by HIGH POINT — Have you ever heard of Boxabl? I hadn’t either, but they must have heard Kenny Rogers sing The Gambler — especially that line about knowing when to hold them and when to fold them.
Here’s why. Boxabl makes foldable tiny homes. And it makes lots of them. And sells them for about $60,000 each.
The company was launched in 2017 by father-son duo Paolo and Galiano Tiramani. Paolo is an industrial and mechanical engineer who has over 150 patent filings, and Galiano is a serial technology entrepreneur.
The two men started with $2 million invested by the co-founders and a vision to use alternate building materials and construction methods that would enable the automotive-style mass production of houses.
They got their first big break from an uncle. Uncle Sam. In May 2021, Boxabl received a federal contract worth more than $9 million to build and deliver 156 Casitas for use at a military base. This was the first large-scale order that Boxabl received for the Casita, and the order was successfully fulfilled by the team.
In 2021, they broke ground on their first factory, in Las Vegas. This 170,000 square-foot manufacturing facility was a major milestone for the company and allowed them to begin low-volume production of a tiny home they dubbed the Casita.
The Casita offers homeowners a full kitchen with appliances, a bathroom with a sink, toilet and shower, a bedroom that can accommodate a king-size bed, and a living area, all in 361 square feet. See it here.
Boxabl knew that one factory building wasn’t going to be enough. Last year, they brought two other factories online, also in Las Vegas.
The company believes housing statistics support its concept. It suggests that spiraling home costs, inflation and high mortgage rates have turned the dream of owning a home into a nightmare for many people.
Pointing to statistics that indicate the median home now costs $412,000, 36% of Americans don’t own real estate, and the 4.5 million housing shortage grows larger every year.
In this environment, a $60,000 home understandably generates massive demand as it addresses a $47.5 trillion housing market, the company says, claiming it has already.
Behind this affordable housing solution, it already has received interest for over 190,000 homes and intends to fulfill all of them.
In addition to support from investors, a name you know, Elon Musk, is a big fan of these tiny homes and is said to have owned one in Texas.
If you regularly read my columns, you know I think that smaller homes are the next big thing.
These tiny homes could be a big business for furniture makers willing to shrink the size of their frames to grow their business.
