Former BlockFi CEO Announces New Career Path – And Settles Lost Bet On His Company’s Bankruptcy
Zac Prince, the former BlockFi CEO, is breaking into real estate tech now that his defunct crypto lending firm is on a safe path to recovery.
Excited to announce that I’ve joined the team at RE Cost Seg as CEO!
RE Cost Seg provides cost segregation studies to real estate investors. Cost segregation studies enable real estate investors to take advantage of tax benefits by accelerating depreciation.
When you hear…
— Zac Prince (@CostSegZac) March 11, 2024
In a statement to X on Monday, Prince revealed that he is now the CEO of Re Cost Seg, a firm that provides cost segregation studies to real estate investors.
Cost segregation studies survey each element of a property and look for certain things that could benefit from accelerated “depreciation” – the period in which a renovator pays for costs associated with improving a property.
This will allow customers to claim tax benefits for accelerating depreciation on those elements, which could include plumbing fixtures, carpeting, and sidewalks, among other things.
Extolling his company’s benefits against more traditional competition, Prince wrote:
“Because of lower price points and streamlined processes, RE Cost Seg is making this valuable tax-saving tool available to a much broader group of real estate investors. Previously it was generally limited to larger, commercial properties.”
Prince clarified that his business will still primarily focus on institutional clients, but still work with some single-family clients once “priced out” of the opportunity.
The focus marks a pivot from Prince’s retail-oriented crypto lending firm, which offered average investors a chance to earn a yield on their BTC and to take out loans against their coins.
BlockFi’s business model involved rehypothecating
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