The goal of recurring investments is to simplify and streamline building wealth through real estate on Lofty. This is done by letting users define a personalized buy box for what they’d like to invest in on a recurring schedule and removing the need for them to login and manually look for deals and go through the checkout flow.
A recurring investment consists of the following things:
a user’s Lofty account
a buy box (criteria for investment)
an amount
a schedule
It is worth noting that one user can have multiple recurring investments.
How do users set up a recurring investment?
There are 2 ways a user can create a recurring investment. The first is in the checkout flow shown in the image below
And the second is by filling out the Typeform to create a recurring investment. This Typeform can be accessed from a direct link and is emailed to users and found in their account dashboard.
How does it work?
Every recurring investment has the following 4 properties:
A user
A buy box
An amount
A schedule
The user is just your account, the amount is how much you want to invest and the schedule is how often. The buy box has a bit more detail to it: in effect it describes what you want to invest in. This includes the property or properties, the max price you’d want to pay per token, the payment method, if you want to use any rent/gift balance that is available. When setting up a recurring investment from the checkout screen the buy box would just be:
The property is the one you’re completing a buy for
The max price you’d pay per token is the price you’re currently paying in the buy checkout and the maximum total amount you’d spend is the amount you’re spending in the buy checkout. This guarantees you’d never pay more in total OR more per token than you did when setting up the recurring investment from the checkout screen.
Payment method would be any card linked to your account and/or your lofty wallet if there are funds in there
The buy box can also be set up when filling out the Typeform and one user can have multiple recurring investments set up from any combination of checkout forms and Typeform completions.
Additionally the recurring investment engine will always get you the best deal. If you’ve said you’re willing to pay up to $45 for 5 tokens and the market price for a token is $44 but there is a sell limit order for $42 then you would first fill the limit order for two tokens at $42 and then as many tokens as possible (up to 3 – remember you only want 5 and you already got 2 from the limit order) at market until the price went over $45. In this way you got the best deal possible and never paid more than your max price per token.
How does the schedule work?
It’s simple: if you choose a weekly schedule the first recurring investment will happen 7 days after you submit the recurring investment. If you choose two weeks it’ll be 14 days after. If you choose monthly it will be the closest day of the next month to the date that you submitted the recurring investment (if you submitted on the 15th then the 15th next month will be the day that the investment goes through). And the same goes for 3 months only it’ll be 3 months later instead of the next month.
What do I need to do?
Nothing. Just ensure you either have a credit card linked to your lofty account (which you can add from your lofty Account -> Wallet page) if you haven’t already. You can click the button shown below to add a card from the Account -> Wallet page:
Alternatively, you can make sure your Lofty wallet has some ALGO or USDC in it to make the payments.
What happens if there is nothing in my buy box when my recurring investment period comes?
Nothing – if your buy box cannot be honored no investment will be made. Attempts may be made for 3 days after the scheduled date to find deals within your buy box but if nothing continues to be available no investments will be made and it would just check again next cycle.
What if I want to cancel?
Canceling a recurring investment is easy, just fill out the Typeform and/or reach out to our team on Intercom or via email at [email protected]. We ask that you cancel 48 hours before your next scheduled payment is due to go through just to give us enough time to make sure it’s pulled and you are not charged.
What if I want to skip a cycle?
You might not want to cancel a recurring investment but you might want to skip a payment. That’s also fine and easy, you can either fill out our Typeform or reach out to our customer support on Intercom on our website or at [email protected]. We ask that you try and let us know 48 hours before your next scheduled payment is due to go through just to give us enough time to make sure it’s pulled and you are not charged.