Moby builds low-cost studios. These exist to give someone dignity, simplicity, and peace of mind. With Moby, any American can have a place to reset and fix their finances. Users receive a private space, Wifi, Utilities, & Gym Membership. Moby currently exists in Orange County, CA.
How does Moby work?
Moby subdivides 1 property into a space for 5–10+ people. These micro spaces can be built in any type of property. Users rent these spaces.
Benefits of Moby
Theopetra needs to reduce costs and time to onboard citizens, while still serving its mission. This is exactly what Moby can do.
Moby can take the current cost of onboarding a new citizen from $150k+ (Cost of buying a home) down to $8,000. It’s also faster to implement, as the build time is 3–5 days, compared to 30–45 days to typically close on a standard home.
Moby Costs & Revenue
Moby will sell units at $5,500 to Theopetra for its initial 100 units. Future prices will be set based on the fair market value of Moby units at the time. Any changes will be subject to voting approval by citizens.
On average, the operational cost on a Moby unit will vary between $200–350 per unit. Moby units are rented for $450-$600 per month. If there is a default or eviction, Moby will use revenue from other Moby units to cover excess costs.
The resident pays rent via the one-way $THEO/$YIMBY conversion. This conversion can happen through the property manager doing it on behalf of the resident, or the resident doing the conversion directly. The residents can earn $YIMBY by doing various tasks within Moby. That could be paying on time, sharing on Twitter, taking out the trash, referring friends.
A Moby unit will operate with the pre-existing zoning classification in the space it is built. Moby locations aim to have a lease term of 8+ years, with extensions included in the contract.
T Pods Inc DBA Moby Corporation (currently governed by Theopetra core team members) will fully manage the Moby Units. Currently, the corporation has waived property and asset management fees.
Moby residents pay the corporation directly, which will cover operational costs. Moby would then do the $YIMBY conversion, and distribute it to the residents. Moby will onboard residents into the community communication channels.
Rather than having just one growth market (formerly known as discount buy markets), this arrangement offers citizens the option to fund either Standard Housing or Moby. The proposal to onboard Moby passed with 100% approval in December 2023.
Once capital is in the Moby growth market, Moby will submit a proposal to the community to vote on the location of the Moby units. These proposals will contain details on the location, lease, users, and local area. citizens can accept or deny the proposal.
Moby will follow the same priority queue for its users.