefit Corporation, so we can make decisions that achieve a public benefit at the risk of not maximizing profits. Our mission is the whole reason we exist, so it's an easy decision, but we also believe that if we do our jobs well, do right by our members, and deliver a great experience, we can build a strong and profitable company that grows to serve the entire military community and deliver that added value back to our members at the same time.
As of now, we are entirely bootstrapped by our founders. We do intend to raise funds in early 2021 to help us hire a bigger team and accelerate the development of our tech platform as we grow the business. Because our mission is so core to who we are, we are looking exclusively at raising money from individuals and investments firms who share our passion for social impact, the military community, and the future of housing.
All of our current openings will be posted on our site. We are planning to ramp up hiring in 2021 and encourage you to check back or shoot us a message. We are striving to be a premier employer for military spouses and veterans, and are committed to building a culture of excellence and equality with a team that reflects the diversity and strength of the military community we serve.