BIN Exclusive: Black Homeownership Series Part 2

Father-daughter duo Dante Lee and Kiyah Jordan are helping 1,000 Black Americans become homeowners. In part two of this five-part series, they explain the finances you have to prepare for.

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Episode Transcript

Speaker 1 (00:00):
And Vanessa. We're speaking this week with a black father
and daughter real estate team. Dante Lee and Kaya Jordan,
are trying to help one thousand African Americans become homeowners. Kaya,
what are some of the things you recommend to clients
to get themselves prepared for home ownership.

Speaker 2 (00:19):
My number one recommendation would be to make sure you're
educating yourself. There's a lot of circulation on social media
with the controversy of home ownership, but I think it's
really important to do the research yourself and check your
resources to see the benefits and how if, like my
father mentioned earlier, if it really makes sense for your

(00:39):
family and your circumstances. So one of the things that
is important to know about is while your credit is important,
but knowing all the finances that go into home ownership
and maintaining home ownership I think is very important.

Speaker 1 (00:57):
So what are those finances that we need to be
prepared for.

Speaker 2 (01:00):
So many people are aware of the property taxes. However,
depending on the type of property that you are owning,
if you're owning a single family unit, knowing the difference
of your responsibilities, so a lot of single family units,
you're responsible for all the maintenance, you're piping your gas,
you're electric all those things that go into the home.
You're responsible for those finances. However, if you're looking for

(01:24):
something like a condo or a town home, a lot
of those type of properties are in an hlay, so
the community puts their finances together to make sure all
those outside financial responsibilities are taken care of and you're
minimized with the responsibilities just within your four you know,
your four walls of your personal home.

Speaker 3 (01:44):
If I may interrupt that. There's also tax benefits. So
just owning a home comes with its its expenses, right,
but there's there's tax benefits that that various states and
cities offer when you own a home. In addition to that,
there's the equity part, right, gaining equity in your home,
which is basically makes it an investment. And this is why,
ultimately we say that home ownership is one of the

(02:06):
cornerstones of wealth. And one of the reasons why that
we don't see a lot of wealth in black and
brown and urban communities is because there's so little home ownership.

Speaker 1 (02:16):
Now, another aspect of home ownership is financial literacy on
the front end. That's something we're going to be talking
about in our next conversation with this father and daughter
team who are trying to make homeowners out of one
thousand African Americans through various efforts. In the meantime, you
can go to Black Homeownership dot Com. We'll have more

(02:39):
from Dante Lee and Kaya Jordan each day this week.
I'm Mike Stevens with Vanessa Tyler on Your Home for
twenty four to seven News. Black Information Network