3223 West Berks Street, LLC

Housing our community #buyingtheblock

Monica
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Project Description

 

OUR FIRST INVESTMENT!

OUR FIRST INVESTMENT!

In the past two years we have helped TWO low income single parent households BUY their own home.  We did this via community crowdfunding, neither household had the credit standing nor available cash in excess of $10,000 but we still DID IT!!!!

We have a methodology that includes education, hard work, commitment and thinking outside the box.

The house pictured above is the result of a project started three years ago on facebook in a group called Black Communities Action Committee (the group is marked secret, you can join us by inboxing https://www.facebook.com/monica.wright.583)  We started a community savings and loan, which then funded business endeavors and a real estate investing group.

We went to settlement in February 2018 on 7xx N 48th Street, purchased as a group.  With funding we hope to move forward even faster!

This home will be a model for how low income people will curb gentrification and create generational wealth.  The family who has agreed to buy this property is renovation the upstairs living quarters but has also agreed to allow the 1st floor to be used for home schooling and the street level basement level to be used by the LLC for community activities and a free-cycle/thrift area.

We need funding to complete the renovations as well as acquire other properties for families to work on.

Updates

The Project FAQs

front bedroom1

Investing in real estate ALWAYS involves risk.  When we first focused on our first project, one family was sure a family member wanted the house, and that person changed their mind AFTER an $8,000 investment was made.  Now the monies generated from rent will reimburse that investor while the group creatively figures out how to cash out investors on a regular and timely basis.  With real estate, its not always a question of losing your money but not having access to it until a buyer is funded.

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