BOSTON— Knox Financial, a fintech company, announced an expansion into new markets across New England. Starting Monday, the Knox Frictionless Ownership Platform is available in Manchester, New Hampshire, Portland, Maine, Providence, Rhode Island, and Worcester, Massachusetts.
“We’re out to do something that no other company has accomplished — fundamentally change the way homeowners and property investors build wealth,” said David Friedman, CEO and co-founder of Knox. “Traditionally, homeowners who are moving put their properties up for sale, and landlords find that they have to do an incredible amount of work to keep their properties generating a reasonable amount of income. Knox is making it easy for people to generate cash flow and build long-term wealth through investment properties — even during times of unprecedented economic uncertainty.”
Once a property is on the Knox Frictionless Ownership Platform, the owner receives all of the benefits of rental property wealth creation and cash flow, without having to do any of the work. Knox customers simply receive a distribution of the net profit from their rental property each quarter, and let Knox handle the details of turning their homes into rental properties and maximizing the investment return. Knox is for homeowners who are ready to move, as well as landlords who want to see better performance from their investments.
Added Friedman, “Knox not only saves investment property owners money, but also takes many of the back-office efforts off their plates. We’ve aligned ourselves with owners by integrating all of the features they need under one success fee that’s far less expensive than traditional cost structures. Landlords on the Knox platform save up to 10%, depending on their location, versus a constellation of traditional vendors.”
Knox launched its Boston area pilot in the spring of 2019, and is now overseeing a portfolio of more than $50 million in residential real estate. The company was named Boston’s most promising new startup of 2019 by BostInno, and raised $3M in 2020 from venture capital firms Greycroft and Pillar VC. Knox was also recently named one of the Startups of the Year in the 2020 American Business Awards.
“Over the last year, many Boston property owners have experienced firsthand how working with Knox can help them change the way they plan for retirement, save for their children’s college educations, tax shelter, and diversify their income streams,” said Spencer Taylor, co-founder and COO at Knox. “While investment property ownership has typically been reserved for the wealthiest individuals or career landlords, we’re striving to make investment property ownership accessible to millions more homeowners.”
