Y Combinator Startup Podcast #155 - Laks Srini
Dec 11, 2019
Laks Srini is the co-founder and CTO of ZeroDown, a company revolutionizing the home buying process with zero down payment options. He shares exciting insights into their innovative mortgage solutions that address the struggles of high-risk buyers. Laks discusses the importance of understanding customer needs and simplifying the housing process. He also explores long-term investment strategies in real estate and shares his unique hiring approach to build a diverse and effective team. Plus, he envisions the future of home ownership and its adaptation for millennials.
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Inspiration for ZeroDown
- Laks Srini's co-founder, Abhijit, was a highly-paid COO at Zenefits but couldn't afford a Bay Area home.
- This personal struggle inspired them to explore alternative paths to homeownership, leading to ZeroDown.
Thorough Research
- ZeroDown's founders spent 18 months researching, including a side project to help Abhijit buy a house.
- They studied failed mortgage companies, not just successful ones, to learn from their mistakes.
Mortgage Startup Challenges
- Customer acquisition cost (CAC) was a major challenge for failed mortgage startups, especially as interest rates rose.
- Focusing on UX wasn't as effective as offering lower rates, as mortgages are infrequent transactions.