*Q&A with Mynd, which recently acquired HomeUnion
HomeUnion enables investors to buy single-family and multifamily real estate. It also lends to investors. A year ago, it launched a crowdfunding platform and was raising $2 million for it. See related article here.
Mynd, with HQ in Oakland, was founded in 2016 by Doug Brien and Colin Wiel, who previously founded Waypoint Homes, a single-family rental operator that eventually grew into the largest player in the industry, according to news reports.
It raised about $20 million a year ago, according to news reports. A good portion of that money was spent to acquire HomeUnion; the exact amount has not been disclosed.
This Q&A is with Colin Wiel, Mynd’s co-founder, chairman and CTO.
OCSN: What is the status of HomeUnion’s crowdfunding fund? (It was originally established to enable accredited investors to invest a minimum of $10,000 in a Fix-and-Flip Fund, which had targeted several markets.)
Wiel: The fund was discontinued. The main reason was that we saw a slow down in appreciation and thought that this was going to be risky moving forward. Undervalued properties were scarce, and we did not want to pick up big rehab projects to select properties in complete disrepair and bring them to market.”
OCSN: Will Don and the rest of the HomeUnion team be staying in Irvine?
Wiel: Yes, they will be staying in Irvine.
OCSN: What’s next for Mynd?
Wiel: We are growing at more than 100% year over year, and expect that to continue. Part of that growth will come from acquisitions, including property management companies and real estate technology companies.