Real estate has historically made more millionaires than any other asset class in American history.
Here are three reasons we think why:
1) You make money, when you BUY the house.
Real estate investing is about buying valuable assets that will increase with time, wisely deploying your funds, and steadily increasing your cashflow.
So in layman's terms, what does that look like?
Finding properties in neighborhoods that show signs of future economic development.
For many buyers, especially in the albany area, that would include places like the South End.
We can say this confidently, because our mission with this blog is to empower black families interested in securing generational wealth, and playing an active part in building community infrastructure, together.
2) You don't need $50,000 to buy a house.
Sure it helps, but there are so many creative financing opportunities out there, it's possible for you to get the home you need with as little as a 5% downpayment.
It's best to condition yourself as a saver, come with a minimum 5k-14k, and see what kind of opportunities your #BBT realtor, or housing counselor, can help you add to your "capital stack" which we'll discuss in the future.
3) The property is a leverage-able asset.
You can add equity to it, pull equity from it, and use this money in addition to your cashflow on the property to further your investment goals
The right property can make you money, and serve as collateral for you to buy another property, aka, more money.
4) America prides itself on its free market economy so, our lawmakers incentivize investing, and entrepreneurship, to drive production.
There are at least 8 tax breaks available to homeowners, like necessary home improvements, mortgage interest, home equity loan interest, etc.
Shameless plug, talk with a #BBT housing counselor to find out how you can take advantage of this, here.
5) Black homeowners are the ironically the best conditioned to be landlords in previously redlined neighborhoods.
We have a unique socio-cultural understanding of the issues our tenants will have, and as we invest in community, are able to get a clearer idea of the ways we can collectively shape the neighborhood for greatness, instead of "cleansing" it of it's current inhabitants by aggressively raising comps and the cost of living.
We're just beginning, and we're sure you have a ton of questions.
So let's get started! We'll be explaining actionable methods for you to take advantage of all of this Information and more in our #TogetherTuesdayWorkshopSeries and more.
You can find your tickets here.