1197: Real Estate Investing in Black Communities with Lisa Phillips

So Money with Farnoosh Torabi

Farnoosh Torabi

Entrepreneurship, Business

4.7 • 1.9K Ratings

🗓️ 10 May 2021

⏱️ 35 minutes

🔗️ Recording | iTunes | RSS

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Summary

As featured in Farnoosh's column for NextAdvisor, guest Lisa Phillips is a real estate investor who specializes in Black communities. Rather than zero in on up-and-coming markets where you can buy low and flip high, Phillips is pouring her money into the same neighborhoods in which she was raised: predominantly Black and brown, working class towns where you can find fixer-uppers for $30,000 or less. With smart and strategic upgrades, she’s proving it’s possible to turn properties into welcoming and safe homes. Today she is the founder of Affordable Real Estate Investments, runs the Facebook community Sub30KMastermind and is the author of the book Investing in Rental Properties for Beginners. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	So many episode 1197, Lisa Phillips, founder of Affordable Real Estate Investments.
0:07.0	You're listening to So Money, with award-winning money guru, Farnoosh Karabi.
0:13.0	Each day, in a 30-minute dose of financial inspiration from the world's top business minds,
0:18.0	authors, influencers, and from Farnoosh herself.
0:22.0	Looking for ways to save on gas or double your double coupons?
0:26.0	Sorry, you're in the wrong place, seeking profound ways to live a richer, happier life.
0:31.0	Welcome to So Money.
0:34.0	You get an appraisal and your appraisal is consistently and systematically less,
0:39.0	even though another house across the street with a, who has a different type of family,
0:44.0	differential demographic might get 10 to 20 percent higher.
0:47.0	These have been proven, the statistics are out there.
0:50.0	All of these are systemic and keeping them price low.
0:52.0	Welcome to So Money, everybody.
0:54.0	We are diving deep into the black home ownership gap today,
0:57.0	stemming from the feature article that I wrote for next advisor this month.
1:02.0	We're going to be speaking to one of the leaders in the space who's trying to transform the status quo.
1:08.0	Home ownership has long been pursued as a means to build generational wealth in this country,
1:13.0	but it has not been a level playing field, not even close.
1:17.0	Black Americans have been systemically and intentionally discriminated against for generations
1:22.0	at pretty much every step of the home buying process.
1:25.0	And it's resulted in today a 30 percent black home ownership gap.
1:30.0	And it's ironic because in 1968, we had the Fair Housing Act,
	...

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