In March, Knox Financial launched in Boston with the goal of making rental property ownership more attainable and profitable. Now, finance veteran Timothy Smith is taking the helm as chief financial officer, the company announced this week.
Knox Financial serves as streamlined program for landlords of existing rentals as well as homeowners ready to move into a new home and lease their former home. Knox then acts as a landlord of sorts, taking care financing, accounting, tax, legal, insurance, property maintenance, tenant sourcing and management.
Knox charges a flat percentage on the rent charged and requires an initial commitment of two years. Knox co-founder and CEO Dave Friedman started his last company, Boston Logic, in 2004, a software provider to real estate brokers. He sold the company in 2016, began building Knox in 2018 and launched it this spring.
“Since launching Knox in the spring of 2019, we’ve signed up more than 30 properties in the Greater Boston area, with dozens more in the pipeline,” said Dave Friedman, CEO and co-founder of Knox. “As we continue to grow within Boston, and prepare to launch Knox in additional markets over the next year, we’re bringing on a talented and seasoned CFO who can help us scale the financial operations of our solution for simplifying rental property investment.”
Prior to joining Knox, Smith was the president and CEO of TAMAS Logic, a managing consultant firm. He has also held CFO roles at FMB, Atlantic Lab Equipment, Cambridge Biomedical, Odyssey Bay Ventures and Enefco USA.
“Owning a rental property can be an incredible investment, but many people decide against it because taking care of the property, dealing with tenants, and managing finances seems like too much of a burden,” Smith said. “Knox is the only company that has turned rental property ownership into a hands-off financial product. I look forward to helping the company continue to grow.”