Economics 101: How One Black Firm is changing the Real Estate Game

investment firm (2)

Photo courtesy of Nadege Green / WLRN

By Amy Lukau

Twelve black professionals are putting group economics to work. Creating the Miami Millennial Investment Firm, these Miami-Dade professionals seek to get black people to invest in gentrifying neighborhoods of Brownsville, Liberty City, Overtown, Gladeview and Little Haiti.

“We decided we wanted to make this a black project,” one of the group’s founders, Fabiola Fleuranvil told WLRN.

“People were saying, ‘How are you going to find young professionals who can put that type of money on the table?’ And we were able to find it without a problem.”

The firm’s inaugural investment was raised by finding 12 individuals with $10,000 each.

Miami Millennial Investment Firm is a closed group although they are in talks to create subgroups for future investors.

The firm has purchased two single families homes thus far planning to add commercial and industrial properties to their portfolio.

Fleuranvil said “We see the opportunity, but we don’t want to sit back as bystanders. We’re coming in to do it.”

Fleuranvil said when she looked at who was coming in on the cusp of neighborhoods changing in Miami and buying properties and then making large sums from profit it was foreign investors, big-name national and local developers. However, young black professionals were absent from the equation.

Steven Osakue one of  the firm’s investors said other groups have been strategic in South Florida when it comes to ownership in their own communities but in predominantly black enclaves black professionals do not  always see the potential in staying and investing.

“I think it’s been systemic for many generations that we haven’t been taught what to do with our money as much as other communities have,” Osakue said.

Firm members understand that black investors need to be creative and build a collective that pools money together if they are going to be successful in combating gentrification in the twenty first century.

 

7 thoughts on “Economics 101: How One Black Firm is changing the Real Estate Game

  1. Robby says:

    Can you believe this?

    A black person who’s alt-right???

    https://www.youtube.com/watch?v=9KAt4JZHwL0&spfreload=10

  2. Ishandi says:

    This is what we all need to start doing oakland needs this as well they have gentrified all of west oakland

  3. Leroy says:

    I have been talk to churches, motorcycles groups, Qs and Deltas, however it take a Christian Heart to be able to keep the group forces on the goal of our future generations. This is like not waiting foe reparations but taking your Forty Acres and your Mule. Good Work.

  4. Glenn Wilson says:

    THIS TAKES US BACK TO THE BASICS OF FORMING A VILLAGE! WE CAN DO THIS! WE NEED TO DO THIS! GENTRIFICATION IS ECONOMICS PERIOD! WE SHOULD LEAD IN REBUILDING OUR COMMUNITIES!!!

  5. knighthonor says:

    How do they raise all this money as individuals? they should share their secret so we all can do this.

  6. The beginning says:

    I think this is an awesome concept this needs to be taught at the school to children at the age of 12 and up

  7. The beginning says:

    This need to be integrated into schools from the age of 12 Arlene still 18 we need to keys do you have the future

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