EP214: The Shocking Truth About Multifamily Fraud with 100’s Caren Maio

In this episode, we’re joined by Caren Maio, CEO and co-founder of 100, for a deep dive into the challenges of fraud in multifamily housing and her innovative approach to solving this billion-dollar problem.

Karen shares her journey from founding Funnel, a leading prop-tech company, to creating 100—a groundbreaking solution designed to eliminate bias, fraud, and friction from the multifamily screening process. Drawing on her extensive experience in property technology, Karen offers candid insights into what it takes to build a successful startup, navigate industry challenges, and develop solutions that truly make an impact.

We explore the growing sophistication of fraud in multifamily housing, including identity and income fraud, and discuss why this issue remains unsolved despite existing solutions. Karen explains how 100 integrates lessons from industries like fintech and aviation to deliver a comprehensive and efficient fraud prevention tool tailored to property management companies. 

From branding strategies and entrepreneurial lessons to navigating legislative hurdles and creating a must-have product, Karen provides invaluable takeaways for anyone in prop-tech, multifamily housing, or entrepreneurship.

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(00:00) Fraud in Multifamily Housing

(01:00) Introducing Caren Maio and 100

(04:22) The Mission of 100: Eliminating Bias, Fraud, and Friction

(06:50) Karen’s Prop-Tech Journey: From Funnel to 100

(09:24) Lessons from a Second-Time Founder

(13:48) Defining Success in Business Ventures

(19:20) First-to-Market vs. Improving Existing Solutions

(21:28) Why Fraud Remains Unsolved in Multifamily

(25:05) The Hidden Costs of Fraud in Property Management

(31:33) Creating a Win-Win for Renters and Operators

(34:25) Fraud Detection Insights

(36:34) Pricing a Startup: Aligning Incentives with Customers

(41:51) Building a Scalable, Sustainable Business Model

(45:35) Overcoming Objections in the Prop-Tech Space

(47:17) Why 100 Is a Game-Changer for Multifamily Operators