Real Estate Investors pass on knowledge at Steps, Inc. meeting
The crisp smell of coffee and dimmed light settings in Sip and Savor leveled out the meaningful talk taking place within its walls: real estate.
Steps Inc. Consulting hit the ground running again with their weekly real estate investors meeting, Tuesday. Two guest, who have their hands in investing, came to share past experiences in real estate. Jerald Gary, president and chief investment officer of Community Capital Investment LLC., and Mary Richardson, real estate investor, gave advice and tips on navigating the real estate realm.
After being fired from corporate America, Richardson sought out to find a missing link: What is next? After overcoming any initial apprehensions, she jumped into the real estate arena. She shared a bit of her investment portfolio, which included 10,000 shares in Ford Motors stock and shares in Bank of America.
This is not all that the investor partakes in. Richardson makes it her business to visit property auctions habitually.
“Investments work if you work it,” Richardson said.
How a person treats their money determines the future of those funds, Richardson went on to express. She told her audience to buy smart and push to being good stewards over their life and money. The long-time investor dropped knowledge in the coffee shop, to her audiences’ content, urging them to stay educated in the industry
In the time given, she gave as much information as she could and that was everything spanning from buying property to terminology everyone should be versed in.
“When we’re talking about foreclosures, we’re talking about delinquent mortgages,” Richardson said. “This is not to be confused with delinquent taxes.”
Sharing a short version of what it took to buy over The Regal Theater, Gary revealed a couple processes with no hesitation. The investor bought the Regal Theater around three years ago and has since invested his money into the historical landmark.
The doors were not going to magically open up, as Gary had to lobby and seek approval of the property from the federal government. He urged the people in attendance to invest in community development and target places that people would love to see flourish.
The conversation also incorporated the different trades that come along with investment territory. Seat bonds, hedge funds and crowd funds were up for discussion. Gary described alternative investment as non-traditional methods that include anything that is not publically traded like stocks or bonds.
Hedge funds are high-risk private equity funds and crowdfunds allow people to invest in large groups.
Janine Ingram, president of Love Journey, fed the crowd words of encouragement as she facilitated the meeting, introducing the different speakers.
With words like “Powerful information is going to change our lives,” and “Forgiveness will open up your money flow,” Ingram excited her crowd, who, in turn, responded with positive energy.
As the meeting adjourned, Nicole Wheatly, president of Steps Inc. Consulting, gave the closing remarks, updating the crowd on upcoming events, but not before leaving her audience with some advice.
“We need to build back our city,” Wheatly said. “Don’t let money or the amount of it discourage you.”
Neighborhood Housing Services has partnered with Steps, Inc. in hopes of increasing investment awareness and community development. Janece Simmons, NHS neighborhood director, gave a little advice of her own. She advised the crowd to aim high.
“Why buy a single-family property when you can purchase a two-flat?” Simmons said.
Next Wednesday, the First Time Home Buyers Club’s meeting will take place 5:30 p.m. at NHS, which is 449 West 79th St.