How To Buy Back The Block
By Freedom Eche February 2019
Gentrification is taking place in urban communities at an unprecedented pace. And in almost all cases the new housing units that spring up are well outside most of the pre-existing residents affordability.
These people end up forced out of areas where they have lived for generations and rehoused further from their jobs and amenities that they have become accustomed to using.
Their vulnerability often stems from lack of property ownership i.e. they have a high dependency on rented accommodation or council housing, which limits the leverage these communities have in the decision making process regarding development of their neighbourhoods.
However, a Florida based company called 'HoodEstates' rose up, is championing the fight back and countering the onslaught by teaching and inspiring the individuals in these urban neighbourhoods how to 'Buy Back The Block' and gain financial empowerment through real estate investing. They also go further by offering insight how to invest in trucking and teaching how to develop multiple streams of income.
"We aim to motivate and inspire others to buy back the block in their communities (hood) and invest in passive income streams. The two that we mainly teach are real estate investing and truck investing. We also encourage saving to invest with our 12 week savings challenge, as well as give tips on reaching financial independence and freedom. We will continue to encourage you all and stay true to our mission."
I wanted to know how a real estate novice who wanted a piece of the block should approach his first investment:
Hi HoodEstates. A lot of people feel it's difficult getting on the property ladder and don't really know how to start. What's your advice to new investors?
It's hard to say without really knowing all the details. With real estate investing there are many options and scenarios that you have to explore. We have several products that will give you knowledge on real estate investing. The real estate summit is one of the best products we offer to get you going. It's packed with great content and insight from 6 real estate specialists, including @hoodestates. You can learn about Flipping, Wholesaling, Tax Deeds, House Hacking and more. The link is on our instagram bio.
Here are a few steps to get you started. The first step is knowing your numbers. Meaning-
1. Check in to the costof lower end properties in your city (try realtor.com)
2. Put together an investment budget so you know exactly what you have to spend once you know the numbers.
3. Start looking for the deals on MLS/Realtor, Craigslist, wholesalers and auctions. Make sure the deal is a good investment.
4. Put in offers or bid on them.
We use handymen mostly and buy the materials ourselves, never the handymen. We pay them only for labour. Also, we don't buy straight out of home depots. We look for materials on Craigslist and other sites. You'd be surprised how much free and cheap stuff you get.
Regardless of who you use, try and get references for their work. Also, ask around to see who others have used. Hopefully this helps.