Making things better

My father-in-law sent me an article from the Oct 6th edition of the Philadelphia Inquirer titled "Rehabbing sites and their communities.". The article, written by Alan J. Heavens, was a fantastic read.

The story outlines developer Ken Weinstein, a real estate investor who has amassed a portfolio of more than 200 properties in the last 24 years. It's fantastic what he's accomplished, however it is his underlying principles that impressed me most.

Ken states, "My rule was that I would never buy a property that I wouldn't live in. My business plan was 50 percent financial gain and 50 percent community improvement." He targets areas that have a couple of abandoned buildings in hopes of establishing the neighborhood before it reaches to 6 or 7.

The local public absolutely loves him. The story states that he has a social mission and community orientation behind everything he does as a business operator and a real estate developer. Communities say their neighborhoods are better off because of him.

As a businessman and hopeful future successful real estate investor, this article really speaks to me. Business-wise he's investing in the communities that he buys at wholesale. Thus raising their value and getting a tax credit at the same time. By re-investing part of his profits he's probably making out better than he would if he didn't re-invest. More important than that, he's branding himself as a community superhero.

The community loves him because of his deep involvement. A community member said, "I trust him to make good decisions that benefit everyone and not just narrowly focused on his own interests." FANTASTIC! Shouldn't we all take a page from this? What bank wouldn't provide a loan to his projects?

I'd love to meet you Ken Weinstein! Since I read this article while I'm starting out, I'm going to take a page from your book. I'm vowing to not buy homes I wouldn't feel comfortable putting my family in and to make my target communities better than how I found them.