CBG Technologies, the latest venture for entrepreneur Ben Rao, was named a finalist in the LaunchKC grant competition for the beginning-stage development of the REI Hammer mobile app, a real estate investing flipping tool, which can be found at reihammer.com.
CBG Technologies will join the other contenders for its final pitch during the Techweek KC conference from Sept. 14-20, in Kansas City. The final 20 startups include 12 entrepreneurs from the Kansas City area, seven from seven different U.S. states, and one from Santiago, Chile.
“This was such exciting news for the team at CBG Technologies and for our development of the REI Hammer app for real estate investors who are flipping houses and improving properties in communities throughout the country,” said Ben Rao, founder of CBG Technologies.
“We are honored to be among LaunchKC’s 20 finalists, and we can’t wait to be part of the final competition during Techweek KC to highlight our REI Hammer app and tell our story about bringing tech jobs to the Kansas City area and about our rapid growth,” he said.
According to Drew Solomon, vice president of business and job development at the Economic Development Corporation of Kansas City and chair of the LaunchKC grants competition, this year’s applicants “exceeded even our high expectations.”
CBG Technologies is Rao’s fourth startup in Missouri. His third startup, Community Buying Group (CBG), was born four years ago in the garage of one of Rao’s real estate investment properties with one part-time contract employee and himself. Today, CBG has 14 employees and five office suites that Rao renovated in downtown Lee’s Summit, Mo.
Community Buying Group helps thousands of real estate investors buy building materials for less, find financing and services, access educational resources and network with other real estate investors. House flippers and landlords from across the country come together on CBG’s technology platform to leverage their buying power as a small business and connect with other members in their value chain, including contractors, property management companies, lenders and other real estate investors.
CBG Technologies will focus on development and marketing of the REI Hammer app, based on four years of industry-specific data from CBG and survey responses from real estate investors specifically regarding their needs for a mobile app.
With the REI Hammer app, real estate investors can quickly make decisions on a property’s profitability and access the needed framework for the flipping process, which is a significant need in the industry and for the more than 5 million real estate investors in the U.S.
The REI Hammer app is the real estate investor’s best friend, as it walks the investor through the lifecycle of evaluating and acquiring a property; accessing financing and insurance; creating a scope of work for repairs; sharing that scope with a contractors network; receiving discounts on building materials; using specialized tools for the selling process; and overall deal profitability.