The American Dream is Fading
As I look around at all of the neighborhoods of color in Atlanta, I see a subversive force moving
in and changing things. These changes are not for the best. There are investors coming, buying
homes, investing a small amount of money, and painting a lot of the brick homes gray. After the
fixup, then comes the mix-up. I’m not sure how heavily vetted the individuals renting these
homes are. What I can tell you Is it is all about the money. Many in communities of color with
paid-for homes, homes with issues, and homes left by loved ones jump at the offer of many
thousands of dollars. Do the math and look at economic factors and the growing cost to live
and thrive in Atlanta. You will soon begin to realize that one hundred thousand is not a whole
lot of money. As quick as it takes to get it if you are not frugal and practical the money will
leave your hands as fast as you received it. You will then be left with trying to find somewhere
to stay in a highly inflated rental/home-buying market.
Let’s talk about leaving a legacy and all the tricks to usurp your plan. A home is one of the main
sources of generational wealth. There are many traps out there to keep people of color from
leaving a legacy. First of all, a reverse mortgage is a giveaway. You leave no legacy. You still
have to pay property taxes and insurance. If a family member wants to obtain the property,
they have to buy it back at market value. Refinancing can be a bit tricky too. Doing it to get a
lower rate is good but consider the additional years added to the loan and compare it to the
new rate and what you are saving.
Investors buying homes in our communities are decimating neighborhoods of color. Renters
don’t usually have an investment in maintaining the upkeep of a home. They tend to not maintain
a home at the same level as an owner. When investors buy up homes in communities of color
they are locking out many from obtaining their “American Dream”. Lastly, they drive the cost of
rent up to the point that it greatly affects affordability. If you own a home think long and hard
before you hand it over to investors. It’s highly unlikely that you will find something comparable
at a reasonable price. Keep our American Dream of home ownership alive. Thumbs up, like, and share.
Marvin Dixon, Founder
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VMG Review 