The OpenHouse Model

OpenHouse is a platform enabling gradual real property ownership through a two-phase system.

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Phase 1: Synthetic

You purchase shares before the property is acquired. These shares are backed by OpenHouse's treasury, and any yield comes from treasury funds.

During this phase, your shares are contractual rights only. They entitle you to receive property-backed shares if and when the acquisition succeeds. They do not represent ownership in any property, company, or SPV. They are not securities.

You can buy and sell throughout this phase.

Phase 2: Real Asset

Once funding is complete and the property is acquired, it's held by an SPV (Special Purpose Vehicle)—a UK limited company created solely to own that property.

Your shares remain the same. There's no swap, burn, or migration. The underlying backing simply changes from treasury to real property.

Yield now comes from actual rental income, minus the 8% property management fee.

Why Two Phases

Buying a property normally requires a large deposit, a mortgage, legal work, and months of process. OpenHouse removes that barrier by splitting ownership into shares and letting you begin with as little as $20.

The synthetic phase lets you participate while the property is being sourced and acquired. The real asset phase is where your shares are backed by actual property.

Key Points

• Same shares throughout both phases

• No lock periods—you can trade at any time

• Clear labelling of which phase each property is in

• Each property is isolated in its own SPV