Finally someone helping tenants AND landlords!

10 Replies

Have y’all seen this?

We all know tech is disrupting nearly EVERY sector to its core. As a mortgage broker it’s something I think of daily, keeping in the back of my mind.

It awesome that the software company I use to manage our rentals is taking initiative to help those needing it.

Give it a read. Backed by the Zuckerberg’s — it’s nothing small.

https://www.latimes.com/busine...

Before Facebook,Google,BIDU expanded to Mt View/237 , price in Silicon Valley is still under control, after they moved, land price explodes.

I still like when Facebook has small office near Palo Alto downtown around 2010/2012. Things are much more stable. So they indirectly causing gentrification (including gentrification to the established community), now they want to reduce the gentrification in South LA :) LOL yea right .....

@Bjorn Ahlblad

If your question about race is genuine and you are seeking to better understand it in this context, I’d be happy to share my thoughts and experiences. If it was rhetorical, please say say and I’ll not share my perspectives. Have a great day!

Originally posted by @Ron Brady :

@Bjorn Ahlblad

If your question about race is genuine and you are seeking to better understand it in this context, I’d be happy to share my thoughts and experiences. If it was rhetorical, please say say and I’ll not share my perspectives. Have a great day!

I was not asking a rhetorical question and would be very happy to have you share your thoughts please.

@Bjorn Ahlblad Thank you for your response.

In her June 12, 2020 Real Estate News for Investors podcast entitled ¨Housing Policy: Black Families Still Suffer Redlining,¨ Kathy Fettke provides a succinct, and in my view, persuasive review of how race has, and still does, impact both the real estate field, wealth distribution and opportunity to secure wealth in the US.  She does a far better job at summarizing this than I could. It can be found here.

As an African American buyer and seller of personal homes and an investor in several rental properties, I have experienced the adverse impact of being an African American first-hand.  Specifically, because my name is not typically associated with Black people, where my wife and I invest are not and because my speaking voice is neutral, I regularly receive a lot of enthusiasm about properties we wish to buy, sell or rent.  In about 10-15 percent of cases, when I meet people in person, before seeing the property, I see a look of negative surprise on faces and the enthusiasm wanes.  Of course, we pursue the 85-90% of those who still wish to engage with me, but I see that 10-15% as akin to a missed opportunity due to my skin color.  Indeed, since my wife is very light skinned, we now keep me away from all in-person matters and have her take on all of them, so as to reduce this tax.

And this is not just an inconvenience.  As this August 25, 2020 New York Times article outlines, Black homeowners suffer a real and measurable appraisal bias that erodes opportunity compared with whites.

Finally, and I will loop in @Nathan G. , let me be clear on how I see this. I love real estate and it has helped me and my family both secure greater financial freedom and has allowed my wife and me to create beautiful, safe and affordable homes we rent to people of all backgrounds.  This said, it has been my experience that were my race different and everything else were equal, my opportunity in real estate would be different.  I love this country and I think we can do better on race.

Thank you for reading and hearing my perspective. I welcome debate, questions and disagreements.

I forgot to close the loop. As an investor it is always present as hurdle I have to look out for. I have to be on the lookout for those times when i need to find ways to hide my racial background so as to avoid that 10-15% tax I mentioned earlier. Because, in real estate, every dollar matters.

@Ron Brady sorry to hear about your experience. To me behavior trumps skin color every time. We have and have and have had tenants and neighbors, our kids have had friends, boyfriends and girlfriends of most shades and origins; it has been about character and not color-are we perfect? Hell no! But we try. All the best!

@Bjorn Ahlblad

Thanks Bjorn. And my take is that while you and I agree that character comes first, for a small percentage of white people with power and resources, color matters first, unfortunately. The evidence seems to me to support this unfortunate yet real conclusion. Here is to hoping and working for a better and 100% color-blind future!!!