Destroying Our Neighborhoods
Over the past few years, there has been a rash of investors buying homes in black
neighborhoods. They bombard residents of these neighborhoods with emails,
texts, letters, and phone calls, putting pressure on African Americans to sell
their homes. They offer cash which seems like a lot to some but is only a fraction
of what their profits will eventually be. It looks quite promising to some but
what’s happening is the stealing of the American Dream and generational wealth
from the black community. When individuals accept these offers it is a snowball
effect. The investors put a small amount of money into upgrades (the least
amount possible), then they rent these homes out for exorbitant amounts that
enhance their pockets and in turn drive the price for rental properties up
exponentially. Why not do your own upgrades, rent your property out and
generate additional income for yourself, and not be lowballed by investors? After
they purchase your home, they generally put people in the homes that don’t take
care of the property, and down goes the neighborhood. The value of the homes in
the neighborhood then begins to plummet and these vultures start their text,
email, mail, and phone campaigns again. It is a vicious cycle that goes on and on
and takes away our ability to leave something of value for our heirs. Don’t be
fooled by the offer of quick cash. It is insidious. Don’t fall for the scam. Hold onto
your property. Leave something of value for your children and grandchildren so
that they can get a heads up on continuing to build black, generational wealth.
Let us protect our neighborhoods. As it stands now over forty percent of the
rental homes in Georgia are owned by investors and they are racking up in rental
income. Think long term, beware of quick cash offers. What you’re being offered
is a mere fraction of what your property is really worth. Let us always look at the
big picture and not think small. Thumbs up, like, and share.
Marvin Dixon, Founder
Vmgreview.com
VMG Review 