How do most millionaires build their wealth?

90% of millionaires invest in real estate. Steady lets you earn passive income from real estate for $100.
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About Steady

Steady is a web dashboard for retail investors to buy shares of income-generating commercial real estate (CRE). Make investments and see financial reports in our dashboard, and get monthly deposits from your investments directly to your bank account.

We do not offer high-adrenaline investments. We don't have an app designed to keep your eyes glued to your phone. We pursue steady returns over hype.

We are the tortoise in the race full of hares.

Why commercial real estate

CRE is a large legacy asset class that's built generational wealth for many families. However, it typically requires large amounts of capital, niche domain expertise, and sophisticated investing strategies, making it inaccessible to everyone but the top 1%.

Steady opens up CRE investing to everyone outside of the top 1%.

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How it works

Choose a property

We qualify all properties for their potential to generate cash on cash returns.

Returns hinge on the sponsor's ability to operate the property and add value. To help you decide whether to invest, we attach an investment memo to each property explaining the sponsor's plan to generate returns.

Choose how much to invest

You'll decide how much of the property you'll purchase. Our current minimum investment is $100.

Sign the papers

At this point, you are formally a limited partner (LP) of the property! The papers detail what happens to your money and will protect you from liability.

Get regular cash flow and reports

Most sponsors like to give monthly updates, quarterly P&L statements, quarterly cash disbursements, and annual K-1 documents.

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When you invest with Steady, you get equity in the property in return. For instance, investing $100 in a deal gives you $100 of equity in the deal.
If Steady can't close the deal, we return all submitted investments for that deal. Steady gets no equity in the deal if we can't close it. We won't keep any money if we can't give equity in return.
  • We don't raise enough money to fill our allocation.
  • The sponsor oversubscribes the deal and can't make room for Steady.
  • The sponsor themself couldn't close the deal with the seller, and the seller chose a different sponsor to buy the property.
Steady uses your money only for closing the deal and nothing else, and will send it to the sponsor. The sponsor uses the money only for closing the deal with the property's seller, and nothing else.
Your money doesn't touch Steady's money. We keep it in separate accounts and manage it with Modern Treasury.
Fundrise is a REIT, so you wouldn't actually own any real estate. You'd own a share in the fund, and the fund owns the real estate. With Steady, you own the real estate itself. A second difference deriving from the first difference is that Fundrise has more fees because it has more layers of management between you and the property, meaning you get more margin on your dollar with Steady since we have no active management layers between you and the property. REITs are great, and I think all Fundrise investors should consider Steady and vice versa.
Cadre's deals are institutional Class A multifamily properties, which are much larger and more conservative deals, meaning their returns are much lower. Plus, they have a $50,000 minimum. They're still great for accessing institutional deals which otherwise would require way more money.
CrowdStreet has a $25,000 minimum. I'm under the impression that they're doing some soul-searching recently, since recent negative backlash from their investors has emerged, and I'm rooting for them to figure it out.
Our two criteria are skin in the game and a strong sponsor track record.
As a policy, I list deals only if the sponsor invests significant personal money themselves as their own skin in the game. I have to be excited to put skin in the game too. Our policy doesn't allow listing deals that I'm not excited to invest in myself, or if the sponsors don't have skin in the game.
The majority of the value from a real estate deal is derived by the deal's sponsor. We list deals only from sponsors with a track record of making money for LPs.
We like products that can do a 10-30% net IRR, with a 5-12% cash yield. That means you'd get $5-$12 per year in passive income for every $100 you invest, while also getting appreciation on top of your cash.
If you're investing $100 or $1,000 with Steady, we want the investments to be safe enough for us to trust we'll get our money back, but we also want enough return for us to look forward to investing.
Here's how we think about deals that will match our strategy:
AttributeDeals we likeDeals we dislike
Deal sizeMid-market, roughly between $5M and $50M.Deals that are less than $10M are small enough to compete with rich doctors, bankers & lawyers who want to invest actively in real estate. Deals larger than $50M are big enough for institutional buyers. Mid-market deals have way less competition, meaning there's way more money to be made.
MarketSecondary and tertiary. These markets are smaller, so cap rates are higher and properties have more value-add opportunities.Primary metropolitan markets. These markets attract way larger buyers. Although properties in primary markets are super fun to own, their cap rates are much lower, you compete with institutional buyers, and the returns are lower.
Product typeClass B and C industrial, multifamily, and self-storage. These products perform well, but they're edgy enough to weed out competing buyers and generate a low- to mid-teens net IRR.Overly conservative products. That includes Class A inventory, because Class A has been very recently built or renovated, so there's minimal value-add opportunity, and cap rates are low. We also stay away from wilder products, like vacation rentals, because the risk is too high.
Your expected return depends on the deal and sponsor. Some deals are higher risk, so the return is higher. Some deals are lower risk, so the returns are lower. Most sponsors target a specific return as their strategy across most or all of their investments. I intentionally seek out deals with 10-30% net IRR for Steady. You'll know a deal or sponsor's expected return before you invest.
We have short-term and long-term answers for liquidity.
In the short-term, liquidity is determined by the deal's sponsor. When the sponsor sells the property, we all sell our stake too. This means that Steady deals in the short term are as illiquid as traditional real estate investments are for accredited investors.
In the long-term, we'll create a secondaries market for any Steady users to buy and sell shares in deals. That way you can sell your stake to another Steady user, or you could increase your position in your favorite deals by buying stakes from other users. We are VERY excited to launch this market for everyone to buy and sell stakes in properties!
We charge a 2% annual management fee and 20% carry. Investors do not pay anything extra for these fees. Steady deducts these fees from future cash disbursements.

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