22 Sep 2011
- Written by Carlee McCullough
Cassandra Bell Warren of 4 Success Realty, Daryl Lewis of Infinity Group Realtors, and Malcolm Wilson of ME Wilson Realty are on solid ground in that regard. Here is Part 2 of our conversation with the trio on remaining steady through troubled times.
Carlee McCullough, Esq.: What are your thoughts on real estate as a part of building wealth?
Cassandra Bell Warren: In these economic times, real estate is the best form of building wealth. For instance, if you have $60,000 in a money market or CD account monthly you may be gaining $40. If you take that same $60,000 and buy an investment property and do some repairs, you could gain $700 monthly.
Daryl Lewis: Real estate is an excellent way not only to build wealth, but build generational wealth. With a well thought out plan, an investment will always take care of itself financially without an investor having to utilize their personal funds to make the investment cash flow.
Malcolm Wilson: History has shown that most wealthy individuals have substantial real estate holdings and Real property is more secure than paper assets.
C. McCullough: What has been the best advice that you have received over the years?
D. Lewis: “Find a niche and get in it, and if there is not one, create one.” “Don’t quit! Some will purchase! Some won’t!” and “Live like you have $12 in your pocket and $6 of those belong to someone else.”
M. Wilson: To stay in the know and always look for opportunities.
C. McCullough: What advice do you have for young entrepreneurs today thinking about the entering real estate business?
C. Bell Warren: Real estate is a great way to build wealth and a wonderful career. What I will say is it is not easy. You have to be honest, trust worthy, determined, and very aggressive. Business does not just fall into your lap. You have to be a “go-getter.” Always make sure you keep your business professional and proper.
D. Lewis: Don’t get credit cards. Buy only what you need. Stay with your parents as long as you can and put your money up. Rent for a college dormitory cost me about $5,000 a semester when I was in school. Let’s just suppose a student bought a three-bedroom house close to campus and rented a room to two other people for that same $5,000. It would be safe to believe that by the time that student graduated from college the mortgage would have been paid down tremendously.
M. Wilson: My advice would be to start as an investor to build assets first. Then if your ambition is to serve others, take real estate classes to prepare for the exam.
C. McCullough: Any closing remarks?
C. Bell Warren: I would like to say to anyone looking to enter, already in or just curious about the real estate field, feel free to call or email me with questions. I am here to assist you in any way possible. In order for us to grow as a people we must be willing to help and share our knowledge. My motto is “Discover your own personal definition of success.”
D. Lewis: Infinity Group Realtors is always willing to assist buyers, sellers, investors, and consult on transactions. Our motto is “the possibilities are endless.”
M. Wilson: As African Americans, we should own more than a primary residence and a nice car. Real estate ownership can change your net worth as soon as you close your first transaction. We should pass some real estate on to the next generation that can produce income and help them have a better start to their future. Invest in the neighborhood where you grew up to start.