African American Homeownership Falls to 50-year Low, Lowest Since 1968


MetroPhillyTiger said:
How you gonna buy that $30k or $40k car every 3 or 4 years when you tied up in a 30 year mortgage?:D Folks know their priorities.
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It goes deeper than that. I have tenants that in August pay their rent late plus the late fees because their kids have to have New Brand Name Clothes and Shoes on the first day of school. They pay the rent and late fees with the next check. Okay, if you are showing your children that Jordan's and Tru Religion jeans go before paying your rent. How do you expect them to live their lives as adults. And, oh hell yes I tax that butt on them late fees.
 
Great Information ladies and gentlemen. I am of this new Generation that you speak of. I am gaining valuable information. However, for my Houston peeps, I would love if you experienced people can speak on the Housing Market in the Houston Area. Currently, I am renting and it is convenient. I work downtown and I am not willing to make the commute from the suburban area. I am interested in purchasing a home. However, I have not done my due diligence on owning a home. I only know bits and pieces. I didn't come from a family that placed a priority on owning a home nor had the means to own one. But the interest is there.
 
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The Founder said:
People living in the country gain more wealth over time because they require less.
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This is hella true. When I lived in Norfolk andVA Beach, you had to have money EVERY day for something and the added expenses of everything--owning your home, the car taxes and payments, etc.

In the country, you can grow your food and have little money.
 
The Founder said:
Folks don't realize how powerful a marriage can aide in increasing wealth. My wife and I sat down one day and did a strategy on how we will proceed with life. We build a house and never purchase a brand new car ever again. Never get anymore credit cards, and take 1 vacation a year with family. I see folks getting married, build a over size home, and have two high end cars in the garage. SMH.....
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My minister in Norfolk explained this to me 2 decades ago. He called the principle, Living/Riding in your bread of sorrow. Your eyes are bigger than your budget and you get it and catch hell trying to keep it.

Now the strategy I tried to implement when married was living off 1 salary and investing the 2nd. It would require us to live frugally but I was down...but he would do it for a month then go into the "I'm grown and work and if I want to spend money, I'm gonna spend money."....until he spent it all gambling....smh....every time I see him, he talks about how he should have listened and done better...but that was then....
 
Da Sleeper said:
It goes deeper than that. I have tenants that in August pay their rent late plus the late fees because their kids have to have New Brand Name Clothes and Shoes on the first day of school. They pay the rent and late fees with the next check. Okay, if you are showing your children that Jordan's and Tru Religion jeans go before paying your rent. How do you expect them to live their lives as adults. And, oh hell yes I tax that butt on them late fees.
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AND Christmas....smh...
 
chocalate_topaz said:
AND Christmas....smh...
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I see you know the drill....lol I have one that really gets creative. In Jan/Feb when she gets her tax check, she pays me that month, her birthday month, her 2 kids (same month) birth day month, November, and December all at one time. She been doing it for like 7-8 years it's cool with me. When I purchased that unit I used my $ so I did a 15 year cash out she has paid for 9 of the last 11 years of my mortgage. Also, she tells me all the time as long as I keep the rent affordable for her she ain't moving til her kids graduate (ages 11-13). Clean low maintenance tenant..I wish I had 30 more just like her.
 
SUJagFan said:
Is it true up to a fourplex can be financed like a regular home mortgage? Five units and more is considered a commericial loan which has a different set of requirements?
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Yep on the fourplex. My wife and I did NACA. Some of the cats who came through the program with me bought 4plex's for the cheap up in Baltimore.
 
This is a very good article that forecasts long term implications of the decline in Black Homeownership. You will not see this on your evening news but you need to know, because the other team knows.

Forbes: https://www.forbes.com/sites/nextav...has-big-retirement-implications/#7292a55ae90c

USA Today: 7/12/2017 Decline in black home ownership must end
https://www.usatoday.com/story/opinion/2017/07/12/decline-black-home-ownership-must-end/470541001/

Plenty More:
https://www.google.com/search?q=bla...ome..69i57.21559j0j4&sourceid=chrome&ie=UTF-8


@TSUGIRL07 We see the importance of this issue so would it be too much for each of us to pick and article and post it to our social media accounts? Knowledge is power and most just don't know. How can we start a national discussion? @Kenn Rashad

 
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TSUGIRL07 said:
Founder did you forget I am a country girl from east Texas... I know that LOL but I still think it goes back to mindset and priorities no matter where you live...especially with my generation...just my two sense.....
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I was just making a general statement...I started to add more but I didn't. Your post had me thinking about my cousins in the country. They dirt bikes, 4 wheelers, trucks, ast like age 10...LOL
 
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